The Debts of the Spenders: BOE Offers $200 Billion Bailout

For a limited time only, the BOE is offering to bailout the sub-prime laden debt books of British banks in exchange for good, old fashioned government bonds. One wonders what kind of effect this will have on long term currency rates.

http://www.bloomberg.com/apps/news?pid=20601110&sid=ahwtECNtSBfA