Reality is dealing harsh upbraid after harsh upbraid to the faith in U.S. maintenance of global order supported by its reserve currency. From Tho Bishop at mises.org:
This past weekend, the world witnessed absolute barbarism play out as Hamas agents brutally targeted Israeli civilians. The State of Israel, suffering from a historic failure to protect its residents, has predictably responded with major military operations in the Gaza strip. The result is a growing regional conflict fueled by historic feuds beyond the scale of traditional geopolitical considerations.
Add to this the ongoing war in Ukraine, a less-talked-about conflict between Armenia and Azerbaijan, and the threat of renewed fighting between Kosovo and Serbia, and the world is witnessing the breakdown of a global order established by modern assumptions that are being exposed.
In the later part of his career, Murray Rothbard identified the Whig theory of history as one of the most dangerous intellectual traps in existence. The general belief that society is in a constant march toward progress, that newer ideas reflect a natural upgrade over past wisdom, has been accepted by broad segments of the modern intellectual class. As Hans-Hermann Hoppe has critiqued, this theory underlies a number of modern assumptions about the world.
Whig hubris has resulted in a global order that has sowed the seeds of barbarism. The triumph of fiat money has created an economic system that enriches states and the politically connected at the expense of the rest of society. Technocratic public health initiatives created authoritarian states in the face of a global pandemic. Politically driven climate hysteria has prompted a policy agenda that is gambling away human well-being on utopian promises of a “green energy” revolution.
