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And make all financial transactions public with standard non-vague on-book accounting definitions, so that anyone with a mind to can check a rating for themselves.
That's not the point. The point is the market only exists within the rules set up by government. The brainless should not be in banking -- Willem Buiter
And people will believe the ones paid by the billionaires with real skin in the game before the government bureaucrats, like they do now in every filed regulated by government ratings and analysis.
"People" and "wealthy investors" can believe whatever they want. The point here is to prevent the banks from counterfeiting, not to prevent market-worshippers from being separated from their money.
- Jake Friends come and go. Enemies accumulate.
N months after a rating has been issued (where N possibly depends on the type of rating), the rating is compared to the actual reality. This information is then input into the Beatrice database.
The people who run the Beatrice database can then mine the now blinded data for noteworthy patterns. Any suspicious patterns discovered can be analysed independently, and only if they are actually damning is the Alice database contacted for retrieval of the identity of the suspicious author(s) and/or institution(s).
That's roughly analogous to how you'd blind a medical trial. It's not idiot-proof (no system is, and even if it were, the universe is continually working on inventing more creative idiots), and it's certainly not fraud-proof either (no institution in this universe can be made completely fraud-proof), but it would be head and shoulders above what we currently have.
(Assuming you even need rating agencies at all...)
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