Krugman recaps the rise of the "Centi-Billionaires" who dwarf all human wealth from previous eras. He notes that this era compares unfavorably with the Gilded Age in terms of wealth inequality. That's certainly something. This ties into the Citizens United ruling that unlocked the ability of the super-rich to exerts incredible influence on our elections. Would Trump have won had Musk not bought Twitter and turned it into a Nazi echo chamber? What are we to make of Bezos destroying the Post? The Ellisons destroying CBS?
Krugman notes that this is not solely about making money. The utility of spending all that money is not to make marginal gains. Destroying the Post and CBS is NOT good for their bottom lines. It has to be about the deep howling void in the center of their souls. Compare Bezos or even Gates to their ex-wives, who using their divorce riches to actively work to better the world.
When we look at the depredations of Trump and his cronies, it's not simply about getting more loot. Today, I start teaching authoritarianism in Comparative Government and one of the hallmarks of authoritarianism is (the poorly named) phenomenon of rent seeking. Elites use the government to exploit money and other forms of wealth for their own benefit. The make the government buy jets or house them, like Kristi Noem does. They rake in billions in crypto in return for gutting oversight - creating a potential time bomb in the heart of the economy.
When that happens - when Trump makes the IRS pay him $10 billion to settle a meritless lawsuit - the incentive, in fact the prerogative, is to never give up power. You can afford to leave office, because you will lose access to that money and potentially be prosecuted.
For the billionaires who support Trump, they simply cannot accept democratic control of their fortunes. They are self-identified Uber mensch. The rabble cannot touch them or thwart them. For Trump and his ilk, democratic accountability could lead to a reckoning from his many crimes.
Can they put this into action and end American democracy? We will know in about seven months.
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