Jean Baudrillard said this quote

What do Chile, Biafra, the boat people, Bologna, or Poland matter? All of that comes to be annihilated on the television screen. We are in the era of events without consequences (and of theories without consequences).

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We find the same situation in the economy. On the one hand, the battered remnants of production and the real economy; on the other, the circulation of gigantic amounts of virtual capital. But the two are so disconnected that the misfortunes which beset that capital – stock market crashes and other financial debacles – do not bring about the collapse of real economies any more. It is the same in the political sphere: scandals, corruption and the general decline in standards have no decisive effects in a split society, where responsibility (the possibility that the two parties may respond to each other) is no longer part of the game.This paradoxical situation is in a sense beneficial: it protects civil society (what remains of it) from the vicissitudes of the political sphere, just as it protects the economy (what remains of it) from the random fluctuations of the Stock Exchange and international finance. The immunity of the one creates a reciprocal immunity in the other – a mirror indifference. Better: real society is losing interest in the political class, while nonetheless availing itself of the spectacle. At last, then, the media have some use, and the ‘society of the spectacle’ assumes its full meaning in this fierce irony: the masses availing themselves of the spectacle of the dysfunctionings of representation through the random twists in the story of the political class’s corruption. All that remains now to the politicians is the obligation to sacrifice themselves to provide the requisite spectacle for the entertainment of the people.

~ Jean Baudrillard