Anatomy of an MSM Hit Piece

So I logged-on to the Yahoo finance page the other day and I came across a main page headline that was a genuinely perfect specimen.  No, it wasn’t the “Eight Hottest NFL Wives” or “Superfood that boosts your sex drive” that caught my eye.  The headline I read, carefully placed in the dead-center of the page to draw your eye, blared “THE LESSONS OF GOLD’S COLLAPSE”.

http://www.bloomberg.com/news/2014-01-07/10-reasons-the-gold-bugs-lost-their-shirts.html

Intrigued by the fact that a 29% pullback in 2013 after a monster 500% twelve year bull run could be called a “collapse”, and wondering what sage lessons I might learn from this, I clicked… and was treated to such an outstanding example of a drive-by hit piece that I thought it would be fun to outline all of the techniques used in this article, and frankly many MSM articles, on gold.  I think there are actually some valuable lessons to be learned from this thing, but I doubt they are the ones the author wanted me to take from it.  So rather than take apart the mistakes of the article one by one (which was largely done in the comments section of the piece by some of the more informed readers), instead let’s examine the standard characteristics of a pedestrian MSM hit piece on gold.

An Overhyped Negative Headline

Much can be learned about the intentions behind an article by examining the descriptive words chosen.  Knowing that most casual investors will only scan the headlines, the descriptor in the heading will communicate 90% of the intended message. “The Lessons of Gold’s Collapse” communicates that something ruinous has happened to gold, so terrifying that one needs to learn a lesson from it!  Note that a 50% drop in the entire equities market was a “correction”, a 40% drop in a specific stock is a “pullback”, but a 29% drop in gold over the course of a year is a “collapse”. 

A few short years ago, Bank of America went from over 19 dollars per share to less than five dollars per share.  Did Bloomberg run headlines describing what happened to BAC as a “collapse” or offer snarky articles talking about what the duped investors in BAC should have learned from the loss of more than 70% of shareholder value?  Of course they didn’t.  Nor did they chastise equities investors as a whole for losing half the value of their portfolios in the 2008-2009 financial crisis.  And Mr. Ritholtz certainly didn’t write snarky articles accusing investors of “having a huge emotional investment and an unhealthy investment in the narrative”. 

It should be noted that more than half of the ten “lessons” offered in this piece aren’t even specific to gold.  Instead, they are standard investing advice (beware of leverage, have an exit strategy, etc) that would apply equally to equities, bonds, real estate, or commodities.

The Pretense of Objectivity

Particularly dismissive articles require a proclamation of neutrality to establish the author’s bona fides. The shopworn pretense is the stance of Hey, I don’t have a dog in this fight, I’m just calling it like I see it. Ritholtz hauls this out early in the piece, proclaiming “As an investor, I am a gold agnostic”.  The evidence, however, strongly suggests otherwise. 

The first tell is the descriptors used in the article, as mentioned above.  The prose is stuffed with negative adjectives and descriptions of gold, including “dead money”, “horrific” price drop, “plummeted”, “trounced with repeated massive selloffs”.  The actual article heading at Bloomberg shrieked that gold investors “Lost Their Shirts”!  All this hyperbole for an investment that is UP 50% over the last five years, and 340% over the last ten.  That is one damn fine shirt!

Next, Ritholtz gives away his game when he writes “This column is not an “I told-you-so” or an exercise in “Goldenfreude” (describing a “delight in gold bugs’ collective pain)”. This is a particularly cheap rhetorical trick, one that would earn even a beginning debate student a sharp reprimand from his or her professor. When an author at Mother Jones writes “I am not one to describe the Republicans as stump-toothed inbred hillbillies” it is crystal clear that this is exactly what he is saying. It is the same as a Republican politician saying “I am not one to call my opponent a terrorist sympathizer or say that she is soft on terrorism”.  The pretense of objectivity is even more diminished by the fact that, through the link provided, we learn that Ritholtz actually coined the term Goldenfreude (which ironically would actually translate to something like “golden joy” or “taking joy in gold”… but we know what he meant). This may seem obvious, but one does not sit around coining new terms to describe how sweet it feels when a particular group loses money… unless you are thinking about how sweet it feels when a particular group loses money. 

Finally, Ritholtz demonstrates that he is indeed far from an objective observer through an inadvertent admission made via grammatical error.  Look closely at the tenses in the following sentence: 

“Challenge anyone’s belief on gold, and instead of having empirical, data-driven counterarguments made, the zealots responded with venom.”

Note that challenge is present tense and impersonal (the voice he was trying to speak in for this piece to pretend to objectivity) while responded is past tense and clearly implies the personal “responded to me”.  The sentence should read “Challenge anyone’s belief on gold… and people will respond with venom” but Ritholz lapses into a more truthful voice by the end of the sentence, telling how people “responded with venom” to what he, the wording suggests, had to say.  Unsurprising, then, that Ritholtz would take delight in gold bugs (those zealots!) collective pain.

 

Cherry-pick the Timeframes to Support the Narrative

So based on its precipitous 39% drop, gold is “speculative and dangerous” according to this article and should serve as a lesson for what NOT to do in a trade. Horrible, right? Well, I guess it was if you bought all of your gold precisely at 2:51 EST on September 8, 2011.  Because that is the exact time you would have had to purchase to achieve the 39% drop used in this article to characterize all gold investing. Neat how that works, isn’t it?

On both a five and ten year timeframe, this “speculative and dangerous trade” as he terms it has outperformed the S&P 500. And the S&P outperforms 60% of all Wall Street money managers in any given year, so it could reasonably be argued that the terms “speculative and dangerous” are more appropriately applied to equities investing in general and to trusting you investments to Wall Street money managers in particular. People like Barry Ritholtz, in fact. 

One more thing about timing. Calling something a “bad trade” depends entirely on what your timeframe is for the investment, doesn’t it? If you went long WTI at 43$ / barrel in 2009 and it retreated to 39$ over the next month, would that be a bad trade?  Only if you failed to stay long through the run up to 114$.  Unless someone has a crystal ball and knows for a certainty what future price is eventually going to be, then we really don’t have any idea whether gold is a failed investment at this moment in time, or is simply in the midst of a healthy correction after a 12 year bull run.  That doesn’t stop naysayers from gleefully tap-dancing on gold’s grave after a single, solitary down year, but it doesn’t make them right, either.

Ad Hominem and Dismissal by Definition

Do you know the negative term for people who invest in oil? How about soybean investors, do you know the derisive word used to describe them?  What about the dismissive terms for people who invest in real estate, stocks, or bonds?  Of course not.  Of all investing classes, types, or assets, only investors in gold merit a commonly-known term of derision that is freely used: goldbugs. 

There is a good reason for this. Ad Hominem arguments (latin for “to the man”) are a logical fallacy, and are listed as such in every introductory logic or rhetoric course you will ever take.  It means attacking the man, not the argument, and it is a logical fallacy for the simple reason that the quality or characteristics of the person making the argument have no bearing whatsoever on the truth or falseness of the argument being made. Once again, use of this term is a cheap rhetorical trick to distract and mislead the listener, and every time you read it you should instantly be wary of the author’s intent because it reveals they are not arguing in good faith. 

This goes hand in hand with “dismissal by definition”, under which you libel those who disagree with you as something horribly bad (racists, fascists, pinkos, etc) in the hope that your audience will simply tune out any argument they might make, thus absolving you from having to make an actual argument based on fact, logic, and reason.  The use of the term “zealot” in this piece to characterize the already negative term “goldbug” is a pitch-perfect exemplar of this technique.  No need to marshal facts or arguments against zealots, eh?

The Credentials Fallacy

One of the more hilarious aspects of this piece was that the author actually attempted to mix it up in the comments section. It was a public forum on Bloomberg, so one might expect a generally uninformed commentary, but I was mildly surprised that at least a significant percentage of comments were well-informed from a PM investing perspective.  Though numerous mistakes, assumptions, and dismissals went largely unchallenged (or at least were not called-out in the way they would have been on this board), there were nonetheless some great points made by commenters. 

What was especially amusing, however, was the fact that whenever someone would venture their opinion that the gold bull wasn’t dead, Ritholtz would jump in with some snarky version of “Well, what is YOUR public investing track record? What qualifies YOU to make that prediction?”.  This is a rather sad version of playing the “Do you know who I am?” card… the answer obviously being “I’m Barry Freaking Ritholtz and you’re not”.  In his mind, the only people who are allowed to have an opinion on this matter are those who have posted their investing advice publicly on the internet for the last ten years, all others are unqualified to question his wisdom.

But hypocritically, this doesn’t go both ways.  If you offer your opinion and you agree with Barry, he is fine with that and does not demand your credentials. He may even say “great point”.  If you disagree with him or suggest that it is too early to call the death of the gold bull, he smears you as unqualified to offer an opinion by dint of the fact that you haven’t been publicly posting stock picks for ten years.  I guess some opinions are more equal than others!

Not a shill

Ritholtz notes that he has been called a shill for his anti-gold stance and writings, and I believe this is unfair to him.  A shill would be someone who is paid money specifically to produce an anti-gold hit piece like this, where someone (an editor, webmaster, etc) would contact him and say “We would like you to write a piece bashing gold and here is what we will pay you”. I sincerely doubt this has ever happened.

Barry Ritholtz is therefore not a shill.  He is a whore.  He knows what his employers want to hear without being specifically told, he knows his bread is buttered by producing articles that 1. Pump equities and mainstream investing (preferably creating the illusion that you can thrive in the markets but only if you closely follow Barry Ritholtz), 2. Produce eye-grabbing and mildly sensational headlines to generate clicks and 3. Annoys all the right people, generating just enough controversy to be “interesting” but making sure at the end of the day that alternative asset investors and “goldbugs” in particular are derided and mocked just enough to make sure his employers know where he stands… and he stands foursquare with them, against the barbarians and their barbarous relic.

.   .   .

So there you have it- a pedestrian hit piece on gold that denies inflation, dismisses Chinese accumulation of the second largest (and possibly the largest?) sovereign gold hoard in the world, disses theories of market manipulation, and goes so far as to claim “the gold market has no fundamentals”(apparently supply and demand do not exist for gold). Undoubtedly some will be fooled by this, while others will gleefully jump on the bandwagon because it makes them feel good about themselves and their worldview (including a former TFMR commenter, interestingly).

But one person’s “horrific price drop” is another person’s golden buying opportunity to stack at cheap prices.  I know what I know.  And five to ten years from now, I will be happy to compare my “track record” with Barry to see if I am qualified to comment on one of his articles.  The question would be, why bother?

76 Comments

treefrog's picture

twoth

tooth!

Jonas Parker's picture

Threeth!

And you expect the MSM to be objective? That's like expecting Pres. Obozo to be truthful...

SilverRunNW's picture

Ritholtz

Also sad is the fact that only sites like this will remember this hit piece when the losses of Sep2011 to Dec2013 are regained and are left in the rear view mirror.  We'll recall this hit piece and the duffus who wrote it and run him through the ringer.   Well, maybe we just won't waste our time.

Pining,  nice job on your literary  analysis.  We are drowning in negative articles and I really can't remember it being this bad.  Maybe I'm just too oversensitive on this investment sector/insurance policy.

http://www.urbandictionary.com/define.php?term=duffus

Name for the worst people in existence, also name for vagina or something thats broken.
Duff: "My name is @##$ Duffus"
Bystandard: "How do you sleep at night"
Lintltj5's picture

Fifth!

Fifth!

Why isnt this surprising?

http://www.weeklystandard.com/blogs/bailing-out-health-insurers-and-helping-obamacare_774167.html

This cant go on forever.

Great article. Its amazing how these MSM articles do so much to public perception. Most people I talk to about our countries economic situation have no idea or a very small understanding of it. When the topic of gold comes up, they know one thing, that its going down. Thats it.

I've not stopped trying to inform colleagues of what is going on, but I've come to the conclusion that for most, they will only realize how bad it is when its too late. People called me crazy for investing in metals in 2007 and saying that bad things were in store for us financially. Those same people didn't think I was so crazy after the prices started skyrocketing. Now, guess who's labeled  as crazy again?

Patrancus's picture

being hit piece weiry

I no longer encourage others as I once did to include such barbarous relics as gold and silver in their investment portfolios,  instead I quietly sit back and stack. For this moment the conniving jackals who have spun this web of fraud and deceit have achieved their desired goals.  Sitting near me in old boiler room days the the hardest working Irishman would say

"they buy the sizzle, not the lean"

SilverRunNW's picture

John Taylor Gatto & The Ultimate History Lesson

I brought up this video series on a previous post, but wanted to do so again at the beginning of a new thread for better "exposure".  I've watched the first 5 (of 9) videos and found it amazing. 

He reveals a lot about how the elite have created wage slaves (Rockefeller, Carnegie) , taken over the education system to dumb down the population (& how), and how a small group of elites try to rule the world.  He even mentions Quigley's "Tragedy and Hope", and how this book was suppressed because of its' revelations given the fact that Quigley was allowed into the archives of the CFR (Council on Foreign Relations).

I strongly suggest everyone watch this program.

This is a youtube playlist that has all 9 videos, but starts off with a 5 minute trailer.  Video #1 starts with a 17 minute intro, that can probably be skipped.  It's starts off a bit slow, but once they really get into it, you'll be floored by what you learn.   The debt slavery stuff, if I remember correctly, starts towards the end of video #1 or beginning of video #2.

Actually, John and the host mention "wage slavery".  Don't think they cover the debt stuff until later.

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HeirHelmut's picture

This article is a

This article is a masterpiece.

Embarrassing for the whores, when the makeup is removed.

Turd Ferguson's picture

This is outstanding

MODERATOR

Thanks, Pining.

Much can be learned about the intentions behind an article by examining the descriptive words chosen.  Knowing that most casual investors will only scan the headlines, the descriptor in the heading will communicate 90% of the intended message. “The Lessons of Gold’s Collapse” communicates that something ruinous has happened to gold, so terrifying that one needs to learn a lesson from it!  Note that a 50% drop in the entire equities market was a “correction”, a 40% drop in a specific stock is a “pullback”, but a 29% drop in gold over the course of a year is a “collapse”.

ABQBear's picture

Great Read

Thanks, Pining.

Krugman's hit piece on Bitcoin (and gold) fits many of the categories listed above.

http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/?_r=0

ag1969's picture

That was so great!!!!

Thanks Pining.  A masterpiece!

"Barry Ritholtz is therefore not a shill.  He is a whore."

Still laughing at that one.  The sad thing is, if Barry read this, he would not even be able to recognize what a stooge he is.

On another note, I had to go to the doctor this morning because it seems I am developing arthritis in my right hand.  As usual, and ever since Obamacare started to be rolled out, I was asked by the nurse a series of questions that have nothing to do with my healthcare; Do I have smoke detectors, do I have firearms in my house, etc.  I usually reply, "none of your business."  But today, I was feeling a little PO'ed because I have this constant pain in my knuckles, and it went like this:

Nurse:  Do you have firearms in your home?

Me: What color panties are you wearing?

Nurse: EXCUUUUUSE ME!

Me:  Well if you really think about it, it has as much to do with the pain in my hand as whether or not I have firearms in my home. 

She stormed out and the Doctor has asked me to find a new doctor.  LMAO, like I can't find some other pill pusher!

onealpha's picture

In Stark Contrast is the Damage Control Peice

I almost spit my coffee out the other day when I saw this, Why Today’s Miserable Job Numbers Are Probably Wrong, A revision is likely coming.  I was trying to show my wife how the MSM spins the economic news and convinces the muppets that we are in a recovery.  In stark contrast to the article I was reading on ZH,  People Not In Labor Force Soar To Record 91.8 Million; Participation Rate Plunges To 1978 Levels

surfeitndearth's picture

Great piece, Pining!

Read the Ritholtz trash, then Felix Salmon's response. But yours is far and away the best!

@ag1969 - LMAO!

Pining 4 the Fjords's picture

Thanks boss!

Just trying to keep up the fine level of writing at this place!  I think JY is going for some sort of Pulitzer lately.

And thanks to all for your gracious feedback!  If you have a chance, click the article and read through the comments, it is very interesting on numerous levels. The MSM kool-aid drinkers, the recession deniers, the administration supporters, all mixing it up with some PM investors, a few of whom are well informed enough to fit right in on this board... fascinating clash of cultures, let alone the ideas communicated.  Check out Ritholtz getting owned for his snarky comment about the dollar. 

And AG1969-  I love your 'tude but getting kicked out of your Doctors office?  That is a whole new level of cantankerous.  Me likey!

Pining 4 the Fjords's picture

Surfeit- link?

I wasn't aware of any other articles like mine on this-  could you provide a link?  I would be interested to read it!

Orange's picture

Sprott

Sprott's Thoughts

January 13, 2014

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"Big Money" Entering Resources, Precious Metals: Rick Rule

By Henry Bonner (hbonner@sprottglobal.com)
Read online >

Rick Rule, Chairman of Sprott Global Resource Investments Ltd., says some of the ‘big money’ that was circling the resource sector has finally found a home. Rick Rule recently commented on a couple of new investment mandates that he believes signal a positive development in the resource sector.

The first mandate is a deal for Sprott Asset Management to co-manage upwards of $110 million in funds along with Zijin Mining Group Company Limited, the largest publicly traded non-ferrous metals mining company in China. $100 million of those funds come from Zijin while $10 million is to come from Sprott Inc., Sprott Asset Management’s parent company.1

Sprott CEO Peter Grosskopf said: “We believe the combination of Zijin’s technical strengths and Sprott’s resource investment expertise will prove to be an attractive option for investors looking to invest in the mining sector with a focus on gold.”

In another development, Sprott Inc. announced in December, 2013, that it had been awarded a mandate to co-manage a $375 million private equity fund by South Korea’s National Pension Service with a matching $375 million commitment from the state-owned Korean Electrical Power Company ("KEPCO"), the largest electric utility in Korea.

Mr. Grosskopf said, “This mandate marks Sprott’s second entry into the growing Asian marketplace and solidifies our international reputation for expertise in natural resource investing.” He added, “We are committed to continuing to build our institutional client base as we seek undervalued opportunities in the sector.”

Sprott expects the closing of the second mandate to be completed in the first quarter of 2014.

Rick suggests these new partners give credence to the argument that the sector is undervalued. Many large state-controlled funds are using the weakness in the natural resource market to set themselves up for future returns, but also to make strategic investments beyond the scope of merely generating a profit on investments.

Rick explained why he views this as an important development for the sector:

What is interesting about both of these mandates is that they represent new capital to the sector.

Our Korean partners in particular are Asian sovereign or semi-sovereign investors looking to make the types of strategic investments that North American and European countries looked to make in the 1950’s and 1960’s – to secure their country’s access to natural resources and to develop the financial infrastructure in their capital markets that will allow them to play the game in natural resource businesses.

Natural resource investing that participates in financing the juniors has typically originated from small hedge funds or open-ended mutual funds, but these are often generalist, short term investors relative to the natural resources cycle.

Our new partners are long-term investors with the intention to stay in the natural resources business. […] These new type of investors are more focused and long-term participants with financial and strategic objectives, with the design of providing the raw materials for the development of their respective countries.

That these private equity pools of capital are choosing to deploy capital in the natural resource sector now is an “extremely bullish” sign for the sector, says Rick, though Sprott is unlikely to rush into the sector in order to deploy this capital immediately. In fact, it will structure the deals in a way that makes sense for these funds. Nonetheless, in the event of a recovery, Rick believes that participation from these Asian partners will help strengthen the sector and allow Sprott and its partners to invest rationally in both bull and bear markets.

There may also be more of these types of investors to come, says Rick: “From talking to sovereign investors in my network, it appears big money is circling the physical sector as well. The money has not yet ‘landed,’ but it is important to know what might happen to those markets if the ‘big money’ begins to settle. We believe it would not take much demand for physical delivery on the futures exchanges to create a very unsettling experience for the large institutions that are short the trade.”

1 http://sprottinc.com/investors/press-releases/press-release/?prId=122620

2 http://www.newswire.ca/en/story/1283307/sprott-to-co-manage-us-750-million-south-korean-private-equity-fund


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This information is for information purposes only and is not intended to be an offer or solicitation for the sale of any financial product or service or a recommendation or determination by Sprott Global Resource Investments Ltd. that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on the objectives of the investor, financial situation, investment horizon, and their particular needs. This information is not intended to provide financial, tax, legal, accounting or other professional advice since such advice always requires consideration of individual circumstances. The products discussed herein are not insured by the FDIC or any other governmental agency, are subject to risks, including a possible loss of the principal amount invested.

Generally, natural resources investments are more volatile on a daily basis and have higher headline risk than other sectors as they tend to be more sensitive to economic data, political and regulatory events as well as underlying commodity prices. Natural resource investments are influenced by the price of underlying commodities like oil, gas, metals, coal, etc.; several of which trade on various exchanges and have price fluctuations based on short-term dynamics partly driven by demand/supply and nowadays also by investment flows. Natural resource investments tend to react more sensitively to global events and economic data than other sectors, whether it is a natural disaster like an earthquake, political upheaval in the Middle East or release of employment data in the U.S. Low priced securities can be very risky and may result in the loss of part or all of your investment. Because of significant volatility, large dealer spreads and very limited market liquidity, typically you will not be able to sell a low priced security immediately back to the dealer at the same price it sold the stock to you. In some cases, the stock may fall quickly in value. Investing in foreign markets may entail greater risks than those normally associated with domestic markets, such as political, currency, economic and market risks. You should carefully consider whether trading in low priced and international securities is suitable for you in light of your circumstances and financial resources. Past performance is no guarantee of future returns. Sprott Global, entities that it controls, family, friends, employees, associates, and others may hold positions in the securities it recommends to clients, and may sell the same at any time.

Fat Willie's picture

Awesome timing.

Pining- awesome. Excellent piece.

Here is what I would love to see. With metals just seeming to start their turn and begin their next up leg, wouldn't it be stellar if we could use Barry's article as yet another great example of MSM MOPE, and how to mark a bottom? This article may be timed perfectly to use as an example.

Barry Ritzdouche. Perfect contrarian indicator.

Pining- again, great work.

Turd Ferguson's picture

This is extremely important

MODERATOR

Please take the time to read this entire ZH piece. Remember the fundamentals about how the Labor Force Participation rate is calculated. Look at the fallacy of the sub-7.0% "unemployment rate".

http://www.zerohedge.com/news/2014-01-13/chart-day-labor-force-lack-participation-or-well-just-make-it-we-go-along

SilverRunNW's picture

Felix

Jim H's picture

Kranzler believes we have turned the corner on Miners

http://truthingold.blogspot.com/2014/01/goldcorp-offers-to-buy-osisko-mining.html

Goldcorp knows where the price of gold is headed and this why they are buying Osisko now.  They also probably know that the window of opportunity to buy 30 million ounces of gold in the ground at this price is quickly closing.  In other words, this deal marks the turn in the massive gold and mining stock sell-off of the last two-plus years.  While I expect Goldcorp to sweeten its offer, don't get caught up in the details of this transaction and miss the big picture:  the bottom is in and gold is back on track to resume the upward trajectory it was on in 2011.

ag1969's picture

Pining

I didn't really get "kicked out."  My doctor came in and told me that he found my behavior offensive.  I agreed, I said that out of context personal questions were almost always offensive.  He understood what I meant because the nurse had obviously told him what happened.  He just shook his head and said he thought I might be better served by a doctor I see eye to eye with.  He did order me the xray which is all I really needed.  I am hoping it is some sort of injury rather than arthritis.  You should, however, know that the look on that nurse's face was absolutely priceless.  Still LMAO.

Edit:  Mike Kreiger has another good piece out:

http://libertyblitzkrieg.com/2014/01/13/how-bitcoin-could-serve-the-marijuana-industry-as-banks-remain-too-scared-to-enter/

I am sure I don't need to comment on the irony of this part:

As a result, banks, including state-chartered ones, are reluctant to provide traditional services to marijuana businesses. They fear that federal regulators and law enforcement authorities might punish them, with measures like large fines, for violating prohibitions on money-laundering, among other federal laws and regulations.

Since when do bankers care...blah, blah, blah

Maximillion's picture

Training the fleas

Training the fleas is particularly apt at this point in time, as we are sitting at yet another potential breakout recovery point in PM's. Sites like this must really annoy the masters, trying to keep the lid on, when rebellious little turdites still keep hitting the lid!

Great lead post and factually true in all walks of life IMO.

'Better sell now as the price will never recover, and will only go down forever'  is the clear message. LOL

Clarki Stomias's picture

Speak of the devil...

Another MSM hit-job today:

http://blogs.marketwatch.com/thetell/2014/01/13/barclays-analysts-dont-get-fooled-by-gold-again/

This one backs up your point on negative headlines and word-choice to a tee, Pining.

HeirHelmut's picture

Just followed the advice and

Just followed the advice and read through the comments.

They reflect perfectly my impressions: for the masses the financial crisis is a thing of the past. That the financial system was THREE times at the brink of total meltdown within hours, these masses are now projecting into the paranoity of goldbugs.

Most people can't bear reality.

In the case of leftists, who like this world of deception, the lies and hypocrisy, who hate the idea of honor and traditional values, feel instinctively, that a meltdown of the financial system would bring the end of Globalism, the western Plutocracies, the end of consumerism.

Decadence as a seismograph of civilizations in their final stage would probably be wiped out, most dramatically in densely populated areas, and the dominating leftist character in the last phase of any civilization would be reduced to a minority, while the righteous and honorable person always needed to build up after the decadent leftist have consumed everything, would be the dominating one in the new era. With all consequences for parasitic jobs and industries, like MSM journalists, banksters or speculators.

I understand why Barry and his followers hate such an outlook.

But I believe in the end the laws of nature will prevail: a monetary system, an economy, built on exponential growth of debt is inherently instable and will end like all of these systems in the past. The central planners can delay the outcome, the mathematical fact of their system they cannot get rid of.

transplanted baby's picture

Willie's UP

New Willie on Hunter's USAWatchdog. Check it out.

And then Flee to the fields.

Swineflogger's picture

W O W

Pining:

What do you do for a day job?  I am guessing brain surgeon, Supreme Court Chief Justice (though not from the current period), exalted techno genius or porn star?

Wait medical examiner who is really great at autopsies  .  .  .  .  

Oink

ancientmoney's picture

@swineflogger re: Pining's day job . . .

A brain surgeon who has a part-time gig as pornstar is a good guess.

Whatever the day job is, he seems to have doctorates in English, Philosophy, Psychiatry, Advertising, and Sociology, with at least a masters in Numismatics, if such a degree exists.

sierra skier's picture

Great post Pining

Why are we not surprised they wish to make those who see the truth look like we don't know ****. We all know the MSM does just what they are told to do and then report on useless trivia.

ag1969, you are truly great. What a wonderful come back to the nurse and you should have used your cell phone camera for the 'Kodak moment".

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