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What would happen if credit rating agencies ceased to exist? It is a question that few of us ask ourselves today, but one that leads to some fascinating reflections.»That’s how it began"
the article which we published over two years ago. Unfortunately, this debate is now dominating the media headlines for very sad reasons, as the role of the rating agencies is being called into question solely because they have massively downgraded European ratings. This very same reaction (from both the public and institutional spheres) already occurred following the downgrade of Portugal’s rating, albeit to a lesser extent. It’s a bit of a joke that the corrupt and incompetent rating agencies are the most clear-sighted in this mad, debt-ridden world. We invite you to re-read that brief article from 16 December 2009 – it feels like it was only yesterday – and afterwards we’ll offer some reflections on the matter, some of which we already discussed in the second part of the article last summer. Reflections which, sadly, are just as relevant today as they were four years ago.
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We had already warned of this in
Just a few days before it was announced 
We have already pointed this out in previous articles 
«Some central banks in Europe are beginning to assess contingency plans for the possibility that some countries may leave the euro area or that the monetary union may collapse completely».» This is the headline of the 
Some predict that this is a crucial week for the future of the Eurozone. These are the days when it will be decided how and in what way the 
‘Preserving in turbulent times’ is not the title of this summer’s soap opera, but rather the pressing need for all those who manage their own wealth. It is also one of the guiding principles for some wealth managers working on behalf of others, though unfortunately the latter tend to be more concerned with retaining their long-suffering clients commercially by reducing their volatility, rather than preserving their assets and ensuring their sound long-term growth. Unfortunately, many managers of other people’s money are more interested in today’s bread (their own) and, in their short-sightedness, ignore tomorrow’s hunger (that of their clients and also their own). This brings us back to the old debate as to whether one should only entrust one’s money to advisers who have built up their own wealth and who co-invest with their clients, or whether any independent broker with sufficient technical training would suffice. But that is a discussion worthy of another article.