F. Scott Fitzgerald wrote: “Let me tell you about the very rich. They are different from you and me.” A century later, we are living through a new Gilded Age—one marked not just by extraordinary accumulation of riches, but by a profound consolidation of power.
The scale is staggering. Today’s billionaires command fortunes measured in hundreds of billions, far surpassing the Carnegies and Vanderbilts. More critically, their influence now extends deep into the machinery of government. As one scholar put it, we’ve reached “peak oligarchic power”—a moment when the ultrawealthy no longer merely shape policy through donations or backroom access; they write the rules themselves.
In the 19th century, industrial tycoons bought influence, but none were invited into the West Wing. Today, figures like Elon Musk not only spend more on elections than anyone else but also gain unprecedented privileges in return—such as the ability to help dictate federal staffing or steer regulatory agencies that affect their own enterprises. The once-blurry line between private capital and public authority has been erased.
What once seemed the domain of foreign oligarchies has become undeniably American. The ultrawealthy no longer merely reside above the political fray—they operate within it, reshaping democracy to fit their interests. The idea that “we have rich people and other countries have oligarchs” has collapsed. In this new era, the American experiment faces a grave test: can a democracy survive when billionaires sit not only atop the economy, but inside the halls of power?
Guest:
Evan Osnos is an New York Times bestselling and National Book Award–winning author. Osnos is renowned for his in-depth reporting on politics, foreign affairs, and the dynamics of wealth and power. Since 2008, he has been a staff writer at The New Yorker, where his work has included profiles of global leaders and analyses of geopolitical events. His new book is The Haves and Have-Yachts: Dispatches from the Ultrawealthy.
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This discussion will be recorded on Tuesday, June 3, 2025.