Growing up in the 1960's, I can still remember hearing and reading about Russian propaganda. While I am certain some of what the Western press reported was "spun", even a 10 year old could see through much of what Russia was trying to portray to its people.
Fast forward to present day, we seem to have switched places. The current mainstream media reports defy nearly any and all logic on a daily basis. Reporting has obviously been very poor for many years and it really did not matter what the subject was. Economics, finance, geopolitics, home grown politics, it has not mattered, logic has been turned on its head. I could go through example after example but would now require a book ...or more likely a "series" of books. Using just one example to illustrate the lunacy, the U.S. now has 95 million OUT OF THE WORKFORCE and thus no longer counted as "unemployed"! Where is the logic here? Mainstream media reports it (under their breath) while cheerleading the lowest unemployment rate in decades. The White House and Wall Street both report "strong" employment with glee. The fact remains, our true unemployment number as calculated back in the day of "Russian propaganda" is somewhere around 20% ...
We just had an election here in the U.S. that I've dubbed as a rejection "fake news", fake polls, fake values, fake everything. My first thought was "hooray for the rule of law"! What is truly disturbing (especially after the election), the
I say "disturbing" because the lame duck House of Representatives was elected two years ago to eviscerate Obaminationcare along with many other "executive orders" ...and did absolutely none of what they promised. Why would the House pass this now? Why would they not wait until the newly elected Reps and Senators (not to mention new President) arrive? What can they possibly be thinking other than a failed (thwarted) arrival to Washington of Mr. Trump?
Getting into the "meat" of what they are trying to pass, it is most obvious they are trying to legislate away TRUTH! In essence, they are trying to say and I paraphrase, if you disagree with the official story, you are Russian propaganda. Never mind that these "propaganda sites" document, footnote and use rock solid logic in their work ...they are "fake news" and should be ignored or worse, JAILED! What a travesty Mr. Paul Ryan!
Reported today, the website www.nakedcapitalism.com is fighting back and is considering filing suit against and demanding retraction from the Washington Post
Shifting gears but in keeping with the subject of "truth", let's look at just one market, gold. For years it has been said central banks have no reason to and would never manipulate gold. GATA has over the years posted reams of hard and easily connectible evidence showing this is not true. In fact, Deutsche Bank agreed to a wrist slap $60 million fine for doing just this, manipulating the gold markets. This will be followed by other firms and most likely larger fines (as DB rolled over first).
With just one month left in the year, Shanghai has withdrawn close to 2,200 tons (28 tons just this last Friday). If you take Chinese and Russian supply out of the equation as they do not export, total global production of gold is roughly 2,400 tons. Shanghai/China have been purchasing nearly all global production of gold over the past several years. This does not account for Indian demand which has historically been another 1,000 tons per year or thereabouts. Nor does it account for the rest of global demand which has been brisk from Europe, the U.S. and elsewhere. Where exactly is/has this excess demand being met with supply? From where is this gold coming from? The obvious answer, and one of common logic says it can only be coming from where it exists (existed), Western vaults!
We could look at other markets like the credit markets where interest rates went negative ...at a time debt ratios were never worse. Or, we could look at equity valuations at a 98 percentile in historic valuation levels. The point is this, markets do not make any sense from the standpoint of any fundamental logic in all of history!
Many say that anyone claiming "manipulation" or "rigged markets" are just sore losers because they are wrong and need something to cover their errors. The tactic now by government/mainstream media/"official finance" is to label obvious truth as lies. MSM has become so desperate they start stories by claiming "fake news" as their proof and refutation of facts and logic. Government is apparently trying to legislate away "truth" if it does not agree with the official story by labeling websites as Russian propaganda. What proof has been offered showing any connection to any of these websites to Russia in any fashion? The answer of course there is none whatsoever other than being said "it is so". This course of thought and action is no different than the child caught with his hand in the cookie jar asking "who are you going to believe, me or your own lying eyes"?
To finish, and to pre answer the legion of trolls sure to jump on this article, please answer these questions. Do you believe mainstream media is or has been reporting news truthfully or in any fair or balanced way? Do you believe the media is separate and autonomous from government? I would remind you of the 10's of 1,000's of e-mails hacked from John Podesta. The only response to date has been "these were illegally stolen", NEVER have they been claimed to be false. If the e-mails then are not false (several people have already resigned because of the revelations), then we know for an absolute fact that polls, debates, and other news to "affect perception" are outright bogus and propaganda!
I would then ask, if there has been a coordinated effort to "shape" public consciousness, why would these people leave markets to their own to possibly discredit their desired stories? What good would it do to report economic growth, low interest rates, low unemployment and basically "economic and financial nirvana" if the Dow was trading at 6,000, interest rates at 7% or gold trading at $5,000 per ounce? I would suggest the "propaganda" was ramped up to unbelievable levels BECAUSE THEY HAD TO SUPPORT the picture of where markets were and are trading! I believe the "LIE" began in the markets and then had to be supported with the story, not the other way around.
So there you have it, please explain why markets must be free, fair and unfettered if we know for a fact that mainstream media and government have massaged, spun and outright lied to the public in so many documented instances? If you do answer this, please do so as an adult. Do not reply saying "because" or "because they say so".
MSM, Washington and Wall Street have burned their credibility ...yet people still ask why the Dow is 19,000, gold is $1,175 or the dollar still spends...? So simple a caveman could figure this one out!
Standing watch and not being fooled,
Regards, Bill Holter for;
Bill Holter writes and is partnered with Jim Sinclair at the newly formed Holter/Sinclair collaboration.
Prior, he wrote for Miles Franklin from 2012-15. Bill worked as a retail stockbroker for 23 years, including 12 as a branch manager at A.G. Edwards. He left Wall Street in late 2006 to avoid potential liabilities related to management of paper assets. In retirement he and his family moved to Costa Rica where he lived until 2011 when he moved back to the United States. Bill was a well-known contributor to the Gold Anti-Trust Action Committee (GATA) commentaries from 2007-present.
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