While I agree that a lot of unnecessary fear and bias is created by the media, I wouldn't want to isolate myself completely because I think it is important to know what is going on in the world. Personally, I feel that I understand other people and cultures better because I take the time to read newspapers and watch the news.
You have to choose your sources though. Or balance what you are watching to be able to make up your own mind without being influenced by one sided propaganda. I have a preference for BBC World news, but that is just me;)
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