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Agnes, I suppose that S&A report is not online?

As for whether the ratings agencies partake of the reigning ideology, for sure they do. They are all American in an American-capitalism-dominated world. As for their objectivity, just take the extremely slanted (Americano-business-centred) view of French employment laws in Agnes's quote, ending with this:

the unemployment rate among the young is, by U.S. standards, stratospheric.

Note the hyperbole of "stratospheric". And, above all, the assumption that the US economy is the standard by which others should be measured. These are both signs of bias.

OTOH, the actual ratings they hand out need to be seriously estimated (on their part), or they would lose credibility. I doubt if S&P would downgrade France's rating. They would most certainly be called on it.

What they are doing here, in this report, is joining their noise to that of the machine. It doesn't cost them anything.

by afew (afew(a in a circle)eurotrib_dot_com) on Thu Mar 30th, 2006 at 05:09:35 AM EST

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