COMMENT: Marty, it has turn out to be apparent that the media promotes everybody however you. I’ve attended your WEC occasions and have met central bankers and other people from all the foremost funding banks each in Hong Kong and at your Berlin Convention. The media avoids you just like the plague. However everybody of any substance attends your occasions. Clearly, the media avoids you to suppress the reality when these in energy take heed to you. Very fascinating.
Can’t look ahead to Dubai
ANSWER: What I do know is that the foremost media wants its speaking heads. It’s irrelevant if what they are saying is true or flawed. It is just the content material they want. They don’t need somebody like me telling the world what you preach about rates of interest isn’t just flawed, it hurts lots of people.
I used to be doing a TV spot I believe in 1983. It was FNN that turned CNBC. I used to be doing an interview with Walter Bressert. I gave our forecast that the British pound would fall to par by 1985. The pound was close to the $2 stage on the time so it was a 50% drop. The host was shocked. He turned to Walt and requested – “What do you concentrate on that forecast?” Walt and I had been good buddies. He replied, “I might not wager in opposition to his pc.”
That was the final time I used to be on FNN. They need the usual BS. They don’t need actual evaluation, particularly long-term which our pc has been the most effective at in comparison with anybody. So, I’m unsure it’s some conspiracy plot. I believe it’s simply self-interest. Main media will sometimes cowl our forecasts, however typically solely after the occasions.
Barrons had reported our forecast from 2010 that the inventory market would make new highs, solely after they thought it was a joke. When it occurred, they by no means reported that we had been the one ones with that forecast.
Main media is just not excited about precise forecasting. They solely fill content material. They only want the speaking heads. They don’t care if they’re ever proper. They’re promoting content material – not actual evaluation. Even the BBC wrote in regards to the financial forecast at DAVOS on how they’re at all times simply flawed. They wrote: “There is only one downside: economists have a poor observe document for getting it proper.” Why? Merely. When individuals forecast they’re expressing an opinion. They’re influenced by the present development and as such, they will by no means see prematurely the change in that development.
Our pc is often appropriate on the long-term tendencies. It has by no means missed a shift within the enterprise cycle that I can recall. The media is simply not excited about one thing like that. They need the controversy and private opinions for they themselves type private opinions simply as they’ve purchased into Local weather Change and now they’re selling World Conflict III.