Heather Cox Richardson, Dec 1
On Friday evening, the Wall Street Journal published an article about the Trump administration’s negotiations with Russia over Ukraine that illuminated the administration’s approach to the world at home, as well as overseas. Authors Drew Hinshaw, Benoit Faucon, Rebecca Ballhaus, Thomas Grove, and Joe Parkinson explained that the administration’s plan for peace was a Russian-led blueprint for joint U.S.-Russia economic cooperation that would funnel contracts for rebuilding Ukraine, extracting the valuable minerals in the Arctic, and even space exploration to a few favored U.S. and Russian businessmen.
Many of those business leaders have close ties to the White House.
“Russia has so many vast resources, vast expanses of land,” Trump envoy Steve Witkoff told the journalists. “If we do all that, and everybody’s prospering and they’re all a part of it, and there’s upside for everybody, that’s going to naturally be a bulwark against future conflicts there. Because everybody’s thriving.”
On ABC’s This Week this morning, Representative Don Bacon (R-NE), who sits on the House Armed Services Committee, said to host Jonathan Karl: “Putin’s the invader, he’s the dictator, he’s murdered all his opponents. But I just don’t see that moral clarity coming from the White House. We saw that Wall Street Journal article yesterday that many people around the president are hoping to make billions of dollars—these are all billionaires in their own right—from…Russia, if they get a favorable agreement with Ukraine. That alarms me tremendously. I want to see America being the leader of the free world, standing up for what’s right, not for who can make a buck…. I don’t want to see a foreign policy based on greed. I want to see it based on doing the right thing.”
There is far more at stake here than morality, although that is clearly on the table.
The Trump administration is replacing American democracy with a kleptocracy, a system of corruption in which a network of ruling elites use the institutions of government to steal public assets for their own private gain. It permits virtually unlimited theft while the head of state provides cover for his cronies through pardons and the uneven application of the law.
It is the system Russia’s president Vladimir Putin exploits in Russia, and President Donald J. Trump is working to establish it in the United States of America.
In the New York Times today, Cecilia Kang, Tripp Mickle, Ryan Mac, David Yaffe-Bellany, and Theodore Schleifer explored the story of David Sacks, an early technology entrepreneur with Peter Thiel and Elon Musk who now advises the White House on AI and cryptocurrency policy while investing in the companies that benefit from those policies. Sacks has brought Silicon Valley leaders, including the chief executive of Nvidia, into contact with White House officials. Shortly after, the government got rid of restrictions on Nvidia’s chip sales to foreign countries, a change that could net Nvidia as much as $200 billion.
Tom Burgis of The Guardian explained today how the Trump family is using its position in the federal government to advance its personal interests and enrich itself. Trump’s sons Don Jr. and Eric have thrown themselves into cryptocurrency, broken ground on new golf courses, and rushed through permissions for new buildings in foreign countries at the same time U.S. government policies over tariffs, cryptocurrency, and pardons, for example, seem to advance those interests.
“The Trumps’ most natural allies,” Burgis wrote, “first in business, now also in politics—have long been the rulers of the Gulf’s petro-monarchies, who see no distinction between their states’ interests and their families’.”
When New York Times reporters Ken Bensinger and David Fahrenthold published an article about Trump disclosing the donors who funded his transition to his second term a full year after promising to do so, they noted that the 46 individuals on the released list included billionaires and others who were later appointed to office. White House spokesperson Danielle Alvarez said: “President Trump greatly appreciates his supporters and donors; however, unlike politicians of the past, he is not bought by anyone and does what’s in the best interest of the country. Any suggestion otherwise is simply false.”
As wealth and power flow through the executive branch, Trump is overriding the rule of law that is designed to protect the rest of us from self-dealing by unscrupulous individuals. On Wednesday he commuted the sentence of private equity executive David Gentile, convicted in August 2024 of defrauding 10,000 investors in a $1.6 billion scheme that included securities and wire fraud. According to Kenneth P. Vogel of the New York Times, prosecutors said the victims were small business owners, teachers, nurses, farmers, and veterans: “hardworking, everyday people.” “I lost my whole life savings,” one victim wrote about his losses. “I am living from check to check.”
A judge sentenced Gentile to seven years in prison. He reported to authorities on November 14, was incarcerated, and was released less than two weeks later after Trump commuted his sentence.
There is a growing sense that an elite group of wealthy people is running the world without accountability to the law, and that the Trump administration is protecting and even advancing the people in that group. That sense is key to popular anger at the administration’s refusal to release the FBI files about its investigation into sex offender Jeffrey Epstein.
The documents from the Epstein estate released by the House Oversight Committee on November 12 showed a chummy friendship between Epstein and political, academic, and economic leaders eager to retain access to Epstein’s money, information, and connections even after he pleaded guilty to procuring a minor for prostitution.
MAGA voters backed Trump in the belief that he would hold such people to account, but it is now clear he is protecting them instead. Indeed, as Mona Charon of The Bulwark noted today, Trump’s ally Steve Bannon, whom Charon describes as “Trump’s consigliere, strategist, propagandist, and former senior counselor at the White House,” was on such friendly terms with Epstein that it was to him Epstein turned to scrub his public image after his initial guilty plea.
The realization that Trump is bolstering and protecting an entitled elite rather than defending everyday Americans victimized by them has dovetailed with this administration’s undermining of the economy, firing of civil servants, attacks on public health, and destruction of the nation’s social safety net to create angry references to “the Epstein class.”
Representative Ro Khanna (D-CA) explained to NPR’s Scott Detrow earlier this month: “[T]he Epstein class is a group of people with extreme wealth who have donated to politicians and been part of a system where they think the rules don’t apply to them, and they have created a system that has shafted a lot of forgotten Americans. That’s why Donald Trump ran and was central to his campaign. And many people, like Marjorie Taylor Greene and others, believe he’s become part of the swamp that he said he would drain. He’s forgotten the forgotten Americans he said he would stand up for.”
Unlike the robber barons of the late nineteenth century, today’s power elite is, as Anand Giridharadas of The Ink wrote on November 23 in the New York Times, a borderless network of people connected not to nations or their fellow citizens but to each other. They exchange nonpublic information and capital to enable the members of that group to control events, disregarding the effects of their decisions on those outside their network.
Josh Marshall of Talking Points Memo suggested Friday that the deep unpopularity of AI comes in part from the fact that it has become a symbol “of a society in which all the big decisions get made by the tech lords, for their own benefit and for a future society that doesn’t really seem to have a place for most of the rest of us.”
Popular anger at this “Epstein class” is sparking a political realignment. Democratic leaders have been hammering on how Republican policies benefit the wealthy at the same time that Trump’s tariffs send household costs upward and the Republicans’ budget reconciliation bill of July—the one Republicans call the “One Big Beautiful Bill Act”—slashes the social safety net and drives up the cost of health care premiums. The extraordinary demand for energy caused by the massive data centers AI requires has sent energy costs skyrocketing.
In November, voters turned away from the Republicans and toward the Democrats, expressing concerns about the economy and “affordability.” Chris Stein of The Guardian explained today how 33-year-old John McAuliff flipped a Republican seat in the Virginia House of Delegates in those elections. McAuliff attracted Republican voters by going door to door, talking with voters about data centers and the infrastructure they require and noting voters’ own rising electricity costs.
McAuliff told Stein that the rising prices are “essentially an artificial tax on everyday Virginians to benefit Amazon, Google, some of the companies with the biggest market [capitalizations] in human history. Which is not to say they don’t provide benefits to those communities, but we need to do a much, much better job of extracting those benefits, because the companies can afford them.”
Voters’ anger at the administration’s support for the Epstein class is now so palpable it has inspired some MAGA leaders to try to cast themselves as populist leaders standing against the wealthy who control the government, a stand that puts them at odds with the White House. “I’ve always represented the common American man and woman as a member of the House of Representatives which is why I’ve always been despised in Washington DC and never fit in,” Representative Marjorie Taylor Greene (R-GA) began her resignation letter.
In 1932, in a similar time of political realignment, New York governor Franklin Delano Roosevelt attracted voters across the political spectrum when he promised “a new deal for the American people,” with “more equitable opportunity to share in the distribution of national wealth.” “Let us…constitute ourselves prophets of a new order of competence and of courage,” he told the delegates to the Democratic National Convention when he accepted its nomination for president. “This is more than a political campaign; it is a call to arms. Give me your help, not to win votes alone, but to win in this crusade to restore America to its own people.”
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Notes:
https://www.wsj.com/world/russia/russia-u-s-peace-business-ties-4db9b290
https://www.politico.com/news/2025/11/30/don-bacon-moral-clarity-ukraine-00670982
https://www.chathamhouse.org/2022/07/what-kleptocracy-and-how-does-it-work
https://www.nytimes.com/2025/11/30/technology/david-sacks-white-house-profits.html
https://www.nytimes.com/2025/11/29/us/politics/trump-david-gentile-commutation.html
https://www.reuters.com/world/us/trump-frees-former-gpb-capital-ceo-after-biden-admins-ponzi-scheme-sentence-2025-11-30/
