One of the unintended consequences of Internet is the creation of the blogosphere. Now, bloggers can be a little wacky, and the editorial controls on the average blog (including this one) are lax. However, the blogosphere has consistently been beating the Mainstream Media to the punch during the Eurocrisis.
The Mainstream Media has access to the same economic and financial numbers that the blogosphere has, and, yet, it took these media outlets significantly longer to begin writing about the need for a Spanish bailout. I came to this conclusion almost two weeks ago, and other people were writing about this before then. What is taking the media so long to get on board here?
I believe that a full journalistic apparatus with editorial standards is actually to blame for the slow response time. One advantage that the journalists have over the blogosphere is that they have access to the politicians, banksters and bureaucrats that are making decisions. Since they have this access, they believe it is worth something and rely on it way too much. Mainstream journalists merely parrot the quotes of these people and do not point out the inconsistencies of what they are saying.
Currently, the Spanish Finance Ministry is claiming that it will hit its 6.3% of GDP budget deficit goal for the year. The Mainstream Media keeps reporting this figure and takes the Spanish government at its word for some reason.
Did you know that for the first half of the year the deficit was 4.04%. Double that figure and you see that the budget deficit is on pace for 8.1%, but no one from the mainstream outlets are reporting that Spain is way off track with its budget. Since they are unaware of this fact, they are also unaware about how dire the Spanish situation has become.
Why is this? In order to maintain access to the politicians, banksters and bureaucrats, it is important not to question the veracity of their claims. Journalists do not wish to lose access to their sources, so they do not rankle their feathers by openly questioning what they are told. Of course, if you cannot question these sources, what good are they anyway?
If you want a quote from Rajoy, continue reading the MSM. If you want to know how the Eurocrisis is developing, then you’ll need to read the blogosphere.