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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Sunday 27th July 2008
The last few months has seen the coming together of a very interesting argument about the media and the role which they play in the rise and fall of the worldwide and UK economy. The main crux of the argument has been the credit crunch in the US which received worldwide coverage when initial signs were that the government would address the issues very quickly.
However, as it happened the situation was very much worse that anyone had ever predicted and very soon the press began filling with doomsday scenarios, the Federal Bank with nowhere to turn and worldwide markets collapsing around our feet. While the situation is difficult and will probably get worse in the short term, what part have the media played in all of this?
Scare story headlines catch the eye but they can also undermine confidence in both the economy and the financial sector. This in turn saw situations such as the Northern Rock multiply overnight and move from a slight concern about the bank to mass panic. The media has the power to move markets although not all journalists seem to respect the power they have, often scaring the public into submission. |
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