Here an ex-Reuters market reporter tells us the sources we should use:
That would involve using multiple sources. Hypothetically, they could include the Telegraph’s Ambrose Evans-Pritchard, the Guardian’s Seumas Milne alongside Russia Today’s the Keiser Report and the Baseline Scenario by ex-IMF chief economist Simon Johnson. There are plenty of others. People could turn off their radio and TV news and turn instead to websites such as the New Economic Foundation and Positive Money. They might also read books by the likes of Ha-Joon Chang and watch documentaries such as Client 9 and Inside Job.
Ha Joon Chang’s interesting, certainly. Although he does have his faults and there’s one huge one in what people think he says. For he does indeed say that for a developing country then infant industry protection and government picking winners is a very good idea indeed. Which his readers take as being an indication that we should have infant industry protection and government picking winners.
But actually, his academic work says that these are good for developing countries: he explicitly states, on free trade for example, that already rich countries benefit from free trade, at the expense of those developing ones. So, even if you do follow his arguments, we should be free traders.
Ambrose is great of course: one of the very few who has been pointing to the declining money supply.
But the others? Milne’s a Stalinist, Keiser (who I’ve had a few online contacts with) is a paranoid fantasist, Johnson’s OK, but seriously? Positive Money are frothing lunatics about fractional reserve banking and nef, Dear God, who would use them as an example of anything other than economic illiteracy?
No, if financial reporters really are listening to Keiser, nef and PM then we’ve our explanation for the entire shiteness of financial reporting right there.