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Anyone with any interest in finance should follow the epic confrontation between Jim Cramer of CNBC, a global financial news television channel, and the two hosts of Comedy Central’s “fake news” programmes.

Jon Stewart, the anchor of the Daily Show, started it off with some sniping at CNBC on his programme over its ridiculously bullish statements before the great market crash of 2008. This led to an extended confrontation with Jim Cramer, the host of CNBC’s Mad Money and a former hedge fund manager. Since then, Stephen Colbert of the Colbert Report has also got involved in the ruck.

Anyone who dismisses this as an all-American affair would be wrong. The gross financial hype which CNBC took part in had its counterparts on this side of the Atlantic.