Project Censored: 10 stories the media neglected this year
Published: December 4, 2013
Does 35 percent of everything bought in the United States go to interest? Professor Margrit Kennedy of the University of Hanover thinks so, and she says it’s a major funnel of money from the 99 percent to the rich.
In her 2012 book, Occupy Money, Kennedy wrote that tradespeople, suppliers, wholesalers and retailers along the chain of production rely on credit. Her figures were initially drawn from the German economy, but Ellen Brown of the Web of Debt and Global Research said she found similar patterns in the US.
This “hidden interest” has sapped the growth of other industries, she said, lining the pockets of the financial sector.
So if interest is stagnating so many industries, why would journalists avoid the topic?
Few economists have echoed her views, and few experts emerged to back up her assertions. Notably, she’s a professor in an architectural school, with no formal credentials in economics.
From her own website, she said she became an “expert” in economics “through her continuous research and scrutiny.”
Without people in power pushing the topic, McChesney said that a mainstream journalist would be seen as going out on a limb.
“The reporters raise an issue the elites are not raising themselves, then you’re ideological, have an axe to grind, sort of a hack,” he said. “It makes journalism worthless on pretty important issues.”
9. Icelanders Vote to Include Commons in Their Constitution
In 2012, Icelandic citizens voted in referendum to change the country’s 1944 constitution. When asked, “In the new constitution, do you want natural resources that are not privately owned to be declared national property?” its citizens voted 81 percent in favor.
Project Censored says this is important for us to know, but in the end, US journalism is notably American-centric. Even the Nieman Watchdog, a foundation for journalism at Harvard University, issued a report in 2011 citing the lack of reporting on a war the US funneled over $4 trillion into over the past decade, not to mention the cost in human lives.
If we don’t pay attention to our own wars, why exactly does Project Censored think we’d pay attention to Iceland?
“The constitutional reforms are a direct response to the nation’s 2008 financial crash,” Project Censored wrote, “when Iceland’s unregulated banks borrowed more than the country’s gross domestic product from international wholesale money markets.”
Solutions-based journalism rears its head again, and the idea is that the US has much to learn from Iceland, but even Gladstone was dubious.
“Iceland is being undercovered, goddamnit! Where is our Iceland news?” she joked with us. “Certainly I agree with some of this list, Bradley Manning was covered badly, I was sad the tax haven story didn’t get more coverage. But when has anyone cared about Iceland?”