Powerful interview with billionaires reasons for supporting Trump.
as appears in WSJ for the complete article
The Silicon Valley wunderkind, a Facebook backer, is known for his singular diagnosis of American ills. The undersea cities, flying cars, and three-star restaurants on Mars we promised ourselves in the optimistic early ’60s haven’t materialized. Outside of infotech, the rate of American innovation and progress is very much less than we like to tell ourselves it is. In the world of bits, deregulated entrepreneurialism prevails. In the world of atoms, not so much, thanks to overregulation and politicized risk aversion.
Six years ago, Mr. Thiel explained why this was a disaster for Americans: “In a world where wealth is growing, you can get away with printing money. . . . In the ’30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening.” In today’s world where technology is failing, printing money is “not going to work” and “you probably have to get rid of the welfare state.”
Mr. Thiel at the time foresaw a “grim Malthusian politics,” a period of “long-term stagnation,” leading to a “near revolutionary situation” in the U.S. It’s a view (increasingly shared by secular stagnation theorists) that he has continued to elaborate in speeches and interviews ever since.