No, the problem is Democracy. Rational ignorance. If the perceived benefit of doing the proper research is outweighed by the effort required to do that research, most people will not do that research. Given how much an individual vote actually affects the outcome of an election, the average Joe has very little incentive to make sure he votes "correctly," or even at all. When you base your government on a
logical fallacy, you should not be surprised when it falls apart.
Compound that fact with the previously mentioned tendency for a monopoly to abuse it's customers, to provide the least and lowest quality service, for as much money as can be wrung out of them, and the end result of any government, but especially a democratically elected one, is blindingly obvious.
Democracy works in some environments, but it might be too fragile to live very long.
If the media is not free and competitive, you don't have a democracy anymore.
The act of feeding bad information to the public automatically subverts democracy by default. It's like constantly misinforming the king in a monarchy.
The achilles heel of democratic government is the media. So is monopolized money creation for that matter. The media needs to be paid, and so do government officials.
The collective joe shmoe could make it work if he was constantly blasted with accurate information instead of misinformation and omissions, because as you said, he does not act on the incentive to be a private investigator all the time.
This 35 million jobs story is a perfect example of how strings are pulled in a fake democracy pro-wrestling match.
I have a proposed solution, but you won't like it.
Go ahead try me.
To even attempt to focus on one devaluation of a currency is ridiculous, and to assert that somehow some group manipulated to it's benefit the drop in value when a currency moves from fixed to floating is carrying the theory of top down control past the point where the top down control has been purposefully abandoned.
This is debatable, but instead of debating it right this second, I just want to point out that this debate was totally suppressed when it could have happened.
Instead, as always, with the 35 million job story, we just get a bunch of hype and facilitation of posturing about the fallout, which totally ignores the larger situation.