Four important flaws of journalism
November 27th, 2008
I’m always rather pleased with the competence of news people. They might be idiots, however, and I’m just comfortable talking with them. But today we’re not in good economic times while newspapers and magazines have been in a depression for several years. Their answer to tight money, disappearing advertising, and declining circulations is to buy out the expensive veteran news staff and replace them with younger, greener people. Many medium sized newspapers use nothing but college interns to report on the same complex stories veterans used to cover. The point here is that the competence of the news media just ain’t what it used to be a mere five years ago. While this is great news for college journalism programs, it is bad news for American readers.
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Feared economic dark cloud: Deflation
November 5th, 2008
But the declining price spiral tends to feed on itself, and over a few months the robust, healthy economy of old now has pneumonia. Worse, nobody seems to know how to fix it. Now what we have is deflation, and that economic condition is deadly. In my estimate, that’s what we shall soon experience in America, and it won’t be any fun at all. Let us hope that people smarter than me are working on this. Deflation is best remedied in advance, but while that’s true, it’s easier to control inflation than deflation. Deflation leads to despair, economic ruin, bread lines, and depression, aptly named psychologically and economically.
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