Billionaire Peter Thiel, hedge fund-manager, early Facebook investor, and co-founder and former CEO of Paypal, has written a little essay about his libertarian views for the libertarian blog Cato Unbound. We should note that Cato Unbound doesn’t identify itself as a blog, but a “state-of-the-art virtual trading floor in the intellectual marketplace, specializing in the exchange of big ideas.” Gosh.

But we digress. Enjoy an excerpt of Thiel’s political insights:

The 1920s were the last decade in American history during which one could be genuinely optimistic about politics. Since 1920, the vast increase in welfare beneficiaries and the extension of the franchise to women – two constituencies that are notoriously tough for libertarians – have rendered the notion of “capitalist democracy” into an oxymoron.

Read the whole essay here. Or, y’know, don’t.