mr president credit rating agencies sold their souls to the devil some years ago when they started to rely on those companies whose bonds needed grading for payment
he who pays the piper calls the tune
it inevitably led to misgrading
most credit rating agencies employ children who can barely read a balance sheet
they only change their gradings when a disaster is apparent to all
paradoxically it is usually the hedge funds who find out the truth behind the numbers
they exposed enron for example
but the truth about numbers can be unpopular especially here which is why we hate them
however even the coke-sniffing youngsters at the credit agencies know that ireland greece spain italy the united kingdom and portugal are broke
is in any language so what does this house propose
our own credit rating agency paid for by us guaranteed to dance to our tune
it can stick aaa ratings to junk bonds issued by the eurozone's failed economies
the question is who would these fool
i suggest with the exception of some english county councils and the bbc economics correspondents virtually nobody
when the people of europe realise that they have been the guinea pigs in a gigantic failed currency experiment they will burn this place down and guillotine the lot of us and who could blame them
