Stellar worldclass programs and there they are on the screen. The school of historical philosophical and religious studies. Quite a mouthful. Its a great program. Also, the center for political thought and leadership. Another stellar program. If this lecture intrigues you, you should check out our center. We are doing some big things. And finally, if you are interested in learning more about yours truly hard. There we are. Www. Professor barth. Com. You can read about me on the website. A generation of politicians has passed. Alexander hamilton guys in a dual in 1804. James madison, picture there on the right, retired from politics and dies in 1836. John adams and Thomas Jefferson die on the same day, july 4th, 1826. 50 years to the day of the signing of the declaration of independence. Pretty incredible. You cant make Something Like that up. But america is changing. A market revolution is sweeping the young republic. Mass commercialization. Profit making. New opportunities for investment. Inventions, entrepreneurship, a burst in the population. Look at that population explosion. From 1 million in 1750 to 13 million by 1830. This is a young population with an average age of about 17 years old. Aggressive, energetic, highly individualistic, oftentimes reckless. A burgeoning population. Factories at sprouted up all across the north, especially new england. They are producing textiles and other manufactured goods. Outside of the cities, outside of new england, and agricultural boone. In ohio, in pennsylvania, we exports are off the charts. In the south, a new plant called cotton. Creates that soft durable textile and is spreading throughout the south and intrenching that slave system deeper and deeper in the south. Cotton takes off. If youre going to have textiles, if youre going to have cotton, if youre going to have wheat, you need transportation. So we have roads being built. Turnpikes connecting real markets to waterways and to atlantic port cities. Steamboats by the 1820s and 1830s, tracking down the mississippi river. Canals built all across the country, the most famous being the erie canal, completed in 1825 and connecting the hudson river to like erie. What an accomplishment that is. If you have canals, if you have plantations and factories, you need credit. Here too we have lots and lots of credit. Banks spreading up all across the United States. From three ranks in 1792 several hundred banks by the way 1820s. Thanks are chartered by the states. They stay within that particular states foundry. But sitting on top of those statements is the mother bank, right . The chief bank. The central bank. The bank of the United States. This is the second bank of the United States, because as you recall from earlier in the semester, there was a first bank of the United States. 1791. Alexander hamilton pushes through congress a bank of the United States. This bank, a private bank with stockholders and dividends. This bank, hamilton says, will benefit not only financial, private financial interests, but will benefit the country. The public. How will it benefit the public . Because the treasury, the u. S. Treasury, will deposit money in the bank. Money coming in from taxes one. And the treasury can also borrow money from the bank. This bank has a 20year charter, but it has lots of opponents. You remember the chief opponent, Thomas Jefferson hates the bank. The bank, jefferson believes, is an institution that imperils american liberty by elevating to power a wealthy financial elite. And unproductive elite. Jefferson opposes it. Jefferson comes to power in 1800. So does his party. That first bank, the charter expires in 1811 and when youre later a war erupts with britain. That is a very expensive war. The National Government finds itself in a tremendous fiscal straits. So after the worst finished five years later, the democratic republicans, the party of jefferson, charter a second bank of the United States. This second bank, much like the first, also will have a 20 year charter. This charger will run out in 1836. And presumably, congress and the president in good faith will renew the charter. So there you have it. There are bumps along the road after the bank is chartered. You will recall from the last lecture the panic of 1819 explodes. This massive bubble in western land speculation. The bubble cost largely by the bank and all of this new bank currency. It creates a bubble and then it bursts. But the country recovers from the panic of 1819 fairly quickly. So the second bank of United States survived that panic and it goes into the 1820s with very little opposition. Most americans by the mid 1820s have come to accept the bank, the market revolution is fully underway. But its not just the economy that is changing. It is the political arena that is changing. Two new political parties. The democrats and whigs bucking heads. Who are these whigs and democrats . Representing new england for the whigs, we have Daniel Webster. Hes a lawyer from massachusetts. One of the most brilliant orators in u. S. Congressional history. Quite an impressive figure when. We also have, in massachusetts, john quincy adams. Son of the second president of the United States, john adams. He too is a whig. Well most famously, we have henry clay. Hailing from the state of kentucky. Clay ends up running for president five times. He just cant get in. He cant seem to do it. But nonetheless, henry clay is one of the most important political figures in american history. What does clay do . Well, clay has a program. A system, an american system. That american system is threefold. Henry clay says he first, we need to have protective tariffs on american manufacturing. And sure enough, when henry clay become secretary of state under president john quincy adams, adams signs into law a new tariff. The tariff of 1828. Raising the tariffs from 25 to 45 . That is one heck of a tariff, 45 . Why do they do that . To protect american manufacturers and textile goods. Clay also says we need federally funded internal improvements. You think federal dollars to finance the building of roads, canals, bridges and so forth. And then finally, clay says we need to recharge that bank of the United States. Unlike jefferson, or unlike hamilton, excuse me, however, clay frames his defense of the bank of the United States in common man reiterate. Hamilton said, the bank is good for financial interests. Clay says the bank is good for farmers. The bank is good for mechanics, for manufacturers. The bank is good for the country as a whole. We need to recharge or this bank and there is the whig party platform. The whigs support utilizing the powers of the federal government to stimulate Economic Activity and they adopt a broad interpretation of the constitution. The federal government, the whigs say, the government does have the right to engage in this activity. Most of the whigs are going to come from new england because of the tariff, those factors are in new england. But they also come from the west. This is what distinguished clay to hamilton. Quite hopes his improvements will get western votes. But they have opposition, the Democratic Party. The democrats oppose the american system. The democrats adopt a strict interpretation of the constitution. It is a very limited view of the federal government powers. The democrats appeal to farmers, wealthy plantation owners in the south, but also to common ordinary people. To wage earners, working class laborers and laborers in places like new york. New york is definitely a hotbed for democratic activity. We new york, we have martin van buren. He is a democrat and later president of the United States. He later leaves the Democratic Party and joins the anti slavery free soil party. We will get to that in a future lecture. Representing the south for the democrats, we have another legendary figure. John calhoun. Calhoun is a rapid defender of slavery. He is also a rabbit opponent of the tariffed. He hates the tariff so much, in fact, that calhoun calls the tariff of 1828 the tariff of abominations. This 45 tariff, calhoun says, discriminate against this up. And sure enough, in 1828, calhoun authors in secret, because hes Vice President of the United States at the same time, just to give you an idea of how muddy the political world is back then. Calhoun authors in secret nsa advocating notification. The idea that the states can nullify or make null and void any federal law that they deem unconstitutional. South carolina does not know fight this tariff, yet, but it puts the idea in their head. From the west, we have Andrew Jackson. Andrew jackson. There he is. The man. Probably the most colorful president in United States history. I say probably, i think we can state almost objectively that he is the most colorful president in u. S. History. A giant of a figure. Tall, standing at six foot one. That is very tall for that day and age. Six foot one, skinny, bushy eyebrows, hair brushed high above. A very large forehead with piercing blue eyes. Look at those eyes. Jackson was a hot tempered man. He was a bit stubborn and oftentimes bull headed. He had strong convictions and when he was opposed to something, he stood up to that system. He had a few nicknames as well in fact. He went by the name ole hickory old hickory. Tough as old hickory wood. The second nickname, you wont believe this, sharp knife. Who has a nickname like sharp knife . Andrew jackson has a name like chuck knight. So what is Andrew Jacksons story . He was born in 1767 in north carolina. He was born and his parents died at an early age. So he wasnt orphan raised with no parental restraints. As a young boy, he got into brawls and fights. He wasnt all that interested in learning or reading. Jackson was nine years old at the time of the american revolution. You will see young andy there in the middle. At age 13, he joined a militia as a messenger. At one point, he ran into a british officer. The british officer told young andy, clean my boots. Young andy said im not cleaning your boots. The officer took his sword and slashed young andy and leaving a permanent scar on his left hand. As well as the left side of his head. Jackson went on to help found the state of tennessee. He got married in 1806. Someone insulted his wife, he found the man to a dual and shot him. The only president in United States history whoever killed a man. Andrew jackson joins the military. He joins the military and fights the creek indians in 1814. He fights the seminal indians in 1817. And then in 1815, he earns his fame through the battle of new orleans. This spectacular victory against the british. Even though, as you remember, the war was already over. That does not seem to matter because this elevates and rejection to celebrity status. That is indeed what Andrew Jackson is. A celebrity. He has some political experience, he served two years in the u. S. Senate, but thats it. Jackson was also very wealthy. He has this plantation, the hermitage. It starts out 1804. Jackson has nine slaves. By the 18 thirties, jackson has well over 100 slaves and slaves are very expensive. Most Common People cannot afford any at all. Jackson has over 100. He is a very very wealthy man. He is very well to do. Well, jackson enters the senate in 1823. In 1824, he runs for the presidency. A fourway race between jackson, adams, William Crawford and henry clay. Jackson winds the popular vote, 42 . Jackson also wins the most electoral votes, but jackson does not win a majority of electoral votes. So the contest goes to the house of representatives. Henry clay is speaker of the house. And we cannot stand Andrew Jackson. His rival in the west. Henry clay strikes a deal with john quincy adams. He says i will get the votes you need and you house of representatives if you make me secretary of state. The deal is made, adams winds in the house of representatives. Clay is raised to secretary of state. Andrew jackson is furious with this rigged election and corrupt bargain. He vows to have his revenge in four years. Showing off, he does in 1828. Its a two man contest between jackson and adams. Jackson winds in a landslide. Look at that electoral map. Quite an impressive victory. A landslide victory. How does he do it . The answer is very simple. Democracy. What jackson benefits you from universal mail suffrage. We call this period jacksonlee and democracy. Property qualifications for all three men in the United States are eliminated. No property required to vote. Double the number of voters in 1828 and you saw anything 24. Jackson uses this to his advantage and wages a Political Campaign but utilizes a form of politics we call populism. Populism. Populism is a political term that has come up quite a bit in the last few years. What is populism . Well, populism is not an ideology per se. You can find populism on the left. You can find populism on the right. Populism is a style of politics. A style of politics that speaks to the interests, to the hopes, to the fears of common ordinary people. Populists tend to pit the people versus the elites. The people versus the establishment. Populace tend to warrant of nefarious forces in positions of power. Whether those positions of power are in government or in the corporate world. Nefarious forces. And the cherry on top is, populists often benefit from charismatic personalities. Very often with populism, you will see populists emerge who uses the sheer force of personality to rally people around him and introduce that charisma to attack what he claims, at least in his defense, to attack corrupt entrenched interests. That is a populism is. Andrew jackson is a populist. Andrew jackson inaugurated into the presidency in 1829. And of his presidency, he throws a party. He opens up the white house lawn to the public. Hundreds of people from around the country pour in to the white house lawn. Shopkeepers, wage earners, common ordinary everyday americans. Sleeping on hotel room floors and hallways. They pack in on the white house lawn. A spiked punch bowl and whisk is being passed around. Its one heck of a party and jackson is stoked. The people are ready for a jackson administration. As you can imagine, these guys dont like him one bit. They look at what is going on. This discussed them. Can you imagine what Daniel Webster would think of Something Like this . He will not like it too much. Jackson is ready. Is the country ready projects and . This is a real question. What is this man going to do . There is no telling. Hes a loose cannon, right . Whats going to happen. Henry clay says, all right, we lost that election. Thats fine. Im going to push through my american system. He begins with internal improvements. Clay says, we need a road. Weve got all these farmers from my home state of kentucky. We need a road that stretches from lexington, kentucky to maids fill, kentucky. Right along the ohio river. I want to use federal dollars to build that road. The bill goes on arrives on jacksons desk after applies to congress. Jackson response and vetoes the bill. One of the first famous vetoes in president ial history. Clay is very upset. This is just the beginning though. All right, clay says, he vetoed my internal improvements bill. Lets try another plank of the american system. Lets try a new tariff. The tariff of 1832. This is a strange tariff because it seems to contradict plays program. The tariff of 1832 lowers the tariff from 45 to 35 . Why does clay do this . Well you will recall that tariff of abominations in 1828. South carolina and other states in the south are very angry about this. Clay fears that 45 is pushing it too much. Lets lower it a little bit. High enough still, but just a little bit in order to soften some of the opposition. The bill arrives on Andrew Jacksons desk. President jackson signed the bill. He signed the bill. It all sounds good. Well, South Carolina is not so pleased with this bill. South carolina nullifies the tariff of 1832. Why would they do this . It lowered the tariff. South carolina says not enough. Not enough. This tariff is on constitutional. We have a right to declare this tariff null and void. If you do not respect our nullification of this bill, of this tariff, we will secede from the United States. Unbelievable. What is going to happen . What is Andrew Jackson going to do . Calhouns and democrat. Well, jackson gets word of this and jackson could not be more furious with john calhoun. For jackson, this is an affront to his authority as president. Jackson signed the bill. Jackson says, quote, to say that any state may at pleasure secede from the union is to say that the United States is not a nation. Jackson asks congress to pass a force bill. This bill will permit the president to send 50,000 u. S. Troops into South Carolina. Jackson prepares the u. S. Navy. The u. S. Navy now off the coast of South Carolina. Jackson is ready to invade the state of South Carolina. What is going to happen . The notification crisis. We are on the brink of civil war over a tariff, who wouldve thought . Henry clay at the last moment, is desperate and passes a compromised tariff. In the midst of this crisis, a compromised tariff that lowers the tariff gradually over a tenyear period. By the end of ten years, and stages, the tariff will only be 25 . Between this compromise tariffs. In between jacksons forest bill, South Carolina backs off and accepts the tariff. Calhoun does not like jackson. He probably did not like jackson anymore than henry clay does. South carolina back soft. Jackson call their bluff. Just to prove a point though, the South Carolina legislature nullified the forced bill. Jackson said, okay whatever. Go ahead and do that. Henry clay looks jackson and says, well. I never thought i would say this, andrew, but thank you. Jackson goes, oh clay. Okay. Im not done cases, youre not dumb . What do you mean . What else is there . Jackson says there is one of the thing, the bank. Clay looks at him, the bank . Its funny you mention that andrew because i was thinking that maybe we go ahead and recharge this monica little early. We dont need to wait at the last moment. Its 1832, lets get going. Lets recharter this bank. You are on board with that right mister president . Jackson. I, Andrew Jackson are going to take this bank down. Henry clay cannot top it. You are mad. We jackson says, no, you are mad. We i cant believe you are doing this. Jackson looks at clay, weekly, how many times are you gonna run for president . How . Two times . Three times . Four times . Five times . How many times as a guy lose before he realizes that he cant win. You cant win, clay. I cant believe this is going on, you are bluffing. Im not bluffing, i am not bluffing. Im going to take this bank down if its the last thing i do, clay does not believe jackson. Congress is in uproar. All of a sudden, what is going to happen . Should we side with clay . Should we side with jackson . Should the bank be recharter . The number one issue on everyones mind. And jackson had enemies. Not just clay. The president of the bank himself, nicholas biddle. A man who really could not be more opposite from Andrew Jackson. They shared some things in common. They were determined, stubborn, bullheaded. Biddle was extremely welleducated. Jackson did not have a college education. The only president in our history except in George Washington who did not have a college education. Biddle, at age 10, admitted into the university of pennsylvania. Age 10. Five years later, biddle transfers to princeton university. At age 15. He is a genius. A financial wizard. He knows what he is talking about. That is also biddles downfall. He is elitist. He is arrogant. He is a bit pretentious. Because of that pretentiousness, he looks at someone like jackson and wonders if this is really going on. Jackson does not know anything he is talking about. He sees jackson as an unsophisticated dimwit he has no idea what he is talking about. The country in an age of jacksonian democracy, who are they going to side with . Nicholas biddle earned the nickname czar nicholas. Heres a cartoon, a projackson cartoon. It is a bit dated, zero have to forgive me. Old hickory and bully nick, going at it. Not only do we have nicola spittle, we also have an election coming up. Jackson versus clay. The president ial election of 1832. What an election. The drama. Look at this. Unbelievable. The future of the country. Financially speaking, hanging in the balance. You cannot find to greater opponents. Clay, inc. Clay pushes through congress that summer, just a few months before election day, a bill to recharter the bank of the United States. Why does he do this he says, i think jackson is bluffing. There is no way, in an Election Year that he will do something so risky and so ball as to reject a bill like this. Not the bank bill passes the house. The bank bill passes the senate. True the bank bill arrives at the president s desk. Law veto. Jackson stuns the world new me unleashing because he vetoes the bill. Now we have an election. This question of the bank is on everybodys mind. It is the number one issue. Everybody is talking not law about it, in here is another cartoon. Remember the hydra . That hydra of corruption. Jackson going up against that financial beast. It is a Hard Campaign for jackson. Nicholas biddle flexes his muscle. Nicholas biddle, on behalf of the bank, gives henry clay a 50,000 campaign donation. Quite a lot of money for those days. Not only that, but the onto bank for years already, has been funding and loaning money to newspapers all that press, all of a sudden, is piling on to jackson. Things look really bad. Onto what is jackson going to do . Is he going to win . Things dont look so good. Jackson is confident. In the midst of this trial, jackson says the bank is trying to kill me, but i will kill it. Jackson says he will kill it. What happens . The election occurs. Election day comes about. The victory for jackson. Jackson wins the election in a landslide. Clay wins five states. Jackson takes the bulk of the states. You will notice South Carolina refuses to vote for jackson in the middle of that nullification crisis. Jackson wins the election. From victory for the jacksonians. This cartoon in 1833. Pretty interesting cartoon just a little back story in graduate school i took a course we had to take an old photograph or an old black and white cartoon and we had to use photoshopped that id never used it before so i talk myself, and i really thought this cotton was interesting it is kind of in bad shape so i took this cartoon and did that. Not bad for a beginner, right . Look at the imagery in the cartoon. There, standing behind jackson, the common man, enthusiastically patting him on the back. The bankers, the financiers running away in fear. The newspapers, the press, all spread out on the ground. They have been defeated. Look at the demon face. Look at the columns, the falling columns. What is that all about . If you are familiar with the gospels, you will know there is this one time that jesus became violent. When was that . When jesus pulled out his whip and drove out the money changers from the temple. Jesus saying, get out of my temple to those moneychangers. Jackson, like christ, has driven the moneychangers out of the temple. This is a phenomenal victory for jacksonian democracy. But this is not over. 1833, you will notice the charter does not run out until 1836. Jackson says he has to put up with this bank for another three years . He couldnt do that. There is no telling what these guys would try to pull. Sure enough, jackson, after he wins the election, removes all federal deposits, all treasury deposits, from the bank, starving the bank to death, removing those federal deposits early and then transferring them to state banks. Projackson state banks. These projackson state banks by jacksons opponents are called pet banks. These are pets for jackson. The whigs are understandably very very furious with jackson. This is a whig cartoon. Look at that. King andrew the first, trampling on the constitution. Over stepping his constitutional authority. Born to command. Many people are opposed to jackson. Some democrats are opposed to jackson. They thought he had taken some dictator like steps. He was to king like they said. He is driving the bankers out. Order of the removal of public money deposited from the u. S. Bank. That is in reference to the removal of federal deposits. Years later when he was on his deathbed, jackson was asked what was his most proud, accomplishment . Jackson had four words i killed the bank. His proudest accomplishment. Sure enough, from 1836 to 1913, 77 years, no central bank. In 1913, the congress chartered a new central bank, a central bank called the Federal Reserve. This Federal Reserve, well we could teach a whole class on the Federal Reserve. In short, one of the countrys wealthiest financiers, jp morgan, just prior to his death, designed the Federal Reserve. The Federal Reserve pushed through congress. It prints our money. A mostly private bank. It prints the money. Nowadays what it does is it digitizes money creation more often than printing. It loans out the money, usually at 1 or 2 interest to leading banks, to goldman sachs, to jp morgan, to bank of america. Then they lend it out at a higher rate of interest, making profit from the the difference, from people like you. More often than not, they will lend it to hedge funds, to speculators, to equities and futures and derivatives. It is a very important institution. A cornerstone of the current day banking system. A cornerstone of the currency. If you look closely at a one dollar bill, it doesnt say u. S. Treasury note on the top. It says Federal Reserve note. Same if you look at a five dollar bill, or a 10 bill, or a 20 bill. Look at that. There he is. Wow, there he is. Andrew jackson himself. That is strange. What is he doing on that bill . Call me crazy, but that almost looks intentional. Am i right . Almost like a gotcha if youre a big game hunter and you kill big game, you take the head and mounted on the wall. Kind of like a trophy. Its kind of a trophy. Maybe i am wrong. Maybe they just forgot that jackson was totally opposed to everything that stood for. One way or another, a pretty interesting story. After jacksons presidency, the democrats win in 1836. Martin van buren defeats Daniel Webster. Van buren runs into some troubles a new financial panic sweeps the country. The panic of 1837. All those pet banks, the state banks that received those federal deposits, used those deposits, create new credit, over speculation and western land, there was a land bubble. The bubble popped in 1837. The democrats become extremely unpopular across the country. Now it is the whigsturn. In 1840, the whigs run against martin van buren. The whigs say they will play it safe and run a war hero. The hero of the battle of tippecanoe in 1811, William Henry harrison. Were also going to put on harrisons ticket a democrat. A democrat who was very critical of jackson, john tyler, who is a virginia planter. He was a jeffersonian, but thought jackson was too king like. Lets put a democrat on here, thats gonna be a safe and moderate ticket. They were right. Look at that landslide for the whigs. They overwhelmingly win the election. The first time, they control the house, the senate, the presidency. Henry clay rubbing his hands. He is ready to go. William Henry Harrison delivers his inauguration speech. A storm comes through washington, d. C. , pouring down rain. During the speech, in that rain, William Henry harrison, 68 years old, comes down with pneumonia and dies. One month later, unbelievable. Now, john tyler is president. Totally not what we planned clay says. That is ok, were going to tyler is not jackson, at least. We are going to push through a new bill. Clay pushes through a new bill for a bank. This time he calls it something different. The bank of the United States has been it a bit stained. He calls it the fiscal bank. It flies through the house, it flies through the senate. Gets on john tylers desk. Veto. Clay cant believe it. Vetoes the bill. All right, were going to try again. Clay pushes through another bill. This time, we wont even call it a bank. That is how much the country hates ranks. Theyre going to call it the fiscal corporation. Goes to the house, the senate, gets to the desk, veto. Clay cant believe this is happening. We are going to have to wait four more years. It is unbelievable we have to put up with this. They wait four years. Finally, clay says he is doing it this time. He cant trust anybody but himself. 1844, he runs for president against james k. Polk and loses the election. Poor, poor henry clay. That is the bank war episode. It is a fun episode. However you feel about the bank war. It is an interesting event. There was a darker side to jackson. A darker side to his presidency, a darker side to populism. Andrew jackson, during his administration, had one of the harsherst, cruelest events in u. S. History. That of course is the trail of tears, the removal of roughly 100,000 native americans from the old south west. Cotton is the big bad of the day. Cotton plantations spreading all across the south. Standing in the way of those cotton plantations are 125,000 native americans. The creek, the cherokee, the seminole, other groups. In 1830, both the whigs and the democrats pushed through congress with jacksons signature the indian removal act, giving the president permission to negotiate with Indian Tribes to remove them from the Old Southwest into a New Territory indian territory, what is today oklahoma. Jackson defends this by saying he wants to preserve indian culture. Indian culture is at risk. We are going to move them, forcibly, into oklahoma, where they will forever be able to live in peace. Of coarse, a few years later, settlers arrive in oklahoma and want that land as well. But jackson does run into an opponent. That opponent is the supreme court. In 1831, the cherokee sue the state of georgia. It goes all the way to the supreme court. Chief Justice John Marshall rules in favor of the cherokee. He says removing their land is unconstitutional. It looks like the plan is done. Andrew jackson, in typical manner, very jacksonian manner, responds to chief Justice Marshall and says Justice Marshall has made his decision, now let him enforce it. He completely ignores the decision and the indian removal goes through. The most infamous episode in this removal was the trail of tears in 1838, 1839. 15,000 cherokee and next lecture, we will look a little more at the cherokee civilization. They made a strong effort to try to comply. It was not enough. 15,000 of them were moved from georgia to oklahoma on a journey, on foot, that was 116 days. Terrible conditions. Roughly one in four cherokee die of disease or malnutrition. That is 4000 cherokee. Just to give you an idea. There is the route of the indian removal. Just to give you an idea of how bad things were. There was a confederate soldier after the civil war and he had this to say he said, i fought the war between the states and i have seen many men shot, but the cherokee removal was the cruelest work i ever knew. In conclusion, what can we say about jackson . What can we say about democracy . What can we say about populism . There are a lot of lessons here. I think democracy can do a lot of good. Democracy can do a lot of good. Populism can do a lot of good. Strong personalities can do a lot of good. But all three of those things can also do a lot of bad as well. Populism or a jacksonian style democracy is risky. It is almost like rolling the dice. You do not know how it is going to turn out. Things could happen that are good, but you dont know. Most of the time, people dont go for populists. But during times of uncertainty, but during times in which there is a sense that there is a corrupt elite system, that often will give an avenue to populists, good or bad, demagogue or wellmeaning. That avenue can often be exploited. You have to be careful. You have to be very careful in moments like that. Jackson, what we make of him . I am not sure. Interesting guy. Definitely an interesting guy. Next class, we have a new republic. The republic of texas. The republic of texas is going to apply for statehood in the United States. That is going to call its own controversy. That does it. Enjoy your weekend. I will see you on monday