Thursday, 19 January 2012

News International... the Truth?

We sat through the pathetic attempts of the House of Commons committee to extract the truth from the Murdoch family and yet today they are paying out to almost anyone who claims wrongdoing. It is ridiculous because the billions that the Murdoch Empire has made out of phone hacking or at least irresponsible behaviour means that the payouts are peanuts.

So far it would appear that none of the 'wronged' celebrities have refused the payments so it would appear that they are being bought off. When will we get the truth? When will the mainstream media actually front up to their behaviour? 

I am still ploughing through my book 'Hoodwinked' written by a self confessed 'Economic Hit Man' and it is illuminating. He calls companies like News International 'corporatocracies' because they are so large and so powerful that they transcend national boundaries. 

Economics is quite a difficult subject so I am struggling with Milton Friedmann and Keynesian principles but I will get there because I almost had to study law when my son was doing his degree and was asking for my advice! So far I do wonder how the author John Perkins has survived because he is seriously giving the game away.

News International is huge and they must have a game plan. They are one of probably only six media magnates in the world. A few grand here and there is nothing to them. Their license to dominate the media is all important so that the closure of the News of the World was merely a flea bite. At present News International is just clearing up an unfortunate little hiccup in the UK! There are no rules to contain them so everyone might just as well grab the cash (notice that the indignant Prescott has grabbed the money with no questions asked!).

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