Is it any wonder that distrust in corporate media is at an all time high?
Paul Joseph Watson
Friday, September 30, 2011
No, you’re not watching a clip from The Daily Show, this is a real “news” anchor telling her audience that gold has no intrinsic value or backing and that the U.S. dollar is a safer investment because it is backed by “the American government.”
And before you ask, CTV’s markets reporter Bridget Brown is not part of Obama’s new economic advisory team, nor is she speaking as a contestant in Miss Teen USA.
There’s so much wrong with this on so many levels.
For a start, gold is backed by the fact that there is a finite amount of it in the world, that it takes a lot more work to mine that it does to press a button on a printing press, and that other little nugget of information – gold has been used as a store of value and as a means of financial transaction by hundreds of civilizations for thousands of years. Gold is backed by the full weight of human history.
There’s also the huge number of gold reserves – 20 per cent of the total amount of gold on the planet – held by central banks around the world.
On the other hand, the U.S. dollar is not backed by “the American government,” since the Federal Reserve is not part of “the American government,” it is a private entity which “the American government” has to borrow U.S. dollars from in order to pay its bills.
It is not gold but the U.S.dollar that is backed by nothing. The dollar was once backed by gold until the gold standard was abolished by President Nixon. The dollar is a fiat currency and as such is doomed to fail just like all fiat currencies did before it. History is littered with the ashes of countless failed currencies. Those too were backed by “the government,” yet they all crashed and burned. Gold has never failed as a store of wealth or as a commodity of transaction.
This TV news clip actually comes out of Canada, but it underscores why corporate media globally is losing its trust and its viewers to alternative platforms.
A recent Gallup survey found that, “The majority of Americans say they have little or no trust in the mass media to report the news fully, accurately, and fairly.”
The figure of 57% who hold this viewpoint represents a new record high. Another interesting finding is that, “Lower-income Americans and those with less education are generally more likely to trust the media than are those with higher incomes and more education.”
Since gold has more than quadrupled in value over the last 10 years whereas the U.S. dollar has lost at least 30 per cent of its purchasing power over that same time period, lower income Americans who follow the kind financial advice being put out by the corporate media in the clip above are likely to remain in the “lower income” bracket.
Paul Joseph Watson is the editor and writer for Prison Planet.com. He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show.