The best way to understand perceptions of a country’s politics, business and finance is to visit its stock, bond, currency and commodity markets each day. This is where the stakes are the greatest and competing interests receive a specific value. The acuity of our news judgment derives from this fact.
The best stock market reports are a collection of stories about the rise and fall of companies or industries and how national or world affairs affect the price of money in the form of equity.
The bond market is just as much a window on global affairs. There is far more debt in this world than equity. There are far more bondholders than shareholders. Journalism’s relative ignorance of debt markets has obscured this fact.