News reporting always has been a complex ecosystem, where what is ‘news’ is often driven by certain influential news organizations, with others republishing or broadcasting those facts — all to the benefit of the public…How, for example, would a court pick a time period during which facts about the recent Times Square bombing attempt would be non-reportable by others?

Brief by Google and Twitter, arguing against the practicality of enforcement and the benefit to society of the hot news doctrine: via Reuters

We’re not very good at knowing what we don’t know.

David Dunning, on the Dunning Kruger Effect, the unknown unknowns, and anosognosia, a condition that shields one from the awareness of one’s disability: via NYTimes. Errol Morris goes on to write, “people tend to do what they know and fail to do that which they have no conception of.  In that way, ignorance profoundly channels the course we take in life.”

The recovery and upturn of the Chinese economy has become more solid with the enhanced economic stability. It is desirable to proceed further with reform of the renminbi exchange-rate regime and increase the renminbi exchange-rate flexibility.

The People’s Bank of China, in a statement, ruling out “large-scale appreciation” but in line with a general view towards relaxing the dollar peg: via Bloomberg.

China has effectively shifted the debate right before the G-20 meeting and it can now argue that the G-20 leaders should focus on the major determinants of global imbalances, especially the buildup of debt in advanced economies. It also serves to acknowledge that they have an important responsibility to the international community.

Eswar Prasad, a senior fellow at the Brookings Institution: via Bloomberg.

This move is a vote of confidence in the global recovery and a reaffirmation of Beijing’s longstanding commitment to a flexible currency regime. This shift, however, is not a panacea for an unbalanced global economy. Surplus savers like China still need to take additional actions to stimulate internal private consumption.

Stephen Roach, chairman of Morgan Stanley: via Bloomberg.

China has ended its crisis-mode exchange-rate policy as the economy recovers strongly and inflationary pressure continues to build. The yuan’s future trend depends on the euro’s movement, and the trends of other major currencies.

Li Daokui, an adviser on the People’s Bank of China’s policy board: via Bloomberg.

This is an important step, but the test will be how far and how fast they let the currency appreciate. Vigorous implementation would make a positive contribution to strong and balanced global growth.

Tim Geithner, in a statement: via Bloomberg

Jay Rosen’s recent post on the ideology of the press centers on the introduction of fresh terms for a taxonomy of its various proclivities. Embedded among these, like a journalist in a humvee, is another call to “bust up” he said, she said journalism and replace it with, of all things, fact-checking.

It’s a brilliant move and has already spawned a challenge to David Gregory’s bald refusal to as much on Meet the Press. On having been asked to fact-check Gregory’s guests, following their appearance, Gregory said, “People can fact-check ‘Meet the Press’ every week on their own terms.” Though Rosen had addressed Gregory, others were listening, and two college students launched Meet the Facts, a crowd-sourced effort to challenge the many empty and inadequate claims made on the program.

The Sunday morning political murderball that passes for political debate deserves the scrutiny. Gregory found that attention increased according to his defiance, but the format perfectly matches the phenomenon, and the answer seemed simple: fact-check it. With the Sunday morning format, the dispute is the news, and though a careful evaluation of the facts might arrest its inflation, the format couples controversy with controversy, yielding a tense bundle of trembling balloons, like so many disappointing and maybe toxic carnival prizes. Even the great statesman of the media, Tim Russert, whose hard-hitting questions appeared to inure him to the criticism, fell to blade of an earlier critic, Lewis Lapham, who wrote in Elegy for a Rubber Stamp:

his on-air persona was that of an attentive and accommodating headwaiter, as helpless as Charlie Rose in his infatuation with A-list celebrity, his modus operandi the same one that pointed Rameau’s obliging nephew to the roast pheasant and the coupe aux marrons in eighteenth-century Paris: “Butter people up, good God, butter them up.”

And yes, even the great and respected Tim Russert, had been branded with the sign of Rosen’s he said, she said journalism. Lapham, however, would be less sparing and, instead, tarred him with the slavish appearance of the court jester, mindful that one’s entertainments are more important than one’s scrutiny. Yes, Butter people up, good God, butter them up.

What then, should political journalists do? That’s exactly what Marc Ambinder of the Atlantic asked this morning, and he introduced the question in a slyly developed change of context. He shifted Rosen’s rhetoric from an outline for an ideology to one of pathology. It was an important shift, for the metaphor changes from a world-view to a disease. Whereas a world-view might merit a more thoughtful exchange of criticism and response, a disease requires a cure and deserves no cajoling or argument from the doctor. The shift may even insinuate a subtle jab at Rosen, ceding him credit while suggesting that he has in fact slighted the press with an overbearing, know-it-all analysis that budgets no respect for the insights that might come from the press. It’s very smooth, and I expect that it was done with the friendliest intentions, but but it misses the bundle of analysis for the merits of individual recommendations – the proverbial forest for the trees.

Rosen’s emphasis on fact-checking is a smart response to not only the Sunday morning format, but the broader base of political reporting. It provides a check on the pathology of he said, she said, and with exercises such as Meet the Facts, it may also marshal many more citizens for the scrutiny of our politicians and political system. Though idealist in ambition, there’s no shame in recognizing the marketing value of a broad and engaged base of readers.

Google casts shadow over new media groups

Google eyes Demand Media’s way with words,

Systems and methods for identifying inadequate search content are provided. Inadequate search content, for example, can be identified based on statistics associated with the search queries related to the content.

Google Patent, cited by SEO by the Sea

Content needs to be good and not only exist to address demand. [Discovery] is just the spark

Daniel Blackman, COO Howcast: via FT

The newly announced Starbucks Content Network will distribute to Starbucks patrons original Yahoo offerings and free, complete access to paywall sites, such as WSJ.com.

The initiative brings to mind the role coffeehouses played in the budding, modern world of 18th-century London. They would subscribe to and make generally available newspapers, such as the Guardian, the Tatler, and the Spectator. Patrons would congregate, exchange news of the day, conduct business, and of course, buy coffee. The reading and re-reading of each copy thrilled those such as Joseph Addison, who boasted thousands of readers beyond the actual circulation.

Information wants to be free….Information wants to be expensive, because in an Information Age, nothing is so valuable as the right information at the right time.

Steward Brand

Before marshalling a quote, review the source. Sometimes the sound-bite doesn’t always match up with the what the author or speaker originally intended. Walter Isaacson reminds us of this lesson in his contribution to the Atlantic’s 14 3/4 review of the biggest ideas of the year. The often ignored final clause to the old saw, information wants to be free, warns: “information wants to be expensive.” But soon after Stewart Brand observed both sides of the information question in the Whole Earth Catalog in 1984, we collectively edited it down to a revolutionary, communitarian call to arms.

Isaacson laments that the rally-cry we’ve attributed to Stewart Brand never resolved the “tension between the two parts of Brand’s maxim.” Now, on the heels of the economic collapse in 2008 and enmeshed in an anemic recovery, the news industry in 2009 became less of a service and more of a question, as in: how can newspapers survive? Will journalism survive? Who will pay for it? For the answer, Isaacson returns us to 1710 and the Statute of Anne, when on April 10th, Parliament asked Queen Anne to assure an author the sole Right and Liberty of Printing their works. The Statute, according to Isaacson, “helped to encourage and sustain generations of creative people and hardworking hacks.” Though the Statute marks seminal moment in the history of copyright, one must not mistake it for an ancestor to today’s problem with the news industry. It underpins the age of the author, not the information age.

The Statute introduced the idea that an author could own their words and assign the right to make copies to booksellers – the copy right. Booksellers, as members of the Company of Stationers, had in many cases divested or abandoned the printing of the actual works and instead focused on amassing a portfolio of copy rights from authors, sourcing a printer, and selling the finished copies. On assignment, the copy rights would last fourteen years, following which, the rights would revert to the author. With the Statute, the author became an economically significant entity in the publication of books and letters. It was a revolutionary step. If a bookseller wanted to publish a work, they would have to negotiate for the copy right with the author, and so we can celebrate with Isaacson the role it played in encouraging and sustaining authors.

Though the author technically owned the right of copy, the only way to exploit that right was through the Company of Stationers. These booksellers acquired literary property from authors, but with the what amounted to a guild-system, they were also the only ones fully capable of publishing and exploiting the property. They maintained the register of copy rights, certificate of copy right, and storage of nine fine volumes, a process that was eventually abandoned. These were practices that had grown familiar with the Star Chamber Decree and the  Licensing Act in the seventeenth century, both of which effectively delegated regulation and censorship of the press to the Company. Without the booksellers and the Company, the authors had no real alternatives for publication. It was no wonder that many members of the Company would refuse to return copy rights to their owners after fourteen years and effectively enjoy a perpetual right.  The Statute may have introduced the author as a meaningful economic actor, but the system maintained the Company’s role as a regulator of the press.

The Statute offers a telling moment in the history of the press and the author, but today’s problems in the news industry don’t emerge from issues of authorship. There is no longer a Company of Stationers. Anyone can be a publisher, and that is part of the problem. The Company provided as much a means of control and regulation as an engine for publication. Today’s inheritors, however, have looked on with fear as the internet enabled nearly anyone to assimilate, analyze and present the news of the day and its analysis. They can’t control or regulate publications and the press in the same way they might have in the 18th century. Nor does the Statute’s protection of an author’s creative output shield them from having another consume, digest and regurgitate the salient facts and ideas of a given work. Afterall, the Spectator harvested as much in its daily rehashing of manners, mythology, and literature. Today, there is little one can do to stem the tide of commentary, analysis and alternatives that have washed over the shores of the mainstream press. While the Statute provides an ancestor to the age of the author, it remains a silent bystander to the conditions of information age.

We are at the point where we don’t want respect. We want to win.

Landon Donovan, on the US team’s prospects in the World Cup: via Atlantic

The collapse of the financial system as we know it is real, and the crisis is far from over. Indeed, we have just entered Act II of the drama….When the financial markets started losing confidence in the credibility of sovereign debt, Greece and the euro have taken center stage, but the effects are liable to be felt worldwide.

George Soros, at a conference in Vienna, remarking that the current situation is “eerily” reminiscent of the 1930’s: via Bloomberg

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