As I was listening to the radio while trying to coax myself out of bed this morning, the news came on. The main story was the outcome of the Queen's family meeting to discuss her grandson Harry's decision to step away from his royal duties. There was a quote in the news story from a royal observer pointing out as the Queen's press statement mentioned the word 'family' it showed how important her family was to her or some such banality. And, it struck me how alike reporting on the royal family and reporting on financial markets is. No one really has a clue why markets rise and fall just as no one has a clue about the inner going-ons of the royal family. It is very easy to find market watchers (and royal watchers) to say blindingly obvious stuff as well as inane stuff. There are also some crackpots available to say outrageous things just to break the monotony. But, neither should be dismissed as just entertainment. Both play an insidious role in society--market journalism lends an air of respectability to what is essentially gambling, and royal reporters encourage pride in and nostalgia for Britain's imperial past.
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