A Dying Newspaper....

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The Slow Death of the New York Times

The economic outlook of the mainstream media is Keynesian. The reporters and analysts see a large Federal budget as the key to prosperity. They do not look at the Federal deficit unfavorably. They universally reject the idea of a balanced budget; it is seen as archaic. I have never seen an article in 50 years that was favorable to a generation-long annual budget surplus which is then used for the repayment of all on-budget Federal debt. As for Social Security, Medicare, and Medicaid – off budget – the idea of a zero-debt government is seen as immoral. The idea of a debt-free national government is discussed only as a conceptual impossibility and a moral monstrosity.

The Keynesian system is tied to the success of the Federal government's deficits and the Federal Reserve System's ability to inflate the monetary base without producing comparable price inflation. A Keynesian Ph.D. now heads the FED, along with support Ph.D.'s on the Board of Governors. These people believe in Keynesianism. They are associated with Keynesianism. They have therefore put Keynesiamnism on the line. If they fail, the last gasp of Keynesianism will undermine people's confidence in the system.

The financial media are tied to Keynesianism. They have bet the farm on it. So, as the Keynesian policies begin to produce politically unacceptable results, viewers will abandon the mainstream media.

This is good news for liberty and bad news for Keynesians.
-Gary North

http://www.lewrockwell.com/north/north977.html