The correction in global markets continued overnight. The NASDAQ led the charge with falls of 1.1%. As I mentioned yesterday, this is the index to watch. It was the bull market leader and will likely usher in a general bear market too.
But the S&P 500 only fell 0.1%. The action is in the tech stocks. I covered that yesterday, so I won’t go on about it again.
Today, I want to focus your attention on something entirely different. I want to highlight some ‘fake news’ that should make you very wary of tuning into the mainstream media.
As far as I know, Donald Trump coined the term ‘fake news’. The perception was that Trump just labelled anything that was critical of him as ‘fake’.
But that’s the simplistic ‘Trump is just an idiot’ viewpoint. What he was pointing out was that the major news organisations have an agenda. As he said in one of his 2016 speeches in the lead up to the election:
‘Let’s be clear on one thing, the corporate media in our country is no longer involved in journalism. They’re a political special interest, no different to any lobbyist or other financial entity, with a total political agenda, and the agenda is not for you, it’s for themselves.’
The corporate media have long had a political agenda. Back in the 1950s, the CIA recognised the power of the media in being able to drive political narratives and launched Operation Mockingbird to do so. Look it up.
Because Trump campaigned on a threat to ‘Drain the Swamp’ — that is, rid US government agencies of the various ‘deep state’ actors that rig the system for their own benefit — the corporate media have now become belligerently anti-Trump. They are a part of the ‘swamp’.
So much so, they’re losing the plot. It actually has a name. It’s called Trump Derangement Syndrome.
Do you remember back to the start of the month when Trump’s nominee to the Supreme Court, Brett Kavanaugh, was accused off all sorts of horrendous crimes against women?
One of the accusers was Julie Swetnick, put forward by lawyer and potential Democrat 2020 Presidential candidate Michael Avenatti. NBC, one of the largest public broadcasters in the US, ran her story, completely uncorroborated. But even worse, they failed to reveal that they tried (and failed) to corroborate the story before they ran it.
From the National Review, published on Friday:
‘NBC News learned in late September that a woman identified by Julie Swetnick as a witness to Brett Kavanaugh’s sexual misconduct denied ever having witnessed the misconduct, but failed to report that information until Wednesday evening.
‘In preparation for an October 1 interview with Swetnick, NBC News contacted a woman she said could corroborate her allegation that Kavanaugh “spiked” the punch at numerous parties in high school in order to facilitate gang rapes. When contacted by NBC on September 30, the unidentified woman said she did not meet Swetnick until they were both adults, and denied ever having witnessed Kavanaugh “spike” anyone’s drink or act in an inappropriate manner toward anyone.’
But NBC didn’t disclose that at the time, did they?
Is that a news organisation, or just a special interest company with an agenda?
By the way, the Seven network here in Australia distributes NBC’s fake news so we’re not immune from the bias.
The biggest political scandal you’re not hearing about
There’s more. Right now, the biggest political scandal in US history is playing out. But you’re not hearing about it because the corporate media are in up to their necks in it. You may have heard of Special Council Bob Mueller’s investigation into collusion between team Trump and Russia in the lead up to the 2016 election.
Mueller has been very quiet lately. That’s because there is no evidence of collusion! The real story is collusion between the FBI, corporate media and the Democrats to frame Trump, and use the concocted evidence to bring about impeachment proceedings. It’s an attempted coup!
For example, there were coordinated efforts to implicate Trump’s campaign advisor George Papadopoulos, by setting up a meeting with a ‘Russian Spy’. Except the spy, Joseph Mifsud, turned out to be a western intelligence asset!
Our very own Alexander Downer was in on the sting too. It was his ‘chance’ meeting with Papadopoulos that kicked off the whole investigation in the first place.
Despite the flimsiness of the allegations, the corporate media is doing its bit. It’s the old ‘repeat a lie often enough and it becomes the truth’ trick.
Jeff Bezos’ Washington Post is a key player. Get this opening sentence from a recent article…
‘Former Trump campaign aide George Papadopoulos, whose outreach efforts to Russian officials made him a focus of special counsel Robert S. Mueller III’s probe…’
Outreach efforts to Russian officials? Classic fake news narrative setting.
What’s the point of telling you all this?
Well, I want to encourage you to think for yourself. Take everything with a grain a salt. Weigh up all the evidence. Don’t succumb to your, or anyone else’s bias. Seek out the truth, not just news that makes you feel good and puts you to sleep. Because while you’re sleeping, someone will pick your pocket.
Realise that the mainstream media has an agenda. And as Trump said, it’s not for you, it’s for them.
So switch off your TV. Tune out of the messages being fed to you. Read widely, trust no one. That goes for investing too.
Editor, Crisis & Opportunity