Jul 08 2011
I think we all remember the story of the little guy in the village who had the courage to tell the big guys that the king (who was parading about… strutting his stuff) was, in fact, naked – encouraging everyone to openly recognize the truth. The parallels with Portugal, the World, and Moody’s are attractive, and should remind us that the rating agency’s lordly presumptuousness and questionable agenda actually provide Portugal with a tremendous opportunity.
Portugal has the chance here to regain enormous trust and respect on the EU stage and beyond – with long-term advantages that can scarcely be estimated – and it would be tragic to lose the opportunity (and simultaneously validate Moody’s rash assessment of the nation’s ability and commitment to do what it says it is doing).
FACT: Moody’s will emerge from this episode either:
- more securely installed on its throne of economic tyranny
– or -
The resolve of the Portuguese people will determine which.
I recall Prof. Marcelo Rebelo de Sousa a few years back calling for the Portuguese people to display the national flag to show pride in a football team. It might be exactly the right time now to do something similar again – and the game today is far more important. How about a T-shirt campaign: red and green, declaring, “MOODY’S HAS NO CLOTHES ON” or something similar – something to rally the populace to the hardship that is upon us.
By showing Moody’s to be naked, the king will learn some sorely-needed humility and the big guys in the community will learn that big things can come in small packages.
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