[The web] is going to end up being a tremendous advantage, providing we can work out the financial structure. I think we’ll see newspapers survive, being printed at home... Or you’ll have a local print shop, so that rather than waiting for the newspapers to arrive by truck, which is 30 percent at least of a newspaper’s cost, you’ll go in and push a button, and it will take your dollar bills without anyone having to be there. And it will print the newspaper for you while you wait. It will take seven minutes. There’s a terrific future for print in my view and it gives me great heart.

The 'gatekeepers' became a term of revile. But when you think about the flow of information, I personally value immensely the calibration a news organ, whether it's on the web or in print, brings to the floodwaters of information. I haven't the time to read all the dispatches of the Associated Press, for example. It's fantastic what they put out, it's extremely good, from all over the world. I like when someone acts as a filter.

Internet news cycles are by the minute, and any fool can take a headline from the Associated Press and send it out as news.

Journalism is not easy. It's the first rough draft. I don't think you need to wait around until you have the definitive thing. You record what's there; don't delude yourself that this is the ultimate historical view.

The credibility of a newspaper or news magazine is essential so you can check it for accuracy. I'm not saying it's not valuable. One can make a case for just running everything. Just run it! That's one of the advantages of the web, you can run everything - but you don't help the reader find out what's important.

I wrote about Bosnia at the time. Somebody looked out their window and saw gangsters coming down the street and doing ethnic cleansing. I said that was the thing that would happen in the future, someone phoning in what they were seeing on the scene. Whether it's the Huffington Post, the Daily Beast, Drudge Report or the BBC, all those reports, you have to assume there's a real person [who] has credibility.

This impressed me when I was the editor of the Sunday Times [of London] - we had the "Bloody Sunday" killings of 13 unarmed civilians by British paratroopers. We interviewed 500 people for our report, and not one of them could give us a total picture of what was happening. It was like the Rashomon effect multiplied a million times. For a website or even a newspaper to be a collector of information flow is not the highest form of journalism.