I really loved this article, thanks for sharing.

This quote here rings so true "democracies because monarchs act as long-term caretakers of their realms, whereas democratic politicians are short-sighted,"

Every four years the pendulum swings from one extreme to another, all with high time preference thinking and pandering to no end to get every vote. Democracy is flawed to the core and this four-year swing brings out the worst in our society.

The point Hoppe's making is about incentives, which is what determines long-term outcomes. It's not really a counterpoint to say that particular monarchs were insane and high time-preference individuals.