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Rock Street, San Francisco

Readers of Crisis by Design will recall that the “heart of the beast” is the Financial Stability Board, housed in the Bank for International Settlements in Basel, Switzerland and Chaired by the ex-Goldman Sachs executive, Mario Draghi.

No surprise then, with the global economy in a tail spin that Draghi and company want to get rid of those pesky rating agencies that assess the credit worthiness of banks and governments. He certainly wouldn’t want some independent agency to call it like it sees it.

The Wall Street Journal quotes him as follows: The FSB also intends to present proposals to “gradually reduce the relevance of external ratings for regulatory purposes,” Draghi said.”

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