Hank Paulson, President George Bush’s Treasury Secretary, launched a unilateral plan to save the western banking system last Sunday, then appealed to western governments to bail out their own banks.
‘Fair enough’ one might say. After all, the US’s staunchest and most compliant ally, Britain, actively colluded in the build-up of these massive, and now unpayable, Wall St. debts, and British banks will likely benefit from the bail-out.