Our infinite Scotland, skint! The howls of Nationalist indignation at The Economist's cover image suggesting that Scotland would be bankrupted by independence were, of course, exactly what the magazine hoped to generate, as a gleeful tweet from an editor Edward Lucas on Friday confirmed. "Humourless, pompous, threats of lawsuits, allegations of racism. Hee hee." There's nothing that Scottish patriots loathe more than being laughed at by the metropolitan intelligentsia and the mac-twittersphere went into meltdown.

I must say I found the cover mildly amusing, in a sub-Private Eye kind of way. Edinborrow, Obankrupt etc ... I mean, you have to be able to take a joke if you want to run your own country. And those who suggested that poking fun at the economics of Scottish independence is racist really need to get out more. They would have been far better devoting their energy to analysing the content of the article which, for a magazine that trades on its economic expertise, was remarkably weak.

For a start it undermined its own thesis by conceding that Scotland already more than pays its way, generating 10% of UK GDP with only 8.4% of the population. As the most prosperous region outside the south-east of England, Scotland would be one of the six wealthiest countries in the world if it became independent tomorrow, as the First Minister never tires of reminding us.

The anonymous Economist scribe dismissed oil as a spent resource when there is still 40% of the black stuff under the North Sea worth at least £1 trillion. Scotland's oil and gas industry is set to generate a revenue stream of £379 billion, according to PricewaterhouseCooper's analysis in November 2011. The Economist isn't a great enthusiast for renewable energy, but even they must surely accept that, with nuclear power faltering and climate change upon us, having 25% of Europe's offshore wind and tidal energy potential must be worth something.

The Economist is adamant that countries increasingly live on their wits. Well, Scotland has five universities in the world's top 200, more than much larger countries like France. We churn out more graduates per head than any country in Europe, though unfortunately few of them stay in Scotland because most of the job opportunities are in England. And then there are the staples, like tourism and whisky exports, bringing in more than £8bn a year – bankable assets for a country of only five million people. Even the financial services sector is still pulling in cash despite the banking crash.

Yes, there is a case for saying that Scotland has been living beyond its means, but turn the map upside down, and you could say the same about England. The UK as a whole is in the red to the tune of £120bn. Great Bankruptland with its capital city, Loandon. Wonder who would have the last laugh if the great split happens?