5
#000000
#FFFFFF
oligarchy
'Dire for Democracy': Economist Explains How Trillionaires Are Threats to Human Freedom
"It is time to break decisively with the perverse logic in which retirees, the poor, or immigrants are expected to balance the budget, while the rich are to be allowed to live tax-free in their own parallel society. "
Jun 16, 2026
SpaceX CEO Elon Musk became the world's first trillionaire last week, and now a prominent economist is warning that his unprecedented wealth poses a grave threat to human freedom in the US and across the globe.
In a column published by The Guardian on Tuesday, Paris School of Economics professor Gabriel Zucman argued that Musk's enormous fortune is fundamentally at odds with a democratic system of governance because it gives him "the power to stifle competition, the power to shape public discourse, the power to influence policymaking, the power to buy elections, the power to stall social progress," and much else.
Zucman noted that wealth concentration is even greater now than it was during the original Gilded Age, as the top 0.00001% now have fortunes large enough to "buy 14% of everything produced in a given year in the US."
The economist added that while Musk—whose infamous destruction of the US Agency for International Development is projected to kill millions of people in the coming years—makes a particularly compelling villain, trillionaires would be a major problem for democracy even if they were of a more benevolent variety.
"No one should want to live in a society where one single individual can be worth $1 trillion, no matter their personal virtues," Zucman emphasized. "Such levels invariably skew power, distort markets, and sap our democratic ideals."
The best solution to this crisis, Zucman said, is to "create an unavoidable minimum tax on their wealth" that will "make it impossible for the super-rich to pay less tax than middle-class workers—a matter of basic equality before the law."
"It is time to break decisively with the perverse logic in which retirees, the poor, or immigrants are expected to balance the budget," Zucman concluded, "while the rich are to be allowed to live tax-free in their own parallel society. There cannot be a law more lenient for the rich and powerful than for the rest of us. If ever there was a time to act, it is now."
Zucman's thoughts on extreme wealth and democracy were echoed by Nobel Prize-winning economist Paul Krugman, who on Tuesday published an essay on his Substack page where he likened President Donald Trump's White House cage-fighting matches to the kinds of spectacles put on by Roman emperors before noting ominous similarities between the US today and the Roman Empire.
"While the causes of the decline of republican government and Rome’s eventual transition to one-man rule were doubtless complex," Krugman wrote, "there is broad consensus among historians that a key factor was the emergence of extreme inequality. A handful of men became incredibly wealthy from the spoils of Rome’s eastern conquests, and their wealth and power eventually became too great for the rules of constitutional, republican government to contain. Sound uncomfortably familiar?"
Gautam Mukunda, a professor at the Yale School of Management, similarly warned that Musk's newly minted trillionaire status was bad news for American self-governance.
In a Monday column published by Bloomberg, Mukunda pointed to the vast sums of money being spent by billionaires in US elections, which he noted "dwarf what candidates can raise themselves."
And like Krugman, Mukunda saw disturbing parallels between the US today and Ancient Rome.
"Marcus Crassus was the richest man in ancient Rome," he explained. "So rich that, by Plutarch’s account, he thought no man truly wealthy unless he could pay an army from his own purse. He spent that fortune bankrolling Julius Caesar and building the triumvirate that sidelined the Senate and, in fact if not in name, overthrew the republic."
Keep Reading
Show Less
'Nation is Not For Sale': Thousands of Albanians Protest Kushner Resort Plans in Protected Wetland
"Barbed wire cannot silence people," said one conservationist. "A protected landscape of global importance is under attack, and people are demanding an end to the devastation."
Jun 03, 2026
As President Donald Trump's son-in-law Jared Kushner moves forward with plans to build a luxury resort on one of the last untouched parts of the Mediterranean coast, thousands of Albanians have taken to the streets in protest.
On Tuesday evening, a throng gathered outside the office of Albanian Prime Minister Edi Rama in the capital Tirana, holding inflatable flamingos and signs reading "Nation is not for sale" and "I don't want Albania like Dubai," Reuters reported.
Kushner's investment firm, Affinity Partners, is seeking to build a €1.4 billion ($1.6 billion) resort on the uninhabited island of Sazan and around 10,000 hotel rooms and villas along a stretch of coastline near the protected wetland of Vjosa-Narta.
According to BirdLife International:
The area shelters over 70 endangered species and more than 200 bird species, including flamingos and Dalmatian pelicans. It sits on the Adriatic Flyway, a critical migration corridor for millions of birds traveling between Africa and Europe each year. The surrounding waters are among the last Mediterranean refuges for the Mediterranean monk seal, one of the world’s most endangered marine mammals, and a key nesting ground for the loggerhead sea turtle.
In February 2024, Albania's parliament amended its protected areas law to allow the development of luxury resorts. Just weeks later, Kushner announced plans to build in Albania, which spurred an investigation by anti-corruption prosecutors.
Kushner himself has not been accused of any wrongdoing, but protesters view the construction of the sprawling complex as a symbol of the country being sold out to powerful oligarchs without their consent.
"We have a protected area, but above all, our state has allowed construction work to continue without consultation and without transparency," said Klajdi Belo, an activist who attended a demonstration on Monday, told Euronews.
Activists have said bulldozers have begun tearing through the coastline and gravel has already been dumped on age-old sand dunes—damage that could take hundreds of years to repair. Meanwhile, a large barbed-wire fence has been erected, blocking public access to the beach.
Over the weekend, protesters assembled outside the barricades surrounding the development near the coastal village of Zvërnec.
"Don't defend the oligarchs!" one man was seen shouting into a megaphone. "Those are the citizens' properties!"
During these protests, a video captured an activist being dragged along the ground by a group of black-shirted security contractors.
"There is great public outrage over what is happening in Albania, but the spark was what happened in Zvërnec," said Arilda Lleshi, who said the man and others were there because they were "protesting against a fence that had been installed there illegally."
As activists have called for heavy machines to be removed from the protected area, Rama has said no amount of public backlash will lead him to abandon the project.
"Under no circumstances do we receive the stigma of being a country where investors are met with hostility," he said in a statement to Reuters. "There is absolutely no chance that the investment will stop as long as I am here."
Anouk Puymartin, head of policy for BirdLife Europe and Central Asia, said that it's not just the habitat of endangered species at stake, but the question of whether longstanding environmental protections can be shredded at the whim of the wealthy.
"Barbed wire cannot silence people. Thousands have taken to the streets of Tirana to defend Vjosa-Narta from destruction driven by private profit," Puymartin said. "A protected landscape of global importance is under attack, and people are demanding an end to the devastation."
Ivanka Trump, the US president's daughter and Kushner's wife, has come under scrutiny for her comments about the development project recently, which were blasted as "out of touch."
In a recent interview, the Trump heiress described being inspired to purchase the island of Sazan while vacationing there years ago: “We were on a friend’s boat, and we stopped for a swim. Effectively, that’s how we found it. We swam to the islands. We went on a hike, barefoot all the way, up to the top. And we were just captivated.”
She described the project of developing the island as part of an effort to "help realize its potential" and described it as "the culmination of all of my experience in real estate, all of my travel, a lot of reflection on how I want to live."
But Puymartin describes the project as an encroachment by private wealth onto land that was previously held for the benefit of everyone.
"Nature belongs to everyone, not a handful of investors," she said. "The horrendous situation in Vjosa-Narta shows why laws are crucial to protect both people and nature. But those protections mean little if governments fail to uphold them."
Keep Reading
Show Less
‘Super PACs Should Be Outlawed,’ Says Platner, as Pro-Collins Corporate Dark Money Pours Into Maine to Attack Him
"It's fascinating that the more money that goes into our political system, the less we talk about actual politics."
Jun 02, 2026
The super PACs pouring money into the US Senate race in Maine are doing a great job of proving Graham Platner's point.
As new reporting on Monday detailed the flood of dark money targeting his campaign, the Democratic hopeful in recent days has put a spotlight on the super PACs, which he says have created a political system dominated by corporations and wealthy donors who want to distract from the serious issues and struggles faced by everyday voters and working families.
"I think it's very telling that a political system that has become controlled by money, controlled by the power of organized money, is also a political system that is trying to convince all of us down here that policy and discussions around what government can or cannot do is not what they want to talk about," Platner said during a conversation with Sen. Bernie Sanders (I-Vt.), a longtime critic of super PACs, posted to social media.
"It's fascinating that the more money that goes into our political system," he continued, "the less we talk about actual politics."
"I agree with Senator Sanders: Super PACs should be outlawed," said Platner.
On Monday, Sludge reported that a pair of shadowy nonprofits "with no public presence and no disclosed staff" have dumped at least $750,000 into a super PAC supporting Platner's opponent, the five-term incumbent Republican Sen. Susan Collins, according to Federal Election Commission (FEC) filings.
Condorcet Initiative Corp. has given $500,000 to Pine Tree Results PAC across two separate donations, including $250,000 on May 1 that was disclosed in a filing reported to the Federal Election Commission last week. Ardleigh Impact Corporation contributed an additional $250,000 in April.
The PAC has spent nearly $4 million on attack ads against Sen. Susan Collins’ Democratic challenger Graham Platner, according to FEC data.
The two nonprofits are both described as shell-like entities linked to the same address in Springfield, Virginia, belonging to Republican political consultant Staci Goede.
The groups are part of a much larger network and have poured a combined $9 million into GOP-aligned PACs since 2024, including in four competitive Senate races in this coming cycle.
Goede, meanwhile, is the treasurer or officer for at least nine different nonprofits "that span Republican Senate campaigns, pro-Israel donor pass-throughs, and issue advocacy groups," according to the report.
The Campaign Legal Center has filed a complaint against Ardleigh, arguing that the nonprofit, which contributed an astonishing $2.575 million across six federal committees in its first three months of existence, was being used as a straw donor to conceal the identities of one or more rich benefactors.
The source of the $750,000 aimed at Platner remains unknown. But the Pine Tree Results PAC is already known to have a slate of wealthy backers from the commanding heights of finance and tech, including Blackstone CEO Stephen Schwarzman, hedge fund founder Paul Singer, and Palantir CEO Alex Karp. The fund has also taken in contributions from an affiliate of the tobacco giant Altria and from the far-right news company Newsmax.
According to a FEC data, it has raised more than $16 million to help Collins ward off a challenger in 2026, which will almost certainly be Platner.
While the potential use of straw donors may present legal issues, the use of super PACs by wealthy backers to dump unlimited sums behind their preferred candidates is unquestionably legal under federal campaign finance law.
As of March, super PACs funded by crypto, artificial intelligence, pro-Israel donors, and outside groups had already spent more than $225 million trying to influence the 2026 election cycle, according to the Washington Post.
Platner has argued on the campaign trail that the unchecked ability of the wealthy to influence elections is a genesis point for the growing wealth gap between the rich and poor.
"The inequality we’re experiencing, it didn’t happen organically," he said at a recent campaign event. "We live in the outcome of policy written by establishment politicians who for 40 years have been doing the bidding of those who donate the most money to them."
The Pine Tree Results PAC had already spent nearly $4 million on ads attacking Platner as of May 20, according to FEC data. As Sludge's reporting notes, "Rather than engaging with policy, the ads are exclusively focused on personal attacks against Platner, digging up comments the candidate made online going back as far as 2013."
So far, attempts to mire Platner in personal scandal have done little to blunt the momentum of his populist campaign. A poll from the University of New Hampshire in late May showed him leading the incumbent by a nine-point margin among likely voters and other polls show similar advantages.
It can be expected that the PACs attacking Platner will make a meal out of recent reports from The Wall Street Journal and The New York Times that probe into the private details of his marriage.
But noting the failure of past attempts to drown Platner in controversy, Lever News founder David Sirota questioned in a piece on Monday if these sorts of "character" attacks even work in an age of politics defined by rapacious corporate greed and corruption.
He noted how Sen. Chris Murphy (D-Ct.) and Rep. Ro Khanna (D-Calif.) responded to recent questions from news outlets about whether Platner’s controversies mean he’s failed to “pass the character test.” Murphy responded that “character involves standing up to people who are bankrupting and corrupting this country,” while Khanna lauded Platner for “having the character to stand up against the war in Iran, against genocide, and against an unfair and lopsided economy.”
This response, Sirota said, hinted that the country could be entering a new political paradigm—"a reality in which many voters are so economically pulverized and politically disillusioned that they now define 'character' in a politician solely as whether or not they are single-mindedly focused on destroying oligarchy and ending corruption."
“It is, potentially, a new era in which voters who can’t afford anything and who feel totally ignored by their government have reimagined their entire definition of political 'character' on economic/anti-corruption terms—rather than on old definitions of personal moral rectitude,” he wrote. “In this potential new reality, the personal shortcomings of individual politicians—which often have little effect on voters’ actual lives—are less important and electorally salient than the policies those politicians support and oppose."
"And such a shift," he added, "would make sense in the current moment.”
Keep Reading
Show Less
Most Popular