The media cause currency contagion. Discuss
As fears of contagion rattle the world's money markets, is the media to blame, asks Dougal Paver.
Make no mistake: the western economies' chickens are coming home to roost. Years of budget and trade deficits and debt-fuelled spending have shifted mountains of productive wealth east and our era of financial and technical supremacy is ending.
Does that statement of fact add to the problems, or merely introduce some levity to proceedings?
I'm inclined towards the latter, but you'd expect a responsible blog to be factual and calm. No such constraints shackle the media, whose very existence depends on their ability to grab the attention of passers-by, such that they part with a quid for their words of wisdom.
So, whilst doom-laden headlines sweep the world and dominate the news bulletins, will this heighten the contagion? You'd think it would, but headlines wax and wane as journalists seek a counter-point to the previous day's received wisdom.
It's a roller coaster ride, therefore, with the media contributing as much to the highs in our mood as to the lows.
Meantime, one hopes that calm heads will prevail for those with the real task of sorting out the mess. Don't bet on it.
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