With the celebration of its 100th birthday, the Federal Reserve has received a share of criticism from many quarters. In particular, the Conservative or Tea Party republicans are attacking the Fed for a unique reason; they believe it is time to bring back the old gold standard to help the economy thrive in hard money. The Tea Party wants to borrow a leaf from the 19th Century where; all power and wealth was reserved for the top corporate elites like the Wall Street financiers. The age of hard money was often referred to as the age of savage inequality.
Coming next month … Our interview with Richard Stelfox, the CEO of Golden Eagle Coins , a well known gold & silver dealer.
The last bond with the precious metal was before 1913 when the Federal Reserve subsequently cut the cord. The last ties with gold were cut in the era of President Nixon in 1971. Despite flexible money being accepted across the board, the conservatives have remained firm in the conviction that gold is the sure way to run an economy. Many personalities have jumped into the bandwagon to advocate for the return of the gold standard. Among others; TV personality Glenn Beck, financial giant Steve Forbes and Tea Party pundit William Kristol have not been shy to air their love for gold publicly.
The USA has one of the largest and most pervasive media industries in the world. It’s also extremely diverse, from local newspapers with a circulation of a few hundred to national news networks and internet aggregators. Americans have more choice of news outlets than the citizens of any other nation – but, at the same time, it’s often alleged that the news they are presented with is some of the most biased to be found in any advanced society.
Newspapers are the oldest media in the country; the first US newspapers were published in the 18th century. Unlike most other countries there are few national newspapers, with USA Today being the main exception. Instead papers are usually produced for a city or county although some, such as the New York Times, are available in most cities nationwide. Every large city has at least one paper; many have two or more. These are usually issued daily. Papers in smaller towns may be daily or weekly. There is also a wide range of free newspapers, supported by advertising, that appear weekly. New York’s Village Voice is one of the best known examples.
Fox News Channel is one of the most widely available sources of news in the USA; more than 97 million American households can receive it and it’s been the number 1 rated cable news channel for more than twelve years. Of the ten most watched cable news shows, eight are produced by Fox. It’s among the most influential media outlets in the country. So what should we think about the fact it’s frequently accused of being biased?
Fox claims to report the news in an even-handed way, but then they wouldn’t be expected to say anything different. On the other hand there’s a widespread public perception that Fox has a right wing, conservative bias in the way it presents what’s happening. One 2009 poll by the Pew Research organization found that Fox is viewed as the most biased news channel, with 47 per cent of Americans believing it has a conservative slant. Among journalists that figure goes up to 69 per cent.