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The Political Economies of Media: the Transformation of the Global Media Industries Pigeon, Marc-André. "The Wizards of Oz: Peering behind the curtain on the relationship between central banks and the business media." The Political Economies of Media: The Transformation of the Global Media Industries. Ed. Dwayne Winseck and Dal Yong Jin. London: Bloomsbury Academic, 2011. 255–271. Bloomsbury Collections. Web. 2 Oct. 2021. <http:// dx.doi.org/10.5040/9781849664264.ch-012>. Downloaded from Bloomsbury Collections, www.bloomsburycollections.com, 2 October 2021, 13:26 UTC. Copyright © Copyright in the collection and in any introductory and concluding materials © Dwayne Winseck and Dal Yong Jin 2011. Copyright in the individual chapters © the Contributors 2011. You may share this work for non-commercial purposes only, provided you give attribution to the copyright holder and the publisher, and provide a link to the Creative Commons licence. 12 The Wizards of Oz Peering behind the curtain on the relationship between central banks and the business media Marc-André Pigeon Carleton University t is perhaps one of the best-known scenes in the history of movies. Toto, IDorothy’s famous white cairn terrier, looks behind a curtain and exposes the Wizard of Oz as nothing more than an ordinary man using buttons and levers to animate a booming voice emanating from a disembodied head in order to project authority and convince others of his imminent powers. While some (Littlefi eld 1964; Sanders 1991) have interpretedThe Wizard of Oz as a parable about the nineteenth-century debate between advocates of the gold standard (eastern US bankers) and the silver standard (mid-western populists), this scene could, from a modern vantage point, be more usefully interpreted as a powerful and enduring parable about the nature of power projected by central bankers and their handmaidens, the business media. Like the Wizard of Oz, modern-day central bank practitioners push and pull fi gurative buttons and levers that also animate a disembodied discourse carried by an all-too- compliant business media. This discourse booms with the authority and power to convince an inattentive, overlabored, and understandably ill-informed public of the central bank’s imminent power over all manner of economic outcome. There are very good reasons to believe, however, that modern monetary policy largely is ineffective in its stated objective, namely, regulating the generalized rate of price increases (infl ation) using short-term, interest rate targets. That is not to say that the discourse of modern central banking is ineffective. Until the global fi nancial crisis of 2008 and 2009, central banks weresingularly successful in using discursive techniques to achieve two less-known objectives. First, central bank discourse around infl ation targets shielded from view a more potent and democratic source of control over economic outcomes, namely, the tools of fi scal policy. Second, central bank discourse obscured the institution’s active role in backstopping the fi nancial sector and its ability to “innovate” fi nancial products that we now know jeopardized the stability of the global economy. For these reasons, I want to suggest that modern-day central bank 255 CH012.indd 255 6/10/2011 5:29:50 PM 256 THE POLITICAL ECONOMIES OF MEDIA communications practices are cornerstones in the ongoing development of fi nancialization , which, following Boyer, I defi ne as a situation where “all the elements of fi nal demand bear the consequences of the dominance of finance” (Boyer 2000). To suggest, however, that the media have some power to propagate beliefs or, at a minimum, to dampen or distill questions that might challenge existing belief structures brings to the fore important theoretical questions about the assumed nature of the audience, the interplay between the media and modern communications practices by institutions such as central banks, and in the case of this work, the power of language and metaphors in particular to infl uence elite opinion about an important policy issue. While it is beyond the scope of this chapter to delve too deeply into these questions, it is useful to briefl y sketch some of the theoretical perspectives that underpin this work. First, this work assumes, following Abercrombie, Hill, and Turner (1980) and others who work in the elite-indexing tradition (Bennett 1990; Bennett, Pickard, Iozzi, Schroeder, Lagos, and Caswell 2004; Davis 2000a, b, 2003; Deacon and Golding 1994; Edelman 1988), that the media’s agenda-setting effects, at least for questions such as monetary policy, are for the most part localized at the elite level, a strata of society that I defi ne roughly as the community of individuals who tend to have above-average incomes and have an active interest in policy matters and by virtue of this active interest may be considered opinion leaders in their social circles and sometimes beyond. Second, this work reviews evidence for what Fairclough (1995) calls the “technologization of discourse,” a term used to describe the increasingly strategic, self-conscious, and formal structures that govern institutional and political communications with the news media and which leverage structural features of the news business, such as the ever-present search for “information subsidies” (easy and cheap content for news holes) and the increasingly strenuous time constraints that govern news production in late modernity. Third, this work builds on a growing body of critical discourse analysis work by researchers who study metaphors and their power to shape opinion, particularly among an elite class. Fairclough (1995), for example, argues that dominant metaphors construct domains “in a way which helps to marginalize other constructions from the perspective of oppositional groups,” while Koller, quoting Kress, another important critical discourse theorists, writes that “metaphorical activity occurs at sites of difference, in struggles over power, … whenever an attempt is made to assimilate an event into one ideological system rather than another” (2004: 28). The evidence reviewed here suggests that the media’s use of strongly metaphoric language to translate the arcane language of monetary policy has been and remains a key moment in helping infl ation targeting gain and retain its stranglehold on the imagination of those elite who devote intellectual resources to thinking about monetary policy. In so doing, infl ation targeting has passed into conventional opinion, a taken-for-granted state of nonrefl ection that gives CH012.indd 256 6/10/2011 5:29:51 PM THE WIZARDS OF OZ 257 those who hold the levers of power a free hand to effect policy in a direction that, were it subject to serious scrutiny, might meet with disapproval from the electorate. A short history of the communications revolution in central banking in Canada For most of their history, central bankers have been content to operate largely outside of public scrutiny. Like a poker player trying to bluff an opponent, it was widely believed in the postwar period that central bank policy effectiveness would be undermined if people correctly anticipated monetary policy actions. Silence was the order of the day. Press releases were few. Speeches were far between. Central bank actions were a back-page newspaper story, if they were a story at all. In this chapter, we consider the transition from this kind of secretive or defensive communications regimes to more modern- day strategic communications strategies by looking at the Bank of Canada (henceforth, “the Bank”), one of the world’s fi rst central banks to explicitly adopt infl ation targeting and the related communications practices that are viewed as a necessary complement to this policy objective. That said, it is important to stress that the broad trend from secrecy to openness documented here for the Bank also holds, albeit in less advanced form, at central banks in other developed countries, including the European Central Bank (ECB), the Bank of England, and the US Federal Reserve (Blinder, Goodhart, Hildebrand, Lipton, and Wyplosz 2001; Winkler 2002). At the Bank, the culture of noncommunication had deep roots in its history and legitimate concerns about ensuring that outsiders were unable to profi t from privileged access to information about a forthcoming Bank’s decision over interest rates, capital controls, or any other central bank policy tool. In 1939, for example, the Bank put in place controls on the fl ow of money into and out of the country under tremendous secrecy, something that is almost unimaginable today. Similarly, in 1958, the government’s decision to refi nance a large amount of Victory Loans issued during Second World War was done under extreme secrecy, with the Bank at one point summoning bondholder representatives, locking them in a room, and only then revealing the purpose of the meeting. According to Babad and Mulroney (1995: 103), this was “typical” Bank of Canada behavior, “secret in every aspect.” In later years, the Bank’s public temerity could be attributed to a hangover effect from what has become known as “the Coyne affair,” a politically messy episode in the Bank’s history (1960–1) that led to the resignation of the then governor James Coyne after the government grew weary of the Bank’s high interest rate monetary policy and Coyne’s very public rebuke of the government over its taxation, defi cit spending, and national debt policies. CH012.indd 257 6/10/2011 5:29:51 PM 258 THE POLITICAL ECONOMIES OF MEDIA In retrospect, the Bank’s penchant for secrecy or noncommunication seems exaggerated. In June 1970, for example, Canada abandoned its fi xed exchange rate regime (backed, importantly, by gold reserves held in the United States), an early sign that the Bretton Woods agreement was about to unravel. This policy shift warranted only the briefest of mentions in the Bank’s annual report. As Charles Freedman, a former deputy governor at the Bank noted in an interview (2006), “John Crow (a former Bank of Canada Governor) commented in a speech at one point about the fact that when we went to a fl exible exchange rate, you had to go to page 9 in the annual report before you’d see a reference to it.
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