It seems plausible that payback time has arrived for the international financial community. The principal obstacle to this happening at the moment is the Barack Obama administration’s Treasury Department, which thus far in the financial crisis could be mistaken for the executive committee of Goldman Sachs in disguise. Treasury has opposed every proposal to force the financial institutions whose reckless behavior has been responsible for a crisis that wiped out the...
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William Pfaff, a former editor of Commonweal, is political columnist for the International Herald Tribune in Paris. His most recent book is The Irony of Manifest Destiny: The Tragedy of America's Foreign Policy (Walker & Company).