The X-Files, “The Truth is Out There.” Financial writer Michael Lewitt in the Credit Strategist describes a world of dubious economic practices and political and financial spin, supported by a basically-ignorant and readily compliant media. Our politicians, economists and business leaders have brought us to the potentially dire financial, geo-political and corporate positions we find ourselves in today — see, for example, BIS Warns Of ‘Gathering Storm’ Over Excessive Borrowing, especially the all-important graph.
Lewitt says the advice from political, economic and corporate leaders is nothing more than “bs” designed to keep the “proles” in a state of blissful unawareness of what is really going on in the world.
The sorry truth is that what passes for journalism is the creation of stories that package reality into politically correct fictions for an increasingly passive audience to consume.
Social historian Daniel Boorstin in 1961 set out modern-day aspirations, which perhaps explain why it is so easy for the general public to be taken in by political and economic spin supported by poor journalism and constant advertising:
We expect anything and everything. We expect the contradictory and the impossible. We expect compact cars which are spacious; luxurious cars which are economical. We expect to be rich and charitable, powerful and merciful, active and reflective, kind and competitive. We expect to be inspired by mediocre appeals for ‘excellence,’ to be made literate by illiterate appeals for literacy. We expect to eat and stay thin, to be constantly on the move and ever more neighborly, to go to a ‘church of our choice’ and yet feel its guiding power over us, to revere God and to be God.
Never have people been more the masters of their environment. Yet never has a people felt more deceived and disappointed. For never has a people expected so much more than the world could offer.
Lewitt reckons that “all paper currencies will continue to weaken against gold in the long run” and ends his latest letter with the repeated advice from previous Credit Strategist letters that readers should continue to buy gold to protect themselves against what is to come.