It may be a bit of an exaggeration to say that 2017 was the best of times and the worst of times for classical liberalism in the United States but not much of one.
Some historical figures maintain their reputation, whatever our contemporary concerns. George Washington has remained one of our most admired Presidents for the entire history of the Republic. James Buchanan settled in the doghouse as soon as he left office and has stayed there ever since. But the assessments of most Presidents and public figures lying between these poles of excellence and of failure wax and wane depending on our current preoccupations. Biography can be the most presentist of historical disciplines.
No subject exemplifies these vicissitudes more than Ulysses S. Grant. When the nation wanted to emphasize the reconciliation of the South and North and forgot about civil rights for African Americans, Grant was derided both as a general and as President. He was said to have defeated Robert E. Lee only because of his greater willingness to sacrifice the lives of ordinary soldiers and the greater industrial might of the North. His Presidency was treated as a travesty almost as bad as Buchanan’s—that of a man in office over his head with a high tolerance of scandalous behavior of subordinates.
But today we see more of American history as a struggle for civil rights and thus Ron Chernow’s magisterial biography attempts to raise Grant to the pantheon of American generals and to a more than respectable position among American Presidents. Chernow is more successful in promoting a reassessment of his career as a warrior than as a statesman.
The leading Democratic candidate for governor in my state, one of the worst governed in the union, is running continuous advertisements on the music service to which I listen. The message is unvarying: he will be a leader of the Trump resistance, creating a firewall against his agenda. While members of Congress have substantial power to resist the President's agenda, a governor's powers are very limited in this regard. Unlike the Attorney General of Illinois, the Governor even lacks the power to sue Trump over his policies. No doubt his campaign advisers have recommended this course to take advantage of radical…
It is often said that California foretells the nation’s future. If so, we should really be worried about the cost of living.
Bitcoin, as I have argued, is a store of value that is now more attractive than bad fiat currencies and is likely to become even more attractive over time. It is an innovation that replaces trust in government with trust in a decentralized order— an order run by the miners—who verify transactions over a transparent blockchain. The interests of these miners are well aligned with holders of bitcoins, because the miners are partially compensated in bitcoins. It is this alignment that has sustained Bitcoin’s trajectory to ever higher valuations—a more than tenfold increase in this calendar year alone.
Bitcoin’s market order is strengthening because other markets are arising to improve the function of the underlying market. Yesterday the Chicago Board of Trade provided a futures market in Bitcoin, just it has for other commodities, like gold and oil, and as other exchanges have for fiat currencies.