Europe Launches Ban On All Policy Criticism By Scrapping Use Of Rating Agencies
Why are we not surprised? The EU has just voted to scrap the use of ratings agencies in the next step on the road to a ban of all policy criticism. Via Bloomberg,
- EU LAWMAKERS APPROVE AMENDMENT TO END USE OF CREDIT RATINGS
It seems just a few years ago, when these very same ratings agencies were raising ratings and supporting banking systems, mortgage provision, and sovereign-inclusions-into-monetary-unions, that the political elite could not showing off their bronzed statues of AAA/AA-ness.
And in the most bizarre of twists, they would prefer if they were allowed to rate themselves:
- LAWMAKERS CALL FOR EU TO ISSUE SOVEREIGN CREDIT RATINGS
In other words:
I am Herman van Gollum, and I give Spain AAA+++. I would do business with this customer any time.
We only wish we could put this in haiku format.