Earlier this month, I completed a three-week road trip across America’s east coast, driving through the states of New York, Pennsylvania, the Virginias, and the Carolinas, reaching as far south as Jekyll Island, Georgia. The American road trip is an enriching experience that provides ample opportunity for contemplation about economics and the structure of society.
It might be easier for those outside of America to grasp, but the privilege and uniqueness of the American experience stands out starkly when compared to the rest of the world. Broadly speaking, there are many countries or entire continents where people dare not travel, even if allowed. In some places, women never walk the streets unaccompanied by a man, where having a paid armed guard is advised. There are countries where electricity is as unreliable as the bridges or roads one drives upon; and of course, there are war torn countries.
For those of us living in the West, it’s important to recognize our standard of living, on a world scale, is significantly higher than most countries. The American Revolution, the Industrial Revolution, the principles of freedom, liberty, and capitalism can largely be credited for this progress. In 2023, it is disheartening to see how many beneficiaries of such systems strive to adopt economic policies from countries that do not adhere to free market ideals at the core; but lies and propaganda can hold more sway than honesty and logic.
During the trip, American icons like Waffle House, were frequented throughout the Southern states. Regardless of personal opinions about the franchise or the Jonas Brothers’ song about it, one should consider the fact that it all began decades ago when two entrepreneurs took a risk and opened a restaurant in Georgia. According to their website, there are now over 1,900 Waffle House locations in 25 states, employing more than 40,000 people. The rarity of such opportunities across the world should be self-explanatory by now.
As for architecture, the house of the Vanderbilts, the Biltmore Estate, in North Carolina was remarkable.
It was Peter Sellers’ movie Being There, where I initially became aware of the estate’s existence. This highlights the influence of the power of film. Despite the present focus on Hollywood delivering social messages over artistic expression, the inextricable link between capitalism and creativity persists. No other country has ever managed to achieve a comparable balance.
Another building that speaks volumes about societal norms and values of its era is the University of Pittsburgh’s 42-story Cathedral of Learning. It stands as a testament to a time when grand vision, truth and beauty, and audacious structures were constructed for posterity; however, times have changed…
Lastly, the Jekyll Island estate: a building so beautiful, yet home to one of the world’s greatest atrocities, i.e., planning of the Federal Reserve.
Sadly, it all really ties back to central banking. Discussions about central banks, their strategies, decisions, and the speculation regarding their next moves dominate news headlines. It is not hyperbole to say that on all business news stations, the Federal Reserve is not mentioned multiple times a day.
Central banking has woven itself so deeply into our society that only a few can, or even want to, consider a world without the Fed. Yet, as far as the American way, which values life, liberty, and the pursuit of happiness, there exists no greater menace, no more of an antithesis, and no larger adversary than a central bank. An entity that holds a legal monopoly over a nation’s currency can hardly be said to provide any benefit to the masses. This reality is substantiated by history, rational thought, and the current state of world affairs.
