There is a huge problem with UK journalism and these faux business stories.
Very simply: the people who write these stories are on other beats, they are usually people who don't know about business or technology or anything, and the "story" is about something else (i.e. overcoming adversity, something that gets clicks).
This may sound trite but has consequences. Various types of financial scammers (a big industry in the UK) use media outlets to write profiles on them, which they then use in marketing. Tens of millions (maybe more) have been lost because of stories like this (it isn't only newspapers, a TV show about "rich, young people"...obviously all scammers...covered one of the biggest binary option scammers, before binary options were banned, he ended up in jail shortly after for trying to run over someone he owed money to).
Slightly more worryingly: you see this kind of coverage in the business sections of some major newspapers now too (i.e. even business journalists are clueless). It is what happens when you tell students repeatedly that business is bad, and anyone who starts a business is a thief (ironically, that primes you for scammers). Additionally, journalism is mostly an upper-middle class occupation in the UK, rich ppl are left-wing here, and regard anyone who wants to work to acquire wealth with suspicion. The only exception is the FT (not always good, but their staff actually understand business at some level...surprising given that they mostly hire toffs too). But yeah...it is a real problem that feeds on itself: low integrity reporting, ppl question reporting, they just see scammers in the media, they question business...circle of ignorance.
> It is what happens when you tell students repeatedly that business is bad, and anyone who starts a business is a thief (ironically, that primes you for scammers).
95% of the "business" stories that the BBC covers are about people overcoming adversity or some other disadvantage. 95% of the financial scams in the UK market themselves as a way to "fight the system" or beat the rich people (look at r/SuperStonk, it isn't active knowledge, it is a moral crusade).
In both cases, the logic is: you can't win, everything is rigged, anyone who is rich already stole from you because weakness and disadvantage is morally superior, you deserve to win because you are disadvantaged...
Enter the guy, who is just a regular guy, selling you a forex trading system to settle your score with the baddies.
Btw, if you don't believe this search for forex trading scams. Almost all of them are: I was just a regular guy like you, I started with £500, now I have this shiny car (rented, ofc), and I am sharing these secret "rich person" systems with yooooooooooou...this is your only opportunity to get rich because the system is so unfair (the only way to get people to take risks that would seem stupid in any other context is crush their self-esteem, and tell them they have no other choice).
Very simply: the people who write these stories are on other beats, they are usually people who don't know about business or technology or anything, and the "story" is about something else (i.e. overcoming adversity, something that gets clicks).
This may sound trite but has consequences. Various types of financial scammers (a big industry in the UK) use media outlets to write profiles on them, which they then use in marketing. Tens of millions (maybe more) have been lost because of stories like this (it isn't only newspapers, a TV show about "rich, young people"...obviously all scammers...covered one of the biggest binary option scammers, before binary options were banned, he ended up in jail shortly after for trying to run over someone he owed money to).
Slightly more worryingly: you see this kind of coverage in the business sections of some major newspapers now too (i.e. even business journalists are clueless). It is what happens when you tell students repeatedly that business is bad, and anyone who starts a business is a thief (ironically, that primes you for scammers). Additionally, journalism is mostly an upper-middle class occupation in the UK, rich ppl are left-wing here, and regard anyone who wants to work to acquire wealth with suspicion. The only exception is the FT (not always good, but their staff actually understand business at some level...surprising given that they mostly hire toffs too). But yeah...it is a real problem that feeds on itself: low integrity reporting, ppl question reporting, they just see scammers in the media, they question business...circle of ignorance.