The only worry, in fact, is that while the markets have largely woken up to the weakness of the rating agencies' case, politicians still seem to set a certain amount of store by a country's rating. Mr Osborne fell into the trap yesterday by trying to say that Moody's actually strengthened the arguments for his policies. It did nothing of the sort. He would have been better to take his cue from the bond markets and leave Paris, Moody's and their friends to their own devices.