Follow The Money: Behind The New York Post Bitcoin Hit

Recently, that illustrious portal, The New York Post, posted a criticism of Bitcoin entitled MIT Students Engineering Bitcoin Scheme. The piece by John Crudele was widely criticized for Mr. Crudele’s apparent lack of knowledge in basic economics let alone cryptocurrency. If we follow the money behind The New York Post, we will find that this type of “Yellow journalism” is the norm over there.

However, I believe that everyone is entitled to an opinion, and that includes Mr. Crudele. I believe that every journalist, or writer, or hack, is entitled to earn an income, and I believe that John Crudele is entitled to that too.

The New York Post is one of America’s oldest newspapers, operating since its founding back in 1801. The New York Post was taken over, or bought out, so to speak, by News Corporation in 1993. This was not an uncommon occurrence as newspapers often change hands, and the purchase of The New York Post was followed in 2007 by the further purchase of Dow Jones and Company. This purchase placed the New York Post in the same stable reading category as, that most illustrious tablet of note, The Wall Street Journal, a newspaper that has, over the years, won the Pulitzer Prize thirty-four times.

In contrast, The New York Post has followed a very different path under News Corporation and has moved entirely downmarket. It is published in a tabloid format and has made the rather straightforward transition from journalism into Sensationalism and what could best be described as Yellow journalism. It has been described as a newspaper that is neither hard to read nor hard to write. But I believe that should be OK as people that cannot read need a newspaper too.

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News Corporation was the world’s second largest  media group in 2011 (Measured in terms of revenue), and the world’s third largest in entertainment in 2009. News Corporation was based at 1211 Avenue of the Americas, New York, in the newer 1960s–1970s corridor of the Rockefeller Center complex. On 28 June 2012, Rupert Murdoch, the head of News Corporation, announced that, after concerns from shareholders in response to a myriad of various scandals and to “unlock even greater long-term shareholder value”, News Corporation was to be split into two publicly traded companies, 21st Century Fox oriented towards media, and a new News Corp was formed to take on the publishing division of the company. All above board there… nothing to see…unless…

Let us examine another publication of News Corporation, another newspaper, and that term is a kindness to it, that targeted the lower end of the readership market, another ‘paper’ that was involved in Sensationalism and Yellow Journalism. A sister publication of The New York Post. Let us look at now, thankfully defunct, News of The World.

The News of the World was a national Tabloid newspaper published in the UK from 1843 to 2011. It was at one time the biggest selling English language newspaper in the world, and at its closure it still had one of the highest English language circulations. Sales averaged 2.8 million copies per week in October 2010. However, in 2006, allegations began to emerge that journalists had been involved in phone hacking and on 4th July 2011, a claim was made that the paper had hacked into the mobile voicemail of missing British teenager Milly Dowler, who was later found to have been murdered. There was a huge public backlash and a withdrawal of advertising. The scandal deepened when the NOTW was alleged to have hacked into the phones of families of British service personnel that had been killed in action. News Corporation announced the closure of the newspaper on 7 July 2011. Many of the senior journalists and editors were subsequently arrested for question and indeed not all escaped prison.  Then again that can happen to those types of people… people involved in Sensationalism and Yellow Journalism, that is.

Way back in 1999, the Economist reported that News Corporation had paid comparatively low taxes, and Newscorp Investments specifically had made £11.4 billion ($20.1 billion) in profits over the previous 11 years but had not paid net corporation tax. It also reported that after an examination of accounts, Newscorp could normally have been expected to pay corporate tax of approximately $350 million. The article explained that in practice, the corporation’s complex structure, international scope and use of offshore tax havens allowed News Corporation to pay minimal taxes. In preparation for the US midterm elections in 2010, News Corporation donated $1 million to the Republican Governors Association. Also in 2010, News Corporation donated $1 million to the United States Chamber of Commerce. The Chamber aggressively supported the Republican effort to retake Congress in 2010.

So that’s who pays the money! The New York Post is similar to other Sensationalism and Yellow Journalism periodicals. It should be ignored by those who think… unless it breaks the law! We know that crypto is the future, any reasonable person does, The New York post should be simply ignored. It is important to remember that there have always been critics. At this point we should be aware that not all criticisms are equally worthy of response. The New York Post has no effect on Bitcoin, it is a paper that must plumb the lowest common denominator and that denominator is generally ignorance. Let us treat it as it deserves to be treated.

Otherwise, look at the positives the paper has to offer, it has a wonderful absorbent type of paper that lights easily. If you don’t like an article, take it to the smallest room in your house, and simply put it behind you!

Opinion piece by PJ Delaney. Featured image from Shutterstock.

This post was last modified on (Eastern Time): 03/09/2014 16:48

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PJ Delaney @P.J. Delaney@delboyir

Masters in Public Administration, Bachelors in Mgt., I live in Ireland, I have a bit of a background in Economics and lots of opinions on everything else.

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