Another Example Of How We Don't Understand What's Destroying Us..

Two Views on The Bernank Gonzalo Lira points out the different reporting of Fed Chief Bernanke's speech last week. The American version of what happened is quite a bit different than, well, everyone else's..

..The American media is focusing on an obvious political nonstarter: The idea that the budget ceiling will not be raised.
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The foreign media, on the other hand, is focusing on something that really matters: How the U.S. is exporting inflation, especially food price inflation, which is leading to social unrest.
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Compare:
The New York Times reports in the lead of its story,

The Federal Reserve chairman, Ben S. Bernanke, warned Congressional
Republicans on Thursday not to “play around with” a coming vote to raise the government’s legal borrowing limit or use it as a bargaining chip for spending cuts.
..
Contrast those lead paragraphs with these from the UK’s Telegraph (not
exactly a bastion of Lefty thinking):Ben Bernanke, the chairman of the US Federal Reserve, has dismissed the idea that the central bank’s policies are to blame for the rise in global food prices to a record high that helped trigger political unrest in Egypt.

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The Times and the rest of the American mainstream media is focused on a non-issue—while the rest of the world is focusing on something that matters: Food price rises, and the perception that America is exporting inflation.

The American financial media’s thing about the Federal government debt ceiling is sort of silly—everyone knows that the debt ceiling will be raised.

But food price inflation is real. The riots in Egypt are real—and they have nothing to do with “Muslim extremists”, or even Mubarak’s dictatorship: They’re about food prices, plain and simple, which have been steadily rising ever since the Federal Reserve’s loose money policies and various versions of QE have driven commodity prices to the moon.

Lira's right: Theatrics aside, the debt ceiling will be raised. Journalistically; not a big deal at all. Rising food costs triggering global, social unrest.. Of course that's the bigger story. And the bigger question? Why is there such a disconnect between American media's coverage/perspective and the World's? Yes, it was rhetorical.