Trichet (ECB chief) on rating agency's

"PARIS, July 13 (Reuters) - The world needs more than three major credit ratings agencies because their actions exacerbate market swings, European Central Bank President Jean-Claude Trichet was quoted on Tuesday as saying.

'The ratings agencies in general tend to amplify rises and falls in financial markets. You can see it still today very visibly. That goes against financial stability,' he said in an interview with French daily Liberation.

'It is probably appropriate not to continue to have a worldwide oligopoly of three agencies. But the underlying issue is to attenuate or cancel out this amplification to which the rating agencies contribute.'

from here

What an idiot.

It's the ECB clandestine operations that are destabilizating markets. How? They (ECB) are buying poor quality sovergin debt and buying the EUR. The ECB is becoming a huge toxic waste dump.