The man clearly gets it (emphasis mine):
For a long time, our elites have been in the power a long time, our elites have been in the habit of denying difficult realities. That is how bubbles form. Wherever there’s a hard problem but people want to believe in an easy solution, they will be tempted to deny reality and inflated bubble. Something about the experience of the baby boomers, whose lives have been so much easier than their parents or their children has led them to buy into bubbles again and again. The trade bubble says everyone is a winner. The war bubble says victory is just around the corner, but these overoptimistic stories simply have not been true and voters are tired of being lied to.
It was both insane and somehow inevitable that D.C. insiders expected this election to be a rerun between the two political dynasties who let us through the two most gigantic financial bubbles of our time. President George W. Bush presided over the inflation of the housing bubble so big that it’s collapse is still causing economic stagnation today. But what is strangely forgotten is that the last decade housing bubble was just an attempt to make up for the gains that have been lost the decade before that. In the 1990’s, President Bill Clinton presided over an enormous stock market bubble and devastating crash in 2000 just as his second term was coming to an end. That is how long the same people have been pursuing the same disastrous policies.
Now that someone different is in the running, someone who rejects the stories that tell us everything is fine, his larger-than-life persona attracts a lot of attention. Nobody would suggest Donald Trump is a humble man. But the big things, he is right about an amount to a much-needed dose of humility. He has questioned the core concept of American exceptionalism.
He doesn’t think the force of optimism alone can change reality without hard work. Just as much as is is about making America great, Trump’s agenda is about making America a normal country, a normal country does not have a half trillion dollar trade deficit. A normal country does not fight five simultaneous undeclared wars.
I’ve long held the opinion that Clinton is one of the luckier presidents in history, in that his favorable reputation is largely down to the Internet bubble that Alan Greenspan constructed during his presidency. This bubble happened to pop right as Clinton was leaving office in 2000. The mess fell in Bush’s lap, which was then ‘cleaned up’ by a Housing Bubble, again constructed by Greenspan.
Unfortunately for Bush, his bubble popped much earlier. Although people look to the crisis of fall 2008, that was merely a culmination of a full year of carnage that ended up making any Republican candidacy an untenable proposition. It’s great to see someone else voice this in public.
Thiel’s general point is spot on as well. This election is ultimately about whether Pretty Lies or Ugly Truths form the foundation of our thinking and policy making. For far too long we’ve been dealing in Pretty Lies, underlined by our economic policy which favors debt and monetary easing whenever we hit the slightest of recessions. Instead of allowing bankruptcies and price declines to take their course, and the economy to reset, policy makers prefer to prop up financial bubbles, allowing un-payable debts to fester in the system until the rear their ugly heads again.
Socially, the cultural Marxist idea that ‘anything goes, as long as it feels good,’ has been the basis of our views on many social issues of the day. The problem with this is that true progress doesn’t necessarily feel good. Maintaining order in a world which is naturally disposed to chaos doesn’t feel good. Everyone understands the physical concept of entropy, and fighting against it to create an ordered system requires work.
Civilization is nothing if not a massive ordered system, which requires work. It requires rules, customs, and for things to be done a certain way, and with respect to the United States, an American way. In the post World War 2 era, we’ve departed from the basic principles that took America from renegade colonies to the verge of greatness in less than 100 years, and from a country ravished by a Civil War to the most powerful nation in the world in less than 50 years.
Between the two candidates, we know that Hillary Clinton is more of the same. Trump at least understands the perils of globalism, and understands that in our own history we already have the blueprint for greatness. Hence ‘Make America Great Again.’ The full Thiel video is below: