Shilling for Obama

Eamon Javers of Politico recently wondered why Matt Drudge, the proprietor of the widely-read Drudge Report, so frequently links to stories detailing the decline of the dollar. In the first three weeks of October, he noted, Drudge linked to such stories eighteen times. Javers suggests that Drudge’s interest in the subject may be politically motivated:

“What Drudge is doing is relentlessly hammering the continuing point which is linking Barack Obama’s administration and what some see as their failures on spending and their agenda on the economy, linking that to the declining value of the dollar. And what we see is the dollar becoming extremely politicized in the debate over whether this is Obama’s fault.”

The quote is revealing in more ways than one. For one thing, it lays bare the mindset of the mainstream media. Javers is only one of a legion of mainstream journalists who automatically assume that any story that reflects badly on the president must be an act of political gamesmanship. It apparently does not occur to them that Matt Drudge may be highlighting those items, because they are intrinsically newsworthy. So intent are they on pushing Obama’s agenda that they have failed to notice one of the most important stories of our time – the ongoing disintegration of the US dollar.

The repercussions of this are immense. Once the dollar collapses, it will take down with it the world’s monetary regime, which has the dollar as its foundation. This will impact all of us in profound and life-changing ways. But rather than reflecting on this situation, the journalistic elite merely wonders whether those who bring this matter to public attention have a political ax to grind with the president.

They would do well to consider that the story of the falling dollar is decidedly not the invention of Matt Drudge or some right-wing attack machine. It is financial market’s verdict on the fiscal mismanagement in Washington, DC. Last week Bloomberg – one of world’s premier business news agencies – opened one of its wires with the revelation that “The dollar reached a 14-month low versus the euro.” On Monday yet another report opened with this: “The dollar slid against high-yielding currencies, led by the Australian dollar.”

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