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.