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Saving The Rescue Package

News on the financial crisis are frightening, due to the nature of the crisis, but also due to the tone employed by news anchors.

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May 27th, 2022

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News on the financial crisis are frightening, obviously due to the nature of the crisis per se, but also due to the somber tone employed by news anchors, the dramatic background music, and the constant news-alerts bombardment resulting in thoroughly confusing the public.

For those who can still remember the “showdown with Iraq” an the WMD fiasco hyped by the very same somber anchors, background music, and scary news tidbits resulted in thoroughly confused Americans accepting a non-existing casus belli.

The same total chaos is perceived this week in the US with dramatic drops in the stock market and now the attempt to “save” the financial rescue package itself.  The news coverage of this financial crisis was termed as “pitiful and shameful” by the CEO of the Knight Foundation which pursues excellence in journalism, Mr. Alberto Ibarguen.  This news coverage in his opinion is even worse than that of the War in Iraq.

News analysis has faulted, explanations are nowhere to be found, and panic is all that is being fed to the public.  Meanwhile Latin America and the rest of the world also feel the impact of this crisis along with more bad news for their economy too.

The Inter-American Development Bank revealed that money transfers to Latin America would drop for the first time in ten years due to the economic slowdown in America and Spain.

The World Bank also informed that Latin America and the Caribbean, where the richest 10 percent of the population amasses 40 percent of the wealth, make social inequality in that region one of the worst in the world.  Yet, judging by the history of that region those are not news at all, more so considering that the poorest 10 per cent of the population barely receives 1 percent of that same wealth.

Another study reveals that the main economies in Latin America “stagnated” in their levels of competitiveness in the decade between 1997 and 2006.

These are constant features of the news on the economy, studies and further “studies” based on the former, some contradictory, others repetitive.

The truth is that in times of crisis the public would be heartened by less alarm and the making of more sense that would help understan matters.

Sounding the alarm as it is done now, on a daily basis has become just an endless reciting of the “record” of the record in oil prices, new “studies” of former studies and… the “saving” of a rescue package.

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