Chief Investment Strategist, The Freeport Society
The Freeport Society office is closed today in observance of Memorial Day.
But before you fire up your backyard grills, let’s take a moment to remember what it is we celebrate today…
We honor the memory of those who have fallen protecting the lives and freedom of the rest of us.
Those who paid the ultimate price.
Those who had real skin in the game.
That last point is one that often gets overlooked in the flag waving.
War has the ultimate incentive problem. Those who make the decisions – the politicians, their appointees at the Pentagon, and the media hacks that egg them on – aren’t the ones who take the risk and suffer the consequences.
That burden falls on the service members, their families, and the civilians in the places where the bombs fall and the bullets fly.
The politician gets glory, popularity, favorable mentions in the history books, and possibly even a handsome campaign donation from the defense contractors… while suffering no real downside.
It wasn’t always like that…
Leading From the Front
Alexander the Great led his troops into battle, taking the same risks they did.
Julius Caesar crossed the Rubicon at the head of his legions, knowing it would make him an enemy of the state.
Our own George Washington was known for charging into battle and leading from the front. This earned him a reputation of being “First in war, first in peace, and first in the hearts of his countrymen.”
And as recently as World War I, King Albert I personally commanded the Belgian army through the Battle of Liège, the siege of Antwerp, and the retreat to the Yser River, where the Belgians flooded the plains to halt the German advance.
Today, we can’t even get our Congressmen and women to listen to angry constituents at town halls, let alone put themselves at any kind of personal risk.
Of course, this problem isn’t limited to war. Virtually everything the government does is subject to the same incentive problems. Those making the decisions aren’t the ones left to deal with the consequences – whether it’s taxes, tariffs, military adventurism, or mind-bogglingly stupid monetary policy.
But that’s another gripe for another day.
Today, let’s remember those who fell so that the rest of us could live free.
We see you.
We thank you for your sacrifice.
To life, liberty, and freedom.