“We are living in an era of party failure, especially on the right. The Trumpkins sacked the G.O.P. The Brexiters humiliated the Tories over Europe. Marine Le Pen’s fascists have supplanted the Gaullists as the face of the French right. Germany’s own nasty alt-right, the Alternative für Deutschland, humiliated Angela Merkel’s Christian Democrats in last weekend’s election.
The high-toned explanation for these serial rebukes of the establishment by the base is that the former has failed to address the anxieties and disgruntlements of the latter: immigration and culture shocks; wage stagnation and the stresses of a globalized world.
But globalization, immigration and changing social mores have been with us for a long time without producing awful political outcomes. What’s new is the existence — and metastasis — of the fury factories of the right, from Fox News to Breitbart to Frontpage Mag.
Opinion journalism is meant to influence and inflame, and it does. Especially in an age in which civics is taught poorly (and, increasingly, rarely), people are politically suggestible. Bill O’Reilly is now the right’s historian, Mark Levin its go-to legal expert, Sean Hannity and Laura Ingraham its moral conscience. These are not ideas guys. They’re anger guys. Their specialty is the communication of rage to an audience prone to histrionics. It can feel awfully good to be awfully mad.”
“Should it be any wonder that a Republican Party with almost complete control of government has turned so fiercely on itself? Dominant parties often do that when they have little to fear politically from the nominal opposition party.Should it be any wonder, either, that in the intramural fights the Donald Trumps and Roy Moores of the party are winning? As in economics, so too in G.O.P. politics: Gresham’s law applies. Bad money drives out good. Bad Republicans drive out good ones. When nastiness sells, the worst rise. Political gerrymandering doesn’t help, but that’s a separate column.
The political paradox of 2017 is that a Republican Party that cannot seem to lose also cannot seem to govern. Anger is an excellent emotion for pushing ratings and winning elections and a terrible one for agreeing to compromises and crafting legislation. This won’t end as long as Trump is in the White House. Whether it won’t also be the end of the Republican Party as a functional institution is another question.”
What is the ‘Gresham’s Law’
Gresham’s law is a monetary principle stating that “bad money drives out good.” In currency valuation, Gresham’s Law states that if a new coin (“bad money”) is assigned the same face value as an older coin containing a higher amount of precious metal (“good money”), then the new coin will be used in circulation while the old coin will be hoarded and will disappear from circulation.
BREAKING DOWN ‘Gresham’s Law’
Coins were first made with gold, silver and other precious metals, which gave them their value. Over time, the amount of precious metals used to make the coin decreased because the metals were worth more on their own than when minted into the coin itself. If the value of the metal in the old coins was higher than the coin’s face value, people would melt the coins down and sell the metal. Similarly, if a low quality good is passed off as a high quality good, then the market will drive down prices because consumers won’t be able to determine the good’s real value.