It's hard to know what to make of Lord James of Blackheath's bizarre speech in the House of Lords on Monday night, in which he said that he'd been approached by an anonymous and unfeasibly wealthy international organisation, Foundation X, which was offering billions of pounds to the British state to help it through the financial crisis. Mention of the Vatican's gold reserves and laundering money for the IRA under the approving eye of the Bank of England didn't make his story sound any more plausible. It's been suggested that he's either 'barmy' or the victim of a particularly audacious hoax.

