2) Also in the news: "Europe plans new, ‘objective’ credit ratings agency" reports firstpost.com
Here are my comments:
Capitalism, a product of a specific school of thought in The West (see Max Weber's work), has failed to blend with the world in all its forms so far.
In short Capitalism has been proved incompatible with many cultures not only in the world but in Europe as well (see eg "Dolce far riente").
Both Capitalism and Communism, being Western products, were based on faulty foundations of Western thinking such as a quest for certainty and objectivity hence a need to measure and predict that leads to faulty decision making.
In the credit ratings issue, again, "Europe" takes a wrong approach to solving a problem. Each investor should do his/her "own" credit rating, there's no objectivity in credit rating by its very nature.
To be continued ...