If there is one overriding economic myth that plagues us today it is the notion that society can do collectively what we cannot do individually: get rich by living today at the expense of tomorrow. It is the doctrine of the political class, professional economists, and central bankers. It is monetary and fiscal hedonism masquerading as technical analysis. And, it leads to fiscal default. It is arguably the biggest untold story of our time, but you won’t hear about it from Hillary or Bernie or Donald.

I promised you some optimism today. Perhaps one of the most optimistic libertarians ever was Murray Rothbard, a happy intellectual warrior if ever there was one. And he was very enthusiastic about the revolution of libertarian ideas, because he understood fundamentally that liberty is the only manner of organizing society that is compatible with human nature and human action. And it was this optimism, this unshakeable belief that we’re right and the statists are wrong, that drove him to produce a staggering body of work in defense of personal liberty.

Not that long ago, my grandparents explained to me why they never discussed politics, religion, or sex in mixed company. Politeness was their currency. And why antagonize people or create ill will over private matters?

Fast-forward to 2023, and their advice seems needed more than ever. Today nothing is private; everything is political. And American politics is characterized by a perverse degree of bad faith.

I’d like to talk to you this afternoon about two classes of Americans, and it may not be the two classes you think of, but nonetheless, there are two distinct classes in America, and we have to break up, and we have to break up sooner rather than later.

What should politically vanquished people do? Should they resist the political status quo no matter what, or accept it in the spirit of civil comity and bide their time for the next election? What if their political fortunes are waning, and they are ever less likely to prevail politically? What rights and powers do seemingly permanent political minorities (e.g., libertarians) possess? At what point is open rebellion permitted in a supposed democracy, and how do we judge principled resistance as opposed to sour grapes from political losers?