Try as one might to correct it, the relentless failure of mainstream media economic coverage is beyond the cleansing powers of MB. Despite polite jibes, gentle humiliations, ironic humour and the odd hammering, the sheer girth of the MSM sewage pipe is overwhelming.
Not that it matters terribly. Because we’ve got China!
Or, at least, we used to. Having failed totally to canvass the notion that China might not, in fact, be our perpetual saviour, the MSM is now accelerating its demise:
AUSTRALIA has posted its widest trade deficit since before the global financial crisis, due to a plunge in the nation’s most lucrative exports, fanning fears of a premature end to the resource boom.
In a further sign of economic weakness that dragged the dollar to a one-month low, official figures yesterday showed Australia’s trade deficit blew out to $2 billion in August.
…The trade ledger has not ventured this far into the red since March 2008, and the plunge in exports was driven entirely by weaker prices for iron ore and coal.
And on it goes with “he said”, “she said” until we are all covered in the brown stuff.
Now, this may be only a small point. But iron ore revenues did not fall in yesterday’s trade release. They rose, by $59 million. Not much I’ll grant you, but still a bit better than a $2 billion fall, yes?
Perhaps I’m being pedantic.
Then again, maybe not. After all, what is the job of a journalist? Is it to casually to make shit up about whatever? Or is it to report the facts?
Maybe this is just a nice piece of professional gamesmanship. After all, now that iron ore is the culprit for today’s falls, when the actual falls come through in the next few months, they will again be a surprise. A shock even. Another splendid headline grabbing moment as iron ore price falls turn from terrible to “disastrous”!
Whatever it is, it also enables us to avoid asking tough questions of those in power. Like, for instance, what will our leaders do when the iron ore prices actually show up in a current account deficit that’s going to head for 6%? Can they just cut rates and send it through 7% like they used to?
But noooooo! That would be journalism. Much easier to join the gushing, surging, rush!
MB clings to the end of this pipe, like Leonardo de Vinci’s Vitruvian Man, arms wide, fingers slipping from its circumference, mouth open, howling into the flow.
And now that that is out of my system, here is today’s ore price table. Note that the lack of change is because Chinese markets remain closed:
