It is 1789. The Bastille has fallen, and Paris breathes the dense air of a promise. In the salon of a countess, a young poet—inspired by the ideals of liberty, equality, and fraternity—recites his verses among nobles who still smile.

Financial markets are various individuals engaged in the buying and selling of financial assets. Most of the time, the actions of market participants are driven by popular ideas. If the decisions taken by the market participants are based on a theory which is detached from reality, then the direction of the market is likely to follow the theory. Conversely, if the market participants were to follow a theory that corresponds to reality, then the market is most likely going to reflect this.

Supporters of the “National Conservative” (or “NatCon”) movement that has taken over the Republican Party have lately been accusing libertarians of letting their “market fundamentalism” get in the way of politicians taking practical steps to save American society from its problems.