Economic Terrorism: Fact or Fiction?

This past weekend, Gov. Mike Huckabee used the term “economic terrorism” on his show Huckabee. But what exactly does this mean? Huck posits that it is possible for economic crises, like the current one, to be caused by a group set out to upset the economy via pulling money in and out fats and disrupting the normal function of the market.

He cites the increased e-trading going on right now as possible evidence. I like Mike, but I think he may be chasing rabbits here – but he may be on the scent of something bigger. Do I think his interpretation of economic terrorism is right? It is possible, but I do not think that is the root cause of the current crisis.

But I think we are experiencing a form of economic terrorism. Terrorism is merely a term for people who use to fear to disrupt the status quo. Following this single guideline, I think there is a large argument that there is a giant economic terrorist just sitting out there collecting a get out of jail free card.

I speak not of Islamo-fundys, or any other sort of traditional terrorist. I speak of Rather, Brokaw, Hume, Blitzer, etc – the media.

But wait a minute, how can the media be a terrorist?! Simple; the media exists to make a profit. What makes profit? Ads. How do we ensure ads get watched? By airing something controversial! By God, yes Virginia there is a Santa Claus and the media is an economic terrorist!

You see, they make you fear so you watch. You watch out of fear. Then you believe the hype, and then you pull your 401k out like an idiot. You listen and then you run to the bank to grab all of your savings. They thereby are creating an artificial panic.

Think about it. Would the Dow have plummeted the day the bailout failed had the media not trumped it up so much, had we not all been so interconnected? Not only are we experiencing economic terrorism, but there is a tremendous spillover. This round has resulted in bad policy, which will result in more economic woes and could lead to future wars. We could sit here all day and theorize possible impacts.

The single most dangerous force in this world is not a nuclear weapon, not a massive army, but the media and the information/misinformation it chooses to present. They control the markets, they control the elections, in the end it is the media that determines how many people go about their life. They are empowered by the lack of information and education, and as long as we allow them to run rough shot over the country they will.

This isn’t to say so and so is a terrorist, so don’t watch their show! What I am trying to get across to everyone is that you can’t always believe what you see on the tv, or on the internet. Information is a powerful thing, and when combined with ignorance it is still as powerful. Add in a little fear and you got yourself a deadly cocktail.

So, Gov. Huckabee – I believe you were right in your original assertion that there are economic terrorists and the current crisis is due to them; I just think you labeled the wrong people.