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The economic journalism as spokesperson of the financial capital

by Bruno Lima Rocha and Marcelo Grisa Sunday, Jul. 25, 2010 at 6:22 PM

We approached that crossing variables: when the sense production generated through the economy news section, it naturalizes or chews the lethality of the speculators' in different orders of greatness premeditated actions and the effects that cause in the day by of entire populations.

From the south of Brazil, by Bruno Lima Rocha (political scientist and journalist, phd) and Marcelo Grisa (studet of journalism)

We recognize not to be something new when a researcher or a scholar, makes the critic of the media performance supposedly specialized in economy. I also recognize that the theme is something redundant and exactly for that we see this importance. Neither is treated as an innovation the use of euphemisms and the "technical" jargon as form of disguising the economical agents' factual situations and maneuvers. It goes worse when we talk about great investors – big shots in speculation - buying, selling and reviewing financial products, many of the times corporate media hides the occurrence of criminal actions. In this text, we approached that crossing variables: when the sense production generated through the economy news section, it naturalizes or chews the lethality of the speculators' in different orders of greatness premeditated actions and the effects that cause in the day by of entire populations. Nowadays, this is the case of more than 10 million Greek citizens. At the present time, the fight among the effects of that complicity between the financial casino players and media industry, and, on the other side of the barricade, a common hard blue collar working class and their youth, is materialized in a battlefield in streets and squares of Greece.

The hypothesis that here get up is simple. We affirm that most of the journalistic covering in economy officiates more as spokesperson of the financial capital and, obviously, not as specialized reporters under covering the real no-rules game. And, for choosing that angle of complicity, the specialists, columnists and sources of the industry of the communication hardly ever narrate the "game" as a casino of addicted roulette. The compensation is unequal. Per times, the theory of the journalistic breach is evidenced in the exceptions. It is when specialists that work through the critical angles expose their point of view, denouncing through an irrefutable factual base, the economical-financial agents' criminal savagery.

In theory the action of speculating drifted of the fragmented information and in the risk. This way, a manager of operations working for a Fund of Investment (hedge fund) would have the anticipation capacity, selling titles, stocks and bonds in the discharge and buying them in the drop. In that game, the aleatory would be the rule to avoid frauds. Therefore, fraudulent action is the combination of sales and purchases together, manipulating the so called chance, the well known herd behavior, when in theory all of the investors would move in the same direction in little space of time. Besides the conspiracy, they are typical forms of defrauding the rules: to obtain privileged information (also known as inside information), getting early anticipation to the other speculators; a creatively planned accounting fraud (like world famous Enron Fraud), to elevate the appreciation of the corporate bonds; to lower the titles of a country willfully so that it costs more expensive for the State to finance it’s debt of short period; to negotiate in a "exposed" way, when the capacity of payments is committed to the point of not to accomplish. All these enrichment "techniques", besides being illicit, although usual, they are thoroughly practiced and, on the other hand, rarely are covered by corporate media.

For those who don't remember, the first Euro crisis has an origin in a fraudulent operation of sales and re sales, in world scale, of the poisonous assets or sub-prime; also known as toxic waste or Ninja Loan. These financial "products" are nothing more than groups of mortgages whose indebted were at fault and could not pay. The duplications of those mortgages without ballast, packed as risk or “high risk products”, were globally marketed (and still are), and almost without any control. If in the base there is no ballast, soon there is no money to remunerate. That is classically known as Ponzi Scheme and also called in the contemporary terms of pyramids. The hypothesis of criminal action taking to "blowout" a worldwide real estate bubble that afterwards took to a general “capitalist crisis” in general, hitting first US economy first and nowadays the Euro zone, it is not just mine. Dozens of specialists diffused that angle – this investigation line. This theme could have produced hundreds of excellent stories, like a contemporary version of an Iran Gate or Watergate scandal. These would be texts of exemplary primacy, just like Bob Woodward and Carl Bernstein in their days of glory and youth. But, on these of corporate globalization, their media is in a higher apprenticeship than on August 8, 1974.

Unlike exaggerating, we too are also here using here an outline of euphemisms to reduce this text’s offensive potential. Any operator or analyst knows that, when there is perfect information, it is impossible to occur a misunderstanding. If a mistake happens, it is not by chance but a deliberated move. This theory is corroborated by French Jean-François Gayraud, commissary divisional commissary for financial crimes, his rank is equal to a colonel's position, in the Direction de la surveillance du territoire (DST), the French counterespionage agency. Gayraud sustains that the "crisis" of the American bubble was a criminal action of speculation companies, as well as a fraud already happened, Savings and Loan Scandal, led by Charles Keating. Jean François statements were published in the last page of La Vanguardia September 25, 2008 edition, a very well known newspapers from Catalunya.

Is more than proven, it is the corporate media industry that softens the possible popular anger before the action accomplice, among governments' instigators in function-key and white collar criminals operating with the fraudulent speculation.

Bruno Lima Rocha, political scientist (phd and msc.); Professional journalist (bsc.) and professor: for further contacts:

Email: / skype: bruno.lima.rocha / webpage:

Marcelo Grisa, student of journalism in Unisinos; email:

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