One thing that’s struck me listening to Radio 4 during my commute is Robert Peston – and other presenters – regularly mentioning “the markets” when discussing the financial crisis.
One thing I don’t hear though is who the markets are. There is no mention of the faces behind the markets. Instead they are treated as detached, abstract phenomena as we hear, on Radio 4 and other news outlets, how the markets “respond”, “fear”, “rally” or are “reassured”.
We’re led to believe the markets are something beyond our control, something to appease and to satisfy. Mainstream journalists fail to ask one of the crucial questions of their trade, one that was drilled into us at university: “who?”
By failing to ask this simple question the markets are stripped of their humanity. They become unstoppable, mystical forces. It’s damned near enough brainwashing.
That’s why I now mentally replace any mention of “the markets” or variations of the same on the radio, in the press, on television or online with “the 1%”.
Take this story, for instance:
“Mr Berlusconi has promised to push through another round of reforms to appease the financial markets.”
Which becomes…
“Mr Berlusconi has promised to push through another round of reforms to appease the 1%.”
Let’s try another one:
“The sober economist incongruously nicknamed “Super Mario” received a hero’s welcome in the Italian parliament on Friday as the 1% around the world toasted his expected appointment as Italy’s prime minister.”
And another:
“Chancellor George Osborne said although the eurozone crisis is having an impact on British businesses, the UK must stick to its austerity plan to reassure the 1% about the country’s debt.”
I could go on. I also know it’s very simplistic but, still, it’s something to think about, no?
