December 7, 2019


Item 1, from last January 21, a classic example of how “smart” and perceptive our media mandarins are:

Now Kamala Harris Is a 2020 Candidate, Trump Has No Chance at Winning Another Election

Note that the above link goes to the London Independent, already infamous for its 2000 headline, “Snowfalls are now just a thing of the past.”

Business Week ran a similarly apocalyptic headline on their August 13, 1979 cover, “The Death of Equities,” in response to the flat stock market of the 1970s. By the early 1980s, then-Chairman of the Federal Reserve Paul Volcker cut interest rates, and dramatically strangled the out of control inflationary spiral, and President Reagan cut taxes. The result? The moribund stock market took off like a rocket and the go-go ‘80s were born. The Dow Jones Industrial Average was 875 on August 13th, 1979. Yesterday, it closed at 28,015.06.

Shortly after WWII concluded, George Orwell wrote of his fellow British intellectuals:

Power worship blurs political judgement because it leads, almost unavoidably, to the belief that present trends will continue. Whoever is winning at the moment will always seem to be invincible. If the Japanese have conquered south Asia, then they will keep south Asia for ever, if the Germans have captured Tobruk, they will infallibly capture Cairo; if the Russians are in Berlin, it will not be long before they are in London: and so on. This habit of mind leads also to the belief that things will happen more quickly, completely, and catastrophically than they ever do in practice. The rise and fall of empires, the disappearance of cultures and religions, are expected to happen with earthquake suddenness, and processes which have barely started are talked about as though they were already at an end.

In the past, the media could make sweeping “death of equities/death of snow” headlines without fear of being called on their absurdity. No wonder, Richard Fernandez recently noted, “Press Oracles Hope to Resurrect the Cronkite Age, When They Controlled the News.”

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