Beware of American Oligarchs

 Americans have been warned about the corruption of Russian oligarchs. Robert Reich warns about American oligarchs in his Guardian op/ed piece Beware of this deadly mix: oligarchic economics and racist, nationalist populism.

America’s oligarchic wealth, meanwhile, has reached levels rivaling or exceeding those of Russia and China. During the pandemic, America’s 745 billionaires increased their holdings by 70%, adding $2.1tn to their wealth in just over a year.

A portion of this wealth is going into politics. As early as 2012, more than 40% of all money spent in federal elections came from the wealthiest of the wealthiest – not the top 1% or even the top tenth of the 1%, but from the top 1% of the 1%.

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 The combination of oligarchic wealth and racist nationalism is treacherous for democratic institutions in the US and elsewhere. Capitalism is consistent with democracy only if democracy reduces the inequalities, insecurities, joblessness, and poverty that accompany unbridled profit-seeking.

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