Definitions Are Not Clothes; Stop Trying To Change Them

This week's Economist quotes Nicolas Sarkozy in their report on Europe's schadenfreude concerning America's economic woes. "The idea that markets are always right was a mad idea."

A doubly bizarre claim. Sarkozy ignores that American financial markets are hardly laissez-faire as he forgets that no one claims markets are always right. It's really easy to denounce a system when you redefine it to suit your ends. It's doubly easy when you then try to redefine reality, too.