The Fifteen Faces of Fiat News
July 26, 2022·35 comments
Several years ago, we introduced the concept of fiat news on these pages.
It is a simple idea. In the same way that money created by fiat debases real money, news created by fiat debases real news.
Although it misinforms, fiat news should not be understood as misinformation, at least in the colloquial sense. News which contains false information or distorted interpretations of facts can be better thought of as counterfeit news. Like counterfeit money, enough counterfeit news can debase the real thing, too. Yet even considering how widespread counterfeit news has become, fiat news exists on such a massive scale that its power to debase is in a different category. Nor is fiat news synonymous with bias. We think bias represents a causal explanation for a very specific kind of recurring fiat news.
Most “media watchdogs” are in the business of identifying one of those two things: misinformation or bias. The problem with these efforts, beyond that they do not capture the full scope of actions which debase the information content of news, is that it is practically impossible to report on misinformation or bias in a manner that is itself not colored by the opinions of the author, or else designed to shape how the reader interprets facts and events. While they may in some cases offer a useful service in the face of blatant lies published through politically invested news outlets, too often they become yet another source of fiat news.
Why? Because fiat news is the presentation of opinion as fact. Fiat news is news which is designed not to provide information for the reader to process, but to provide interpretations of information for the reader to adopt. Fiat news is the primary vector for nudging, shaping common knowledge, or what everybody knows everybody knows. Fiat news is how governments, parties, corporations and other institutions in a free and always connected society meticulously shape it - then tell us that it was our idea.
By design, fiat news isn't always easy to spot. Outside of editorial pages, it is rare indeed that an expression of opinion as fact would include obvious phrases like “we believe” or “we think.” Instead, media outlets guide interpretations through more subtle means that may sometimes be as invisible to the author and editor as they are to the reader.
Several years ago, we also introduced what we called the narrative machine.
Subscribe Today to Read More
Unlock instant access to this and hundreds of other evergreen essays that explore the world of narrative through hard science and human wisdom.
- Make more informed decisions as an investor and citizen.
- See through the nudges of Big Politics and Big Media.
- Become a better consumer of news.
- Maintain your autonomy of mind in a swarm of narratives.
- Join a community of more than 100,000 truth-seekers.
Looking for Deeper Insights?
Unlock exclusive market intelligence, trade ideas, and member-only events tailored for investment professionals and active investors with Perscient Pro.
VISIT PRODISCLOSURES
This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.
Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
