Sunday, 28 September 2008

The enduring quality of fallacies

In the same way as I wrote a few entries on the fallacies that dominate Spanish/Catalan politics, I am going to write a few short posts on the fallacies that are being peddled about in this financial crisis.

First, perhaps we should remind ourselves of what a fallacy is:

1. an incorrect or misleading notion based on inaccurate facts or faulty reasoning.
2. reasoning that is unsound.
Fallacies have an enduring quality. Sometimes, fallacies are embedded in an argument in such a way that they tend to become dogma, particularly if the proponent of a cause has much more power than its weaker opponent. These fallacies then become internalised by different actors and it is an almost impossible task to challenge them.

I am of the opinion that there are numerous fallacies that go unchallenged. Fallacies in Spanish/Catalan politics, but also many fallacies in financial markets. The extraordinary events of the last few months are distracting us from looking through the fallacious arguments and flawed logic of many players.

Over the next few days, I will try to debunk some of these fallacies, myths and dogmas that the press, apart from a handful of honourable exceptions, seem unable to challenge.

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