The Washington establishment suffered an embarrassing defeat last night, and that’s reason to celebrate.
Republican presidential nominee former President Donald Trump and former first lady Melania Trump walk after voting on Election Day at the Morton and Barbara Mandel Recreation Center, Tuesday, Nov. 5, 2024, in Palm Beach, Fla. Donald Trump is the projected winner of the 2024 presidential election. After winning back states he had lost in 2020, Trump performed well in Wisconsin, Michigan, and Pennsylvania—states Kamala Harris needed to win.
As Murray Rothbard wrote in a controversial, but prescient essay back in 1992, the modern Washington establishment has shown a robust willingness to excuse and even side with explicit racists. They aren’t actually appalled or offended by off-color jokes and statements.
Trump is also explicitly bad on a number of issues—like his hawkishness toward China and Iran and his call for more government barriers to trade. And because these positions would grant more power and money to the political class, the prospect of them coming to fruition is far more likely than his better positions.
The most frustrating example is all the damage caused by the Federal Reserve. As Ludwig von Mises, F.A. Hayek, Murray Rothbard, and countless other economists in the same tradition have explained, when supposedly independent central banks like the Fed print new money and transfer it to the big banks and other politically-connected groups, it transfers the public’s wealth to the political class through inflation and traps us in a never-ending cycle of recessions.
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