Tom Allen came up with this awesome word here, and I thought I'd add my response:
MM: Kayfabe is not merely the word of the day, but of the decade. Awesome!
In professional wrestling, kayfabe (pronounced /ˈkeɪfeɪb/) is the portrayal of staged events within the industry as “real” or “true,” specifically the portrayal of competition, rivalries, and relationships between participants as being genuine and not of a staged or pre-determined nature. Kayfabe has also evolved to become a code word of sorts for maintaining this “reality” within the realm of the general public. Kayfabe was long held as a closely guarded secret within the professional wrestling industry; however, with the advent of the Internet, it has evolved into an open secret in the industry that is generally only adhered to during shows.
The Republicans as Harlem Globetrotters, Democrats as Washington Generals trope is an example of kayfabe, but now we have a word for the concept.
Kayfabe is often seen as the suspension of disbelief that is used to create the non-wrestling aspects of promotions, such as feuds, angles, and gimmicks, in a manner similar to other forms of fictional entertainment. In relative terms, a wrestler breaking kayfabe during a show would be likened to an actor breaking character on camera. Also, since wrestling is performed in front of a live audience, whose interaction with the show is crucial to the show’s success (see pop), one might compare kayfabe to the fourth wall, since there is hardly any conventional fourth wall to begin with.
So much better than “kabuki” or IMNSHO “Hasbara,” since its origin is in this country. See also here for discussionn of “breaking kayfabe”, and a general agreement that “kayfabe isn’t what it used to be” (much like my feeling that Obama doesn’t even care enough to fake it any more).
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Also implicitly includes a social relations, unlike, for example, bullshit.