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Is Europe Preparing To Ban Rating Agency Downgrades, As It Sets Off On Weekly Farce Tests?

Tyler Durden's picture




 

Who needs The Onion, when you have Europe. Reuters quotes EU's Rehn as saying that bank stress tests will need to be a regular occurrence in the future of the EU: in other words, every time banks drop by 20% or so, the European Department of Truth will trot out the another piig zombie de jour, plastered with lipstick and demonstrate just how viable it is. Just because everyone believes what an honest and solvent Europe has to say. But here's the kicker: headline floating by that Europe may well be preparing to ban all sovereign downgrades. After all, how dare someone suggest that Europe's ponzi has any way to go but up.

BN   *EU WILL DISCUSS NEW RULES FOR SOVEREIGN DEBT RATINGS
BN   *SOVEREIGN DEBT CREDIT RATINGS FACE EU DEMAND FOR TRANSPARENCY
BN   *EU WILL DISCUSS PROPOSALS AT MEETING TOMORROW  
BN   *BELGIUM'S REYNDERS: NEED CONTINUOUS MONITORING OF FIN SYSTEMS

At this point we are more concerned about Commedy Channel's viewership as everyone focuses on the hourly stand up coming from the EU, than Europe actually succeeding in fooling anyone it won't be insolvent in a year or less.

 

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Thu, 09/30/2010 - 12:53 | 615828 goldmiddelfinger
goldmiddelfinger's picture

WTF? Did they hire Larry Summers?

Thu, 09/30/2010 - 13:25 | 615918 willien1derland
willien1derland's picture

Nice +100

Thu, 09/30/2010 - 12:55 | 615834 TheGreatPonzi
TheGreatPonzi's picture

All I can see in these "measures" is panicked rats under a flashlight. The situation behind curtains has got to be horrendous for the survival of the Ponzi.

Thu, 09/30/2010 - 12:56 | 615836 sumo
sumo's picture

Man, if only Charles Ponzi was alive today. He'd be so proud.

http://en.wikipedia.org/wiki/Charles_Ponzi

 

Thu, 09/30/2010 - 19:44 | 617048 Zero Debt
Zero Debt's picture

On a long enough timeline, the probability of a mention of Charles Ponzi, Bernard Madoff or a pig with lipstick in any given discussion about sovereign debt approaches 1.

Thu, 09/30/2010 - 21:43 | 617275 StychoKiller
StychoKiller's picture

Doesn't even have to be a LONG timeline (or comment thread!)

Thu, 09/30/2010 - 12:59 | 615842 Bankster T Cubed
Bankster T Cubed's picture

I am so relieved to see that leaders are going to guarantee our continued prosperity and peace

Thu, 09/30/2010 - 13:05 | 615855 Spalding_Smailes
Spalding_Smailes's picture

1984

Thu, 09/30/2010 - 13:31 | 615932 outamyeffinway
outamyeffinway's picture

The Ministry hath spoken.

Thu, 09/30/2010 - 13:08 | 615864 hedgeless_horseman
hedgeless_horseman's picture

Anglo Irish Bank to Need €34.3 Billion

Ireland said additional costs of propping up the country's banks could stretch its government budget deficit to nearly a third of the country's total economy—a record for any euro-zone member.

€34.3 Billion!  WTF did they do with all that money?

Thu, 09/30/2010 - 13:16 | 615893 Dismal Scientist
Dismal Scientist's picture

Lent it to low quality homeowners in Pigsknuckle, Arkansas via Goldman (maybe with a German bank from Duesseldorf in the deal too).

Thu, 09/30/2010 - 13:30 | 615930 willien1derland
willien1derland's picture

Great post - there is a record you would like to avoid - Excellent question - Agreed - they LOST 34.3 BILLION EUROS - Let that set in for a moment and if you translate that into Guiness @ 3 Euros a pint....approximately 11,433,333,333 pints - God Bless the Irish people because Anglo Irish has saddled them with quite the bar tab!

Thu, 09/30/2010 - 14:39 | 616170 andybev01
andybev01's picture

You don't think a good single-malt is free, do you?

Thu, 09/30/2010 - 13:08 | 615872 knukles
knukles's picture

Only one solution.
For the EU to repeal the "Law of Supply and Demand."

Just love how the power elite keep screwing things up and then blaming it on somebody else, for which the "rectalfication" is greater intrusion, regulation and attempted manipulation of capital markets themselves. 
Should I not know better (and then again, I do not) I'd suggest that their behavior framed by repetitious cycle of denial, victimization and egomania were the display of practicing alcoholics dearly in need of a 12 Step program.

Thu, 09/30/2010 - 13:48 | 615972 MiguelitoRaton
MiguelitoRaton's picture

The EU has officially changed the "Law of Supply and Demand" to the "Law of Demand", as in we demand that you buy our daily supply of BS without hesitation. This makes perfect sense as Europe doesn't really supply anything anyway, the supply comes from China.

Thu, 09/30/2010 - 13:11 | 615878 GlassHammer
GlassHammer's picture

"After all, how dare someone suggest that Europe's ponzi has any way to go but up."

Do As I Say, Dammit!

Thu, 09/30/2010 - 13:14 | 615888 deadparrot
deadparrot's picture

Don't they understand that if everyone is a winner, no one is?

Thu, 09/30/2010 - 21:45 | 617277 StychoKiller
StychoKiller's picture

I submit that that is not just a European phenomenon, but a World-wide one!

Thu, 09/30/2010 - 13:15 | 615892 MarketTruth
MarketTruth's picture

Is this like when Ronald Reagan said UE is far better as he changed the way UE was calculated? Or is this akin to how there is simply no more official M3 so green shoots for everyone?

 

Thu, 09/30/2010 - 13:25 | 615915 HEHEHE
HEHEHE's picture

Umm how can they prevent downgrades made by a private ratings company?  There's no freedom of speech in Europe?   

Thu, 09/30/2010 - 14:32 | 616133 desgust
desgust's picture

Of course not! Continental Europe is a total DICTATORship!

 

Thu, 09/30/2010 - 21:47 | 617280 StychoKiller
StychoKiller's picture

In Pottsylvania, "Fearless Leader" rulez!

Thu, 09/30/2010 - 13:34 | 615928 Silverhog
Silverhog's picture

Someday this juggling act has to end. I just waiting for the toilet tank to refill, dam fiat won't go down.

Thu, 09/30/2010 - 13:33 | 615937 unum mountaineer
unum mountaineer's picture

*sigh* i saw on yahoo that they are going goo-goo-ga-ga over a newly discovered planet..supposed to be habitable...just like earth they said, they said...anyone up for some planetary frontierism?

Thu, 09/30/2010 - 21:48 | 617282 StychoKiller
StychoKiller's picture

Wake me when someone actually figures out a way to get there!

Thu, 09/30/2010 - 22:11 | 617296 i-dog
i-dog's picture

What a waste of column inches ... it's only a 40-year round trip travelling at the speed of light -- which means about a 330,000-year one-way flight to relocate there if travelling at the speed of the Voyager I spacecraft (38,000 miles/hour). Might get a little peckish on the way after the biscuits run out.

Thu, 09/30/2010 - 13:35 | 615941 Silverhog
Silverhog's picture

I'll go if they got a Gold Standard.

Thu, 09/30/2010 - 13:35 | 615943 unum mountaineer
unum mountaineer's picture

this planet is going down the tubes..the dim wits were allowed to procreate without consequence..natural law of survival of the fittest has been spat on, had its faced rubbed in the mud and purple-nurpled til it cried uncle and wet itself.

Thu, 09/30/2010 - 14:02 | 616001 Azannoth
Azannoth's picture

"Who needs The Onion, when you have Europe" - Yes agree it's only not too funny if youre happen to be living here ll

Thu, 09/30/2010 - 14:54 | 616239 scratch_and_sniff
scratch_and_sniff's picture

When are they going to start downgrading the US, jesus fucking christ how can they even open their mouths? I still chuckle at the fact they were downgrading each other a while back...too funny.

Thu, 09/30/2010 - 15:02 | 616281 Amsterdammer
Amsterdammer's picture

Germany has paid a steep price for the AAA

bought by its banks, and Merkel, who picked up the tab has been pushing for

, has been advocating for a European rating agency

Thu, 09/30/2010 - 17:52 | 616781 Black Forest
Black Forest's picture

Most parts of Europe are ruled by feeble-minded idiots like the U.S. are. So don't worry.

Thu, 09/30/2010 - 18:18 | 616846 LukeWorm
LukeWorm's picture

We need annual farce tests of public finances, not only banks.  For the entertainment effect, of course.

Tue, 10/26/2010 - 22:32 | 679473 guccichanel
guccichanel's picture

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