Media: Free Market versus Status Quo

We have a nice insight now into how little capitalists value the free market when it conflicts with the status quo. In the past year as OPEC lost control of cartel pricing, the price of oil has fallen from $100/barrel to $50.

Do we hear the financial talking heads on MSNBC, CNN, Bloomberg, and other media praising the return to free market forces? No, they bemoan the decline in energy stocks and the change in market forces.

The media answer the needs of their sponsors—emphasizing the losses due to the change in  status quo. At the same time, the media minimize the positive effects for lower market prices, by saddling them with deflationary overtones. In actuality, the lowered oil prices actually represent a return from artificially high energy prices prevailing since the start of OPEC.

That favoring of the status quo over free market competition must not be forgotten when listening to media analysis. They are paid by financial elites tied to the status quo.

Leave a Reply