William K. Black Bloomington, MN: Valentine’s Day 2015

In its web version, the BBC “News” has you click on a tease titled “Yanis Varoufakis, charismatic ideologue” to access a story dated February 13, 2015 entitled “Profile: Yanis Varoufakis, Greek bailout foe.”  Neither the tease nor the title make any sense.  Varoufakis is the Greek finance minister.  Except, of course, we’re reading this in the BBC, so the description actually reads “Greece’s left-wing Finance Minister Yanis Varoufakis.”  Funny, the BBC never describes the head of the ECB as “the ultra-right-wing” economist Mario Draghi or Jeroen Dijsselloem, the Dutch Finance Minister and troika hit man as the “ultra-ultra-right-wing” non-economist.

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The BBC “profile” is not unremittingly hostile to Varoufakis – it simply refuses to take him seriously.  Varoufakis is a highly competent academic economist.  His policy views have proven correct, as even the BBC (back-handedly) concedes by calling him Greece’s “Cassandra.”  So why does the BBC treat Varoufakis as a sexy leftist and Dijsselboem as the respected spokesperson for the troika even though Dijsselboem is a fanatic ideologue who has caused massive human misery because of the intersection of his inflexible ideology and economic incompetence?

Varoufakis’ views on the self-destructive nature of austerity as a response to the Great Recession are mainstream economic views.  He certainly is a leftist, but his policy views arise from different ideological traditions most people would find antagonistic.  That makes him a non-ideologue as the term is defined.  The troika, by contrast, is led entirely by ideologues.  The primary difference is that they are exceptionally bad economists and exceptionally indifferent to the human misery they inflict on the workers of the periphery that they despise and ridicule. The BBC, the New York Times, and the Wall Street Journal will never write a “profile” of the troika’s leadership that makes any of these points.  The BBC profile is another example of what I call “revealed biases.”  “Journalists” and media organs routinely reveal and betray their biases – biases that they hotly deny but rarely escape.