sexta-feira, 23 de março de 2012

The truth about rating agencies

After all why the hell shoul us (europeans) care about what the Rating Agencies say anyway?
I mean, during this crisis those three big north-american rating agencies: Fitch, Standard & Poors, Fitch downgraded the Portugal to junk status (in economical terms) but also Greece and downgraded all european countries levels...inclusively France and Germany.
So basically Rating Agencies rate a risk of investement: if they say that: if we say that a debt of a country is good, buy it...if we say it's not don't buy it! Also they rate other investments and this way can stimulate the investors to invest in a company, bank, entreprise, web site, etc or don't invest in it.
So if the people who invest trully believe what rating agencies say is true they can control all the market activity.
It happens that people do believe them...and in 2008, a day before those rating agencies rate to AAA level (the highest of them all which means it is a safe investment) banks such as Lehman Brothers...those banks bankrrupt...taking all the investors money to nowhere (maybe an offshore in a Tax Haven???).
It happens the money that was invested in those called AAA safe investements were mostly from other banks...who used people's money to play the game...and then entreprises bankrupt, people lost their they couldn't pay their house and get homeless...yes it happened in USA.
Then those bankrupt banks who made the bet and lost were bailed out by USA Government...which means all the taxpayers had to pay to put on those banks the money that belonged to them...
It happened the same in Europe, actually in Portugal a bank leaded by politicians bankrupt and then the portuguese state bailed out it, meanwhile those people who had the savings of a life on those bank lost eveything they had...of course the money didn't go away, I say it again I bet it's on those offshore accounts...anyway seems that in Portugal people resigned to fight against this outrageous process...and now they're Portugal we're talking about a bank (BPN) but in Ireland turns out there were lots of them...same in citizens are paying to get their money back in their banks least I don't think it's right.
On the other hand, we have got the Iceland case...banks bankrupt: all the sudden all the money just magic (I thought nobody believed in magic tssc tssc)...and banks needed a bail people had to pay to get their money back...but iceland people said: "NO!" in a referendum and didn't pay anything! Of course they bankrupt but now their economy is growing again and they refused to pay for this outrageous financial scandal.
Well in USA people decided to pay for this too...and so this scandal keeps going on...
If you haven't realized yet: money did not go away it just switched hands...
So back again to rating agencies...they almost bankrupt USA economy...they're trying to do the same with Europe. Rating agencies got huge amounts of money with this crisis and when something inexplicably goes wrong they come and say: "hey it was just an opinion!".
I have no doubts rating agencies are behind this deregulation of the markets and are instruments of financial terrorism used from speculators to make huge sums of money with the misfortune of countries and its people.
I've already seen the Inside Job documentary and they explain this very well.
 I particularly liked that part when they (the politicians and lobby crew) say we need to give money away to calm down the markets and stabilize the economy: such a nonsense! It's almost like what Mayas did: sacrifice to calm divinities...and now we're talking of the markets us a can people, literally, buy this lie?
So why do we care about rating agencies anyway?
Really, people wake up!

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