Where Has Henry Paulson Been?

Former Treasury Secretary Henry Paulson - he who proposed and oversaw the first great trillion dollar bailout of Wall Street after the 2007-2008 collapse - hasn't been heard from much since he left government. Well, he's back. And he's put himself front and center again in leading Wall Street to ever greater riches - that which, frankly, appeared to be his primary concern as U.S. Treasury Secretary.

In a Wall Street Journal Opinion article, we find Hank urging a broader and deeper relationship between the U.S. and China. It's good for all of us, it seems. After all, the world's two largest economies goosing each other into being even larger economies must be good for everyone, right?

(Don't you just love how guys like Paulson twist what is of advantage to them and their ilk and present it as something that's a benefit to society at large?)

China, for its part, needs to allow more competition. It needs a good shot of capitalism to replace its government-sponsored crony-run economy. Maybe something like the crony capitalism that people like Paulson represent?

I think this captures his real agenda:

If China is to achieve its new economic model, it must introduce competition into its economy. In financial services, for example, allowing foreign financial firms to compete equally will create more open and efficient capital markets and help transition China to a nation of investors, not just savers.

So there is it: let Wall Street in, unfettered, and China will only stand to benefit. Not Wall Street of course, but China. And who is China? Ah, that's the question. Are we talking the Chinese government, the Chinese oligarchy, the Chinese people. Well, never mind, as long as Goldman Sachs and associates get their sticky fingers into the Chinese economy. If someone else benefits, fine. If not, that's OK too.

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