2 votes

The Fed’s Orwellian Claims About its Transparency

"Why do many in the MSM function as an uncritical megaphone for the policymakers at the Fed? There are many possible explanations, but two are particularly salient. The first explanation is simply that the reporters do not have the knowledge or background to reach an independent judgment about monetary policy and simply repeat what people in authority positions tell them.

The second possible explanation is more troubling. Fed officials allow access and engineer leaks about policy via selected members of the MSM in return for uncritical coverage of policy or their view of what policy should be. In short, both sides have become “access whores.” Access to officialdom is swapped for favorable treatment in the mass media. In this explanation, the Fed and the MSM have co-opted and corrupted each other. The MSM has constitutional protections to allow it to function as a watchdog, but by swapping the willingness to be critical for access to the Fed they have become lap dogs and abdicated their responsibility to the public. As for the Fed, it has in effect told the public: “You can’t handle the truth.” The Fed communications strategy is aimed at managing and controlling the media and hence the public’s perceptions of policy and expectations about future outcomes. It is very Orwellian."


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