As a young lawyer and trader in Manhattan in the 1990s, I began to understand why so many become disillusioned after college. The world appears too big a place. Rather than fight the relentless indifference of the universe, many of my saner peers retreated to tending their small gardens. The higher one’s IQ, the more pessimistic one became about free-market politics — capitalism simply is not that popular with the crowd. Among the smartest conservatives, this pessimism often manifested in heroic drinking; the smartest libertarians, by contrast, had fewer hang-ups about positive law and escaped not only to alcohol but beyond it.

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Peter Thiel

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In this way they cause the whole heart to expand, and at the same time press home and shut the five small valves that are at the entrances of the two vessels from which they flow, and thus prevent any more blood from coming down into the heart, and becoming more and more rarefied, they push open the six small valves that are in the orifices of the other two vessels, through which they pass out, causing in this way all the branches of the arterial vein and of the grand artery to expand almost simultaneously with the heart—which immediately thereafter begins to contract, as do also the arteries, because the blood that has entered them has cooled, and the six small valves close, and the five of the hollow vein and of the venous artery open anew and allow a passage to other two drops of blood, which cause the heart and the arteries again to expand as before.

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The Education of a Libertarian (cato-unbound.org) Peter Thiel shares the belief that politics is mostly futile, a conclusion he reached after years of activism. In particular, he believes that democratic politics is unlikely to bring about libertarian outcomes. Fortunately, politics is just one sphere of human life, and it’s possible, he argues, to create technologies that minimize its reach. Thiel describes a “deadly race” between politics and technology, in which human freedom is the prize. The goal of libertarian activism should not be to win in politics, he argues, but to escape it.

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As one fast-forwards to 2009, the prospects for a libertarian politics appear grim indeed. Exhibit A is a financial crisis caused by too much debt and leverage, facilitated by a government that insured against all sorts of moral hazards — and we know that the response to this crisis involves way more debt and leverage, and way more government. Those who have argued for free markets have been screaming into a hurricane. The events of recent months shatter any remaining hopes of politically minded libertarians. For those of us who are libertarian in 2009, our education culminates with the knowledge that the broader education of the body politic has become a fool’s errand.

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As a Stanford undergraduate studying philosophy in the late 1980s, I naturally was drawn to the give-and-take of debate and the desire to bring about freedom through political means. I started a student newspaper to challenge the prevailing campus orthodoxies; we scored some limited victories, most notably in undoing speech codes instituted by the university. But in a broader sense we did not achieve all that much for all the effort expended. Much of it felt like trench warfare on the Western Front in World War I; there was a lot of carnage, but we did not move the center of the debate. In hindsight, we were preaching mainly to the choir — even if this had the important side benefit of convincing the choir’s members to continue singing for the rest of their lives.