I wasn’t quite sure how to headline this. The FT and its parent the Nikkei News are, in my view, the two best sources of usable, professionally written, articles on the world economy in general and on individual publicly-traded companies.

One of the FT’s regular contributors is Mohammed El Erian, whom copilot describes as an accomplished global macro strategist. What I enjoy most about Mr. El Arian is his elegant and sophisticated use of the English language. In today’s newspaper, for example, he makes the point that current Treasury intervention in markets “to counter underlying market fundamentals” is counterproductive. It risks “eroding credibility” and “Using it as a routine policy lever rather than an emergency safety valve risks turning a market stabilizer into a source of moral hazard and deeper volatility.”

To the extent I understand Mr. El Erian’s prose style, he’s saying this is shockingly bad policy.