One of the most interesting political battles in years is the furor over the Ex-Im Bank, which does not break along party lines. The opposition to reauthorizing this subsidy-granting federal critter is being led by Republicans who actually favor free enterprise and limited government and the opposition is laden with cronyist Democrats like the odious Chuck Schumer.

In his latest essay, historian Burt Folsom explains why we should be happy to see the Ex-Im Bank be terminated.