I recall from my days studying law that there were express terms and implied warranties underpinning every contract. The express terms were those agreed between the parties. The implied terms were binding even if they were not discussed between the parties to the sale or deal. I recall that among the usual implied terms were things like quality of the materials used and fitness of purpose. If a product or service is not sold where the seller knows the materials to be of poor quality or will not perform the functions that are held out to the buyer then a civil claim is open in tort to negate the contract and pursue damages. Anyway there are a number of private sector organisations out there that pump out so-called expert economic and financial analysis for profits that if you actually understand the product would lead you to conclude they are fraudulent products and not fit for the purpose that is held out. The ratings agencies (which threatened Japan again this week) fall into that category. But there are others. Today I consider the so-called Fiscal Risk index put out by a British firm that claims that the austerity campaign being pursued by the British government is helping it reduce its risk of bankruptcy. That is an outright lie! I thought that selling dodgy goods and services was illegal.