Sunday, August 10, 2008

Let's Talk Ourselves Into Recession

I am no economist and very likely have a limited grasp of global and local economics. However I do know that quite a lot of it is based on confidence in the Market from pretty much everyone. Including us poor consumers.

I have noticed recently in the media that nearly every day is a report on credit crunch this and recession that. Now this strikes me as being very foolish but also typical of the media. There is talk of everyone buying less and spending less. Half of which I am sure is for legitimate financial reasons. However I am convinced much of it is because we are being told there is a recession therefore we automatically tighten our belts when it comes to spending money. We are effectively being talked into a recession by the media. I know it is more complex than that but I am certain that plays a significant part.

If something is repeated enough times we take it as fact. A bit like Dawkins in his program last week repeatedly saying evolution is fact in the hope if he said it enough times it becomes believed to be fact. When of course the molecules to man evolution to which he refers is nothing of the sort.

The media really should take responsibility for the power it wealds and the influence it has over our nation and much of the world and choose the way things are presented way more carefully than the cavalier way it currently does!

And breath and step off soap box!

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1 comment:

Nick said...

Actually I pretty much agree with that assessment. When studying Media at college, mass reporting of the same issues were known as "moral panics". I think the same could be said of economics.

In the past month I have been equally critical of how the economy is run by the Bank of England, politicians and the corporate world. I wonder if you caught my rant on that one? It was back in mid June.