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Europe Launches Ban On All Policy Criticism By Scrapping Use Of Rating Agencies

By: capt_nemo in ROUND | Recommend this post (0)
Tue, 19 Jun 12 8:07 PM | 25 view(s)
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Msg. 42106 of 45651
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Submitted by Tyler Durden on 06/19/2012 11:08 -0400

Rating Agencies
ratings
Ratings 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.

http://www.zerohedge.com/news/europe-launches-ban-all-policy-criticism-scrapping-use-rating-agencies?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.

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