Thursday, June 28, 2012

Read blogs for the news, Bloomberg for the Party Line


Can no one in for-profit media be trusted? Bloomberg already has a whole city and his own army - how much more payment per word does he need from his editors & journalism staff?

Watching the Barclay's piece on his live news immediately triggered the following response: "They have a lotta nerve pitching the story that way! It's propaganda."

Wasn't there an old rock & roll song about that?

Who put the lie in the lie de liebor?
..Who put the cash in the till a ling ding dong?
Who was that man, who made him act that way?
..Who was that man? I'd like to grease his palm.
.....He's the man, the man who made the serfs vote for meeeeeee!"


According to Bloomberg, the story was all about the massive fines, slap down of management and significant moves made by both Barclay's mgt & UK regulators to correct a serious flaw in international banking operations.  Seriously.

Others called it what it was, a slap on the wrist for collaborators funding the very politicians who manage the regulators. Just whom is managing whom?

What do we need to goad people into action? Distribute bumper stickers saying "Honk if your politician is a crook too" - or something even more direct?  Perhaps a "Bernay's Own Political Salad Dressing" - or democracy repellent?

Our electorate is NOT taking this seriously enough. A recent example found a humorously shocking "prevalence of misconceptions about scientific information in our society, and to inspire revision of our national approach to science education at the college level."

Scientific information?  Heck, if we did a similar study on the prevalence of misconceptions about the nature of credit, coin & circulation in our local, state & national legislatures, we'd find an the state of affairs to be far, far worse.

Monetary operations is to economics like engineering is to physics. Yet we don't even have an academic field of "Monetary Operations."

No wonder that: "All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation." - (circa 1815?) John Adams

Citizens don't let citizens send ignorant delegates to a democratic legislature!

But banking lobbies do.  In fact, they encourage it.


2 comments:

Roger Erickson said...

Naked Capitalism covers it too

http://www.nakedcapitalism.com/2012/06/quelle-surprise-barclays-settlement-on-liboreuribor-fixing-illustrates-bank-crime-pays-well.html

Mike Norman said...

And Bloomberg has contributors like Caroline Baum, who do nothing but spew the party line.