What a lunatic chaos! A true Joker´s joke!

Governments appoint financial regulators who use credit risk ratings issued by credit rating agencies to decide how much equity banks need to have, presumably so that the banks won´t fail and the governments will not have to bail them out... all while they must know that the rating agencies, when rating the risk of banks, explicitly measure the government´s willingness to bail out the bank. Which one is the chicken or the egg, the bank or the government? And the rating agency is he their guardian or the fox?

There are reports that “the Europeans banks are now net sellers of insurance against the chance of their own governments going into default – even though those same banks are implicitly backed by those governments”

For each day the markets become increasingly dependent on what the credit rating agencies opine. Look at how these Frankenstein monsters are now getting closer to rate down the governments, their own creators.