Woke supremacy has been taking a toll on Western civilization. The casualties of wokeness are too many and sundry to track. But we should not forget that wokeness was first germinated in higher education, from whence it metastasized to the wider social body. The academy is the cathedral pulpit from which the ideological dictates of the elite flow downward to the hoi polloi.

Fractional reserve banking has existed throughout history, long before the creation of government currencies or central banks. Once monetary custodians realized that not all depositors would demand repayment simultaneously, the practice of lending out deposits in excess of reserves became commonplace.

Fannie Mae announced last week that it provided nearly $70 billion in multifamily financing last year. The government lender crowed about $9.6 billion of the total being for affordable housing projects and $13.5 billion financing projects deemed “green and sustainable” units. This helped Fannie “grow its Multifamily Green MBS (mortgage backed securities) issuance to more than $100 billion last year,” according to the press release.

The history of economic development cannot be understood without the importance of recession periods. Recessions are often the result of the excess accumulated in previous years. Creative destruction after a period of excess used to drive a stronger recovery and continued economic development. That was until risky assets became the biggest concern for policymakers.

The concept of a pioneer’s advantage is based on a single, intuitive pillar: it takes time for knowledge to spread throughout society. When an entrepreneur mixes his existing knowledge and creates a new idea—in other words, innovates—he is the one who knows best about this idea he just invented. When materializing this idea, it is a fact that not everyone in society immediately knows about this innovation nor how it works.