Aug

24

 It would probably never happen, but journalists should have to pass a regulatory exam of basic market sense. Maybe that way they would stop abusing the idea of freedom and liberty.

So journalists get the poetic license to spew such bunkum as rise in gold prices by 5% will reduce demand. The whole world reads such comments and gets affected, forgetting totally that Gold is a "Giffen Good" where the economic utility is derived by possessing it and not by consuming anything of it. The more the price rises, the more demand rises…. a.k.a. the tulip mania. But Liberty must be allowed to be abused by those holding the pen.

So this morning in India, when I noticed a certain Business News Channel that has been hollering all the last 20 days that gold is drowning, gold is drowning suddenly without any rhyme commented the overnight jump in gold prices will "reduce demand in the festive season ahead", I pulled my handkerchief and collected the small nickels I had wagered on the gold wheel and pocketed a humble profit.

I wonder if Liberty would be breached at all, if regulators world over made it mandatory that newspapers should only supply news and stop behaving as views-papers. All publications and broadcasters should have well defined separate sections called the "views-paper" wherein only those journalists who have passed a regulatory exam that measures if the candidate has an IQ of 100 or above should be entitled to publish.

A typical news supply source, whether a newspaper or a TV channel are today very difficult to be separated from what in yesteryears we used to call a tabloid. 5% news, 35% views, 10% gossip, 10% titillation and the rest of the bandwidth choked with advertising.


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