Tag Archives: rating agencies

The fall of the Roman Empire, live on the Internet!

Frankly Francophone has just translated one of my recent French posts into English. Thanks Franky! The original post is here.

They wanted to extend market logic to absolutely everything. In attempting to do so they disregarded the domain of ethics which had governed human affairs up to that point. The trader – the quintessential victim of gold fever according to Aristotle – has ceased to be considered to be a victim if he succumbs to the disease, having been elevated to the status of prototype of the rational human being! The employee in turn has ceased to be regarded as the victim who makes do with what is left after the investor and the board of directors have taken their share of the booty and is now defined as a ‘manager of human capital’, the ‘human capital’ being none other than his good self.

The state is henceforth viewed as a more or less thriving private enterprise, the performance of which is evaluated by other private entities known as rating agencies . . . which are legitimately concerned with market share, at whatever the cost may be. Take note, however! This is on condition that the sacred law of perfect competition is respected!

Meanwhile, gamblers are raising the stakes, betting on which state will go under first. “If it’s Spain, I’ve won; if it’s Italy, you’ve won!” says one. “But why stop there?” says another, raising the stakes: “If it’s Moody’s that sinks the Eurozone, I win; if it’s Standard & Poor’s, you win!”

Come on. Don’t just stand there watching from the sidelines. Why not join in? Don’t be shy! The stakes are HIGH!

The fall of the Roman Empire, live on the Internet. And you witnessed it at first hand!