I keep hearing people say don’t blame the rating agencies. My first reaction is why not? After due and sober reflection my considered response is why the hell not?

Standard & Poor’s has put the agencies back into the headlines by downgrading a slew of eurozone governments and robbing France of its cherished triple A rating. There is something unsettling about S&P’s eagerness to grab the headlines. A cynic might see the theatrical nature of its pronouncements as a rather vulgar marketing tool. Moody’s and Fitch seem a lot quieter.

This time, though, S&P had wisdom to impart. Its serried ranks of economists, analysts and financial wizards were offering startling insights. Fiscal retrenchment, they intoned, would not alone repair the public finances of eurozone countries. The weak economies needed growth in order to revive flagging tax revenues. Wow! Who would have thought it? Perhaps S&P is hunting a Nobel Prize.