Dear Geert—
Greetings from a Los Angeles that while no longer reeling from assaults like the devastating fires, appalling abductions by masked federal agents, and occupying troops, cannot be described as having recovered from these past ten months. Instead, we are numbed and in remove. Southern California feels very far from Washington where the lords of chaos flood the zone with shit every day. Yet, we feel equally distant from Northern California where the next round of techno-social disruption is being beta-tested, as well as from New York where both the stock market and mainstream media insist that the house isn’t on fire, it’s just the drapes. Meanwhile, on my home campus, even the Mediterranean climate and ever-present sunshine are insufficient to alleviate the existential dread of a 1.2 billion dollar fine demanded of us by the Trump administration. While we at UCLA hope for TACO (Trump Always Chickens Out), we’ve seen private Ivy League schools like Columbia, Brown, and Cornell shell out over 300 million dollars so far to placate the grift. I queried Google’s AI engine about how high a stack of one billion, one-dollar bills would be. It’s 100 kilometers, high enough to pass through the atmosphere’s Kármán line, and enter outer space.
This has made me think about the nature of vast wealth in the 21st century. It’s a commonplace that we’re in a New Gilded Age, but that doesn’t work as a metaphor anymore. Not when Trump hosts a Great Gatsby-themed Halloween party at Mar-a-Lago complete with hired showgirls vamping it up in rotating, human-scaled champagne coupes while the government was literally shut down and food assistance to the poor was being curtailed. Not when he has literally slathered the Oval Office with gold-plated kitsch. Trump is demonstrating that 21st century wealth is not “like” a gilded object, it “is” a gilded object. This in turn may explain something that perplexes me, an American with little exposure to royalty, but that may seem less head-scratching to Europeans with residual monarchies.
When I was growing up, I was fascinated by the idea of “fuck you money.” This meant that capitalism, or luck, or even theft could garner enough cash to tell anyone to go fuck themselves, that grit and moxie can triumph over bloodlines and connections. At the lower end of the economy, there was the outlaw country song, “Take This Job and Shove It,” a working-class classic about telling the boss to fuck off. The 1977 version by Johnny Paycheck has been on honky-tonk jukeboxes ever since, and stories abound of workers toting boom boxes and Bluetooth speakers to blast this anti-boss anthem through their workplaces as they quit. Further up the income ladder were Reagan era yuppies striving to be masters of the universe. The assumption was that if you were ferocious enough, and fully embraced greed, you’d become like Gordon Gekko, the slick haired plutocrat played by Michael Douglas in the Oliver Sone film, Wall Street (1987).
Hungry young associates dressed in padded shoulder suits and ties from Charivari not for the entry-level jobs they had, but for the power they wanted. The women striding to work in LA Gear sneakers with pumps in their attaches were right behind them, with their own champagne wishes and caviar dreams. The fantasy was to access the Lifestyles of the Rich and Famous, after a syndicated television show of that name hosted by an oleaginous Brit with the pitch-perfect name Robin Leach. The show ran from 1984-1994, in no small measure because Leach showcased the rewards of an all-consuming id, with his Gekko-adjacent subjects always giving—and never taking—orders. This sort of plutopornography was standard content for the Internet influencers of the aughts and teens and also focused on the freedom that wealth offers. Even if it’s just the freedom rent a studio that looks like an airplane interior—complete with artificial window lights—to host a fake-it-til-you-make-it photoshoot of a “private jet trip” to Vegas, complete with a posse. The entourage understands, even if they have to take a van to get to Sin City to shoot more content of their baller, high value lives.
Far above them is a ruling class literally richer than any in American, nay indeed, human history. Yet, we see that true autonomy for them is just as much a mirage as the influencers’ “private jets.” Here’s some numbers and actions regarding the three richest men in America as Donald Trump was installed in 2017 as the nation’s 45th president (call it T45): Jeff Bezos was worth 67 billion dollars and bought the Washington Post newspaper to go after the president-elect, giving it a new, anti-authoritarian motto, “Democracy Dies in Darkness.” Mark Zuckerberg, worth 55 billion dollars, hired whole teams of fact checkers to combat fake news and suspended Trump’s posting privileges on Facebook and Instagram on January 7, 2021, the day after the Capitol riot. Elon Musk, then worth 12 billion, publicly criticized the Republican National Committee for nominating Trump, reportedly called him a “fucking moron” in private, and resigned from two advisory committees over disagreements with the first term president.
In that first Trump term, I thought that each of these tech bros had enough billions to truly claim fuck you status. Yet fast forward eight years (T45 plus the interregnum) to 2025, and there’s a photo of the three of them sitting in a row yucking it up at Trump’s second inauguration as the nation’s 47th president (T47). Bezos is now worth 239 billion (personal wealth up by 250%) and has fired/retired dozens of the Post’s columnists and journalists to shift its editorial focus to the “support and defense of two pillars: personal liberties and free markets.” Bezos’ company, Amazon, donated $1,000,000 to the Trump Vance Inaugural Committee, Inc. Zuckerberg at 211 billion (up 283%) eviscerated his social media fact checkers, reinstated Trump’s accounts, and his company, Meta, matched Amazon, also donating $1,000,000 to the inaugural. As for Musk at 433 billion (up 3425%—no that is not a typo), the South African-born, Canadian-educated tycoon supported the reelection campaign with a quarter billion of his own fortune and became the returned strongman’s most visible plutocratic enabler. Things have moved so fast and so ruthlessly in less than a year, that we need to be reminded that the richest man in the world savaged the world’s poorest children during his disastrous helming of the Department of Government Efficiency. DOGE was a department that wasn’t a department, named after a speculative cryptocurrency, that was in turn inspired by a Shibu Inu dog meme that peaked in the early teens. All of this would be comic if it were funny, it would be tragic if any of the people involved had an interiority worth considering, but in the end, it was simply heartbreaking because so many suffered and so much damage continues to be done.
Bezos and Zuckerberg were joined in Washington by other non-MAGA billionaires almost too numerous to count, including OpenAI’s Sam Altman and Apple’s Tim Cook. Thus it was, during the T47 inauguration, Americans saw their wealthiest countrymen bend at the knee and kiss the ring of someone they had claimed to oppose and despise, and the one third of the electorate that is MAGA reveled at the spectacle of this subjugation. There’s a quote misattributed to the novelist John Steinbeck about why socialism never had much of a foothold in the U.S.: the poor in America see themselves as temporarily embarrassed millionaires. But what happened to that dream of fuck you money? Don’t these millions of embarrassed Americans lust for the chance to tell the boss to stuff it, move to the beach, and drink margaritas while raising their middle fingers to pencil-neck bureaucrats and penny-ante politicians? Apparently not anymore, as MAGA cheered the sight of obeisance and obedience.
Most people don’t give much consideration to the precarious relationship between money and power in autocracies. A few just-slightly-left-of-center media outlets like The Atlantic and The New Yorker pointed out the morphological similarities of Trump’s alliance with the tech bros to Russia’s Vladimir Putin and his ever-shifting cadre of oligarchs. Putin’s vassals, however, have an unfortunate habit of falling out of windows to their deaths when they put up even the slightest resistance to the Kremlin’s rule. Yet new money men are always waiting in line to cozy up to Putin, no matter the risk to their freedoms or their lives. Even the biggest moths are drawn to the flame because they confuse its light with the stars they use to navigate at night. That confusion often leads them to ruin, as they self-immolate in the fire. Billionaires, it seems, are just as thoughtless as moths.
As anyone familiar with the story of German industrial giants during the run-up to WWII should realize, great wealth gravitates towards might, and enormous wealth is remarkably comfortable when it’s next to absolute power. The Nazi party was in economic trouble in the early 1930s, and it was saved in large measure by the intervention of industrial giants like I.G. Farben and Krupp. Both companies became active supporters of Hitler’s regime and the Third Reich’s armed forces. Not coincidentally, Farben and Krupp executives were among the few civilians brought up on war crimes charges during the Nuremberg Tribunals after the victory of the Allies.
I have no idea how well-versed Bezos and Zuckerberg are about the fate of these C-Suite Germans, but we know that Musk thinks about the Third Reich a lot, too much, in fact. When he purchased Twitter, Musk reinstated Trump’s and other insurrectionists’ banned accounts, and then opened the service, now rebranded X, to Nazis, of both the neo- and paleo- varieties. There are now so many of them on X, that when he trained Grok, his AI chatbot, on his own site’s content, Grok started to refer to itself as MechaHitler and spewed antisemitic posts. Musk disavowed all of this as glitches and “satire,” because apology and empathy are dead to him. But do Bezos, Zuckerberg, and the other accommodating billionaires ever look at the high windows in their office complexes and worry? Are they certain that there will be no tribunals in the future, even that discursive one we call the judgement of history? Is there any amount of money that would give them the cojones to tell Trump, a septua-moving-on-octogenarian, and his ghoulish henchmen to go fuck themselves? The ratio of greed to courage in these men is appalling.
Since we’ve been talking about gelding and gilding, I’ll close with a metallurgical juxtaposition. In New York, lines of people queued up at Sotheby’s for a glimpse of Maurizio Cattelan’s sculpture, America (2016), before it sold at auction. In 2017, 100,000 people saw Cattelan’s functioning, 225 pound, 18 karat solid gold toilet when it was installed at the Guggenheim. I don’t think it was a coincidence that Cattelan, the Italian provocateur, chose to show his resplendent throne in New York on the hundredth anniversary of Marcel Duchamp’s Fountain. After Duchamp turned a urinal upside-down, signed it, and declared the object a readymade, he claimed that the “only works of art America has given are her plumbing and her bridges.” This comment came to mind when Trump asked the Guggenheim for a loan of a Van Gogh painting to hang in his private rooms during his first term. After they declined this request, one of the curators offered him the solid gold toilet instead. There is no record of a response from the T45 White House, but perhaps we can see in this anecdote an explanation for the vindictive fury with which T47 has treated America’s cultural institutions, including the national treasures in the Smithsonian.
After all this notoriety, America is worth far more than the four million dollars it would sell for by weight. The same cannot be said for the humble penny. A week before Sotheby’s auctioned off the golden toilet, the U.S. Mint in Philadelphia pressed the last copper penny, ending a tradition dating back to 1793, because it now costs almost four cents to manufacture each one cent coin (even after its composition moved to 97.5% zinc with a thin 2.5% copper plating decades ago). The end of the penny as currency augurs the end of the penny as a symbol of thrift and value. “Mind the pennies and the dollars will take care of themselves” and “a penny saved is a penny earned” already seems like useless advice to young people who inhabit a speculative economy revolving around cryptocurrencies, sports betting, and meme stocks. Unfortunately, the last word belongs to Donald Trump who told the Chicago Tribune in 1989, before T45 and T47 were a gleam in his eye, “Even if the world goes to hell in a handbasket, I won’t lose a penny.” Therein lies the problem in a gilded nutshell.