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

from (title unknown) by Tyler Durden:

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.

Those stress test certainly did a marvelous job of bringing attention to the weakness of their banks. So there is that.