Despite fears of massive unemployment after WWII due to 12 million military personnel being discharged and military supply plants shutting down, the free market created 60 million jobs without government intervention.
The 80th Congress, controlled by Republicans, was labeled the “do nothing” Congress by President Harry Truman during his 1948 election campaign, thwarting planned post-WWII economic interventions.
The Keynesian argument that government spending would have solved post-WWII employment issues, despite the economy recovering without it, exemplifies a “heads I win, tails you lose” fallacy in economic theory.
Jim Rogers sold all US stocks in 2023, anticipating the end of the longest bull market since 2009 due to unsustainable debt and inept government policies.
The US added a staggering $5 trillion in debt for 2024 alone, potentially leading to financial problems within 2-3 years.
China’s economic recovery from its real estate bubble is slow, with Beijing attempting to boost the market, reminiscent of Japan’s 34-year market slump that ended due to monetary policy and money printing.
Protectionism is rising globally, with the US and China imposing trade restrictions, potentially leading to a trade war cycle and escalating conflicts.
In 1924, Britain was the richest country globally, but 50 years later it was bankrupt, requiring a bailout, illustrating how even powerful nations can face economic downfall.
The silver standard was historically more prevalent due to silver’s abundance, with the US initially founded on a silver standard before switching to gold.
The 17th Amendment, passed in 1913, allowed for direct election of US Senators by popular vote, part of the Progressive movement’s belief that democracy solved all problems, despite leading to more corruption and centralization of power.
The 16th Amendment, ratified in 1913, enabled Congress to impose an income tax, initially at rates of 5-10%, which destroyed federalism and made states appendages of the federal government.
The creation of the Federal Reserve in 1913 marked a tremendous expansion of central bank powers, serving as a final nail in the coffin for federalism and states’ rights.
The income tax inverted the founders’ natural rights philosophy by establishing that the government can claim earnings, creating a severe attack on private property.
According to Murray Rothbard, the income tax fostered a high time preference society by lowering real income and monetary assets, increasing the proportion of consumption to investment.
The ratchet effect, where government powers and taxes increase during crises and remain elevated, was largely absent from American history until 1913, as noted by law professor Todd Zwiki.
The 13th Amendment, ratified in 1865, changed the language from “United States are” to “United States is”, signifying a shift from a confederation of states to a unified, consolidated empire.
The Pledge of Allegiance, introduced in the 1930s and 1940s, was part of a long-term political movement promoting socialism and centralized power, with American schoolchildren required to recite it for decades.
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