Credit rating agencies have long sold their souls to the devil, UKIP MEP Godfrey Bloom
told Euro-Parliamentarians in Strasbourg today, but the creation of the EU's own credit rating agency will fool no one.
Speaking during the debate on credit rating agencies, Mr Bloom said "most credit rating agencies employ children who can barely read a balance sheet. They only change their gradings when a disaster is apparent to all."
"Paradoxically, it is usually the hedge funds who find out the truth behind the numbers. They exposed Enron, for example."
"However, even the coke-sniffing youngsters at the credit rating agencies know Ireland, Greece, Spain, Italy, the United Kingdom and Portugal are broke," Mr Bloom said.
"So what does this House propose?
"Our own credit rating agency paid for by us, guaranteed to dance to our tune. It could stick Triple A ratings to junk bonds issued by the eurozone's failed economies.
"The question is: Who would these fool?
"I suggest - with the exception of some English county councils and the BBC economics correspondents - virtually nobody!
"When the people of Europe realise that they have been the guinea pigs in a gigantic, failed currency experiment, they will burn this place down and guillotine the lot of us, and who could blame them!"