US Economy: Even Hank Paulson’s bail-out plan cannot detox global banking – Telegraph

Via US Economy: Even Hank Paulson’s bail-out plan cannot detox global banking – Telegraph:

Even if Congress backs the Paulson bail-out, the $700 billion blast cannot save the US, Britain or the world from the deepest economic slump since the Thirties. If Congress balks, God help us. The credit system is suffering a heart attack. Inter-bank lending is paralysed. Funds are accepting zero interest on US Treasury notes for the first time since Pearl Harbour, because no bank account is safe.