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The Fifteen Faces of Fiat News

News created by fiat debases real news the same way counterfeit money debases currency. Yet the problem isn't misinformation or bias in the colloquial sense. It's something bigger and harder to see: the systematic injection of interpretation into stories designed to look like facts, operating through invisible linguistic patterns that shape how readers think without appearing to do so.

  • A gap exists between what journalism describes as its mission and what linguistic analysis reveals about its practice. Fifteen distinct language patterns recur across major outlets, each one designed to guide reader interpretation rather than provide information for independent judgment. Most operate so subtly that neither author nor editor consciously deploys them.
  • This happens at historic scale. Analysis of 15 years of news data shows fiat news density today is 170% of 2007 levels. The trend accelerates during elections and moments of uncertainty. What was exceptional has become baseline.
  • The problem isn't coordinated conspiracy. Outlets aren't following marching orders. Instead, recurring incentives and structural pressures toward shaping narratives have become so normalized that they're invisible. The system works without conscious intention.
  • Media watchdogs attempting to identify misinformation or bias are fighting the wrong battle. By focusing on falsehoods or political slant, they miss the larger category of fiat news, which can contain accurate facts while systematically guiding their interpretation. They also become vectors for the very problem they're trying to expose.
  • The question becomes whether this pattern can be measured and made visible to readers in real time. If systematic linguistic patterns reveal when interpretation is being injected into news, could citizens recognize it as it happens? And if they could, would it change how they consume information?

The Why of Epsilon Theory

  • Make more informed decisions as an investor and citizen.
  • See through the nudges of Big Politics and Big Media.
  • Become a better consumer of news.
  • Maintain your autonomy of mind in a swarm of narratives.
  • Join a community of more than 100,000 truth-seekers.

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DISCLOSURES

This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.

Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.

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