Thursday, August 04, 2011

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"The ratings agencies would like you to believe that the source of their power is the accuracy of their opinions. But in fact, its true source is the extent to which their ratings have been embedded in various rules and regulations across the financial world.

Loathe them though everyone does, reliance on the credit rating agencies turns out to be a terrible habit that almost no one is willing to break."

Moody's Junkies - Slate

Some USD/JPY intervention as I post this.. just watched the rate move from 77 to 78.. exciting stuff... zzzz.


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