newspeak

I get depressed that the futures of millions rests, it seems, on the sentiments of single individuals–Draghi, Merkel, Bernanke–and not on process. It’s not that I fetishize bureaucracy (which is all about process and procedure and not about people) but that I should think the whole point of having the science of economics and the vehicles which deliver the knowledge gained by that science’s application should be so, well, ignored, all in favour of sentiment. It’s not in favour of the irrational, per se, but in favour of personal and idiosyncratic desires. (The irrational means, if we do want to use it, relying on local and personal desires, however logical, when the expectation is for something more general. It only makes sense to me, one could say, but it really does make sense. I guess this means that I tend to believe, I really do, that all persons, barring absolute madness, amenable to rational discourse: they can be persuaded away from their current thinking by the strength of facts well presented.)

Greek Government and Public at Odds Over New Cuts – NYTimes.com.