Is a zero capital requirement for banks normal or abnormal?

Sir, Martin Wolf considers the interest rates on US, Germany and UK public debt to be “likely to rise substantially if and when less abnormal conditions arrive”, “Why rising rates are good news” December 15.  I would be interested in hearing whether Martin Wolf considers that among the abnormal conditions is the fact that banks need no capital at all when lending to these governments? To me that discrimination in favor of governments is outrageous and has the odor of communism… but it seems that very few really mind it… not even libertarians… or is it just that libertarians aren´t what they used to be?