International relations

I am somewhat obsessed with the notion that the terms "international law" or "international relations" do not apply simply to treaties between nations, but also to the global flow of money and the domestic law which governs it upon arrival. So I found it quite interesting when this article about the Freddie Mac/Fannie Mae bailout revealed that China, Japan, the Cayman Islands, Luxembourg, and Belgium are the top five holders of debt in the two companies.

So, while it seems like we're bailing out two huge lenders, in fact we're bailing out five governments, all of whom bought notes that did not provide for federal insurance. They must be quite happy.