  Renormalization is one of the basic notions of condensed matter physics.
Based on the concept of renormalization, the Landau's {\em Fermi liquid} theory
has been able to explain, why despite the presence of Coulomb interactions, the
free electron theory works so well for simple metals with extended Fermi
surface (FS). The recent synthesis of graphene has provided the condensed
matter physicists with a low energy laboratory of Dirac fermions where instead
of a FS, one has two Fermi points. Many exciting phenomena in graphene can be
successfully interpreted in terms of free Dirac electrons. In this paper,
employing dynamical mean field theory (DMFT), we show that an interacting Dirac
sea is essentially an effective free Dirac theory. This observation suggests
the notion of {\em Dirac liquid} as a fixed point of interacting 2+1
dimensional Dirac fermions. We find one more fixed point at strong interactions
describing a Mott insulating state, and address the nature of semi-metal to
insulator (SMIT) transition in this system.
