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I want to tell you a story.

Miami, 1973.

An executive from a bank in the Bahamas is flying in to go on a date.

Wait, actually, I'm going to let Adam tell the Miami story.

Adam is my producer, who a few months ago I asked to look into the word oligarchy.

This concept that I hear about a lot lately, but I don't really understand what it means.

And we've been talking a lot.

Good afternoon, Adam why don't you take me through where you're at maybe

what this project really is is us weekly checking in about rich people for the rest of our lives

it could be do you mind if i burn some saudi incense

while we talk why we'll obviously sort of figure out what

like are you eating a bell pepper hole just like go miami 1973.

so this guy is the vp of a bank in the bahamas

and he is in town on business and

while he's there he has a date with this young woman

okay woman picks him up at the airport for dinner

but first they make a stop at her apartment where he leaves his briefcase

and what the man doesn't know is that the woman is a private investigator

and the friend who set them up is an informant for

the irs the us's tax collection agency he's an informant for a division of the irs

that back then was called the intelligence unit nice

so they get back in the car they continue on to dinner

and the friend who set them up the informant he enters a woman's apartment takes the briefcase

and brings it to some irs agents

and they start to photograph everything inside the briefcase once

they're done put everything back they send the informant back to the apartment with the briefcase

he leaves the briefcase there exactly as it was a couple comes back from their date.

Guy has no idea that anything happened, takes his briefcase, flies back to the Bahamas.

Inside those briefcase files, the IRS agents basically find exactly what they were looking for, which is a list of the bank's clients,

the people who are using this offshore bank in the Bahamas to evade taxes.

Okay.

And as they also expect, the list includes multiple known figures in organized crime.

But the vast majority of the hundreds of names on the list are not known criminals.

Instead, they realize that they are looking at a list of some of the richest people in America.

And the investigation becomes this historic turning point.

U .S.

investigators realized the degree to which the richest people in the U .S were moving

and hiding these massive amounts of money from the government in order to avoid paying taxes.

This intelligence unit basically realizes we've been trying to go after organized crime for tax evasion.

We haven't even touched the 0 .1 % in the country.

That may be where the big money is in terms of collecting these unpaid taxes, right?

So here's what happens next.

The IRS has a new director.

And when this new director learns about this investigation, he steps in.

He personally stops it from happening.

Whoa, whoa, whoa.

So the new head of the IRS doesn't like

that there is a crackdown on rich people hiding their money from the government?

This is like a former elite tax lawyer.

And he basically is like, this is not a proper use of the IRS's resources.

We shouldn't be spending all this time going after rich people.

I'm shutting it down.

And not only am I shutting it down, the intelligence unit is getting refocused and renamed.

It's now going to be called the Criminal Investigation Division.

In other words, we're going to be focusing on like typical crime, not ultra rich tax evasion.

The U .S decides at the very top, basically to turn a blind eye to the ways that the ultra -rich are avoiding taxes.

Whoa.

In 1973, the year of that Miami briefcase heist, the richest 0 .1 % of Americans had 9 % of the country's wealth.

Today, they have double that.

A group of Americans that would fit inside a double -decker bus has as much money as half the entire population.

And listen, I understand that the super rich live in a completely different universe.

We've made one or several videos about that.

But today we're gonna do something else.

We're gonna understand why it's so hard to change.

The very weird reality is whether we vote for liberals or conservatives, the world keeps getting more and more lopsided not less

and I know you know this like you don't need

this chart to tell you you can feel it the richer getting richer

and you aren't and you feel like you can't really do anything about it so

that story about the briefcase we heard

it from this professor who like a few weeks ago sent us

this email he had just gotten done watching one of our old videos

and he sent us this like quick note really short quick note to let us know

that we left like a couple things out.

And yeah, that short note.

It was the video that we made about the creation of the U .S.

Constitution.

And basically what he wanted to tell us was

that there is another way to look at that story of the founding of the United States.

And in his words, it's the story of a clash between democracy and oligarchy.

Oligarchy.

I've been hearing this word a bunch lately.

I remember learning about it in school.

It comes from this root word olig, which means like few or small in number.

And arky, which means like to rule.

It's a system where a small group of people rule.

My other association with oligarchy is like Russia.

Rich oligarchs who control

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Russia's industries, like telecoms and oil and whatever.

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And the reason we're hearing it all the time lately is because of these guys here in the U .S.

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Our billionaires, or more specifically, these centibillionaires, guys who have more than a hundred billion dollars, the richest of the rich in the entire world.

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Bezos, an oligarch.

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Zuckerberg, one of the oligarchs.

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Musk is an oligarch.

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But Adam is telling me that there's a deeper story here.

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If we want to understand oligarchy, they're like the tip of the iceberg.

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That there's actually something going on that is harder to see, but much more important to understand.

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And much more powerful than I ever imagined.

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And once you understand it, you start to see it everywhere.

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And help me out, what's everyone's favorite subject here?

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Money, alright?

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Okay, this is Kevin Trudeau.

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He was like a 1990s infomercial superstar.

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Mega Memory, featuring Kevin Trudeau.

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He was a best -selling author.

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He was a superstar pusher of quack pseudoscience, which is to say he was basically kind of a scam artist.

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Your wish is your command.

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Love that.

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He was sort of like a catch -all infomercial guy.

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He was a classic infomercial pitchman, basically.

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Knowledge is power, but only if you can remember it.

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And he is easy to laugh at, but he also got insanely rich.

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It's disputed, like, how much money he was actually worth, but, like, it's somewhere in the range of a few hundred million dollars is,

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like, what he eventually built this fortune.

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A few hundred million dollars in, like, what is this, the 90s or something?

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Yeah.

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He got real successful off these infomercials.

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He was a joke, but he was a rich joke.

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And eventually the U .S government caught up with him.

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The government sues him, and eventually they jail him and order him to pay back almost 40 million dollars.

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As this is all going on, before they issue that ultimate judgment of this is what you have to pay back, he knows what's coming.

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And he's like, must get money out of the U .S and into banks overseas.

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Every company needs accounts offshore.

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This is this guy typing this right before he goes to jail.

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And the government demands that he pays a bunch of money.

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So once the government does that, though, it's too late.

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His money managers have already moved all this money to Belize and Liechtenstein and Seychelles and Mauritius.

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Like, it's all gone, right?

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And it literally says in the filing, it was beyond the FTC's reach, beyond the government's reach.

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The United States just literally did not have the jurisdiction to touch.

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So he had been completely successful in hiding his money from the government.

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He said, I got no money.

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Okay, wait, this feels like we're talking about offshore tax havens or like hiding your money.

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I thought we were making a video about oligarchy.

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This is a fair question.

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We are talking about oligarchy, but not because Kevin Trudeau himself is an oligarch.

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It's kind of questionable whether he was, right?

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The reason we're looking at him this early in the story is because he gives us a very important feature of oligarchy.

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Which is what?

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It's that wealth, at a certain level, it can give you the power to evade your own government.

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And that idea is basically going to be what we look at for this entire first part of the story.

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Part one is going to be about the way that the ultra -rich use that power.

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which is they use it to stay rich.

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That is kind of definitionally what oligarchy does.

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How the rich use power to stay rich.

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And then part two is going to be this other question.

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We're going to step back a little bit and we're going to ask sort of, okay, this is what oligarchy looks like.

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Why can't we, the people, seem to do anything about this, right?

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Like we live in a democracy, we have power.

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Why does the power of the rich seem so ingrained that it seems like our political system cannot change that?

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And that's going to require us to look back in time a couple hundred years.

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Okay, so why the system has such a hard time reining this in?

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So first is the machinery that makes that happen, a .k .a the people who helped Kevin Trudeau move all that money.

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Because they, those people, they were part of something big and important.

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Something that scholars call this wealth defense industry.

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Wealth defense industry.

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Wealth defense industry.

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The wealth defense industry.

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A loose network of millions of lawyers, accountants, lobbyists, tax experts, political operatives, money managers, think tanks.

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As state planners, all working for one simple goal, to keep the government from taking rich people's money.

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You don't like taxes, you don't like certain policies,

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you move around the globe and the wealth defense industry offers all of those services to be able to do that.

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That's Jeffrey Winters.

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He's the guy who emailed us, literally wrote the book on oligarchy.

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Has a new book that just came out that is about oligarchy today.

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A lot of the stuff in this video is coming from Winters' new book on oligarchy.

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It's called The Blind Spot.

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We did read more than one book for this video, but Winters is kind of the oligarchy guy.

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And he has kind of a unique way of thinking about oligarchy.

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And it starts with this idea that wealth doesn't buy you power.

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Wealth is itself a type of power, if that makes sense.

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People are empowered in different ways.

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And one of the ways is concentrated wealth.

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Those people who are empowered in that way are oligarchs.

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This is like a different definition from what a lot of modern scholars would tell you.

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A lot of them will tell you more broadly, oligarchs are just people who are wealthy and powerful.

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Oligarchy is about the marriage of political and economic power.

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So the blending of political and economic power.

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But Winters is more specific.

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He says that wealth is power.

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And what that means is that we have to kind of shift what our idea of oligarchy is.

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Yeah, because, like, I'm starting this video, candidly, with what I learned in school.

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It's like you're learning about the different types of governments.

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Oligarchy is a type of government, we learn.

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It's the rule by a small number of people.

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He is saying you have to let go of

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that idea of a government ruled by a small group of people in two ways.

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Number one, it's not just anyone.

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It's not just a group of randomly selected 10 guys who are running a government.

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Oligarchy, this goes back to Aristotle, oligarchy is specifically about the rich.

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That's the first thing.

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Second thing is you don't have to be running a government.

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Oligarchy means rule, but that can just mean power.

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It can just be the power held by the rich.

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They don't necessarily need to be in an official role, but nonetheless exercise outsize power for their own personal interests, their own personal wealth.

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So if oligarchy isn't rich people running a government, what does it actually look like?

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So for the most part, it looks like this obsession that extreme wealth gives you.

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It gives you power, but it also gives you this specific obsession with protecting that power.

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Throughout history, if you have an enormous fortune, others are threatening it.

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Other oligarchs threaten oligarchs.

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So one way that the wealthy get much wealthier in feudal times, for example, is to knock off other oligarchs and take everything they have.

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In other words, oligarchs in these days had to do literal wealth defense, like physical.

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What happens in the modern state is that for the first time,

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all of the defenses of wealth and property are actually in place by an armed state.

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That's what's different.

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Oligarchs are willing to give up their role as rulers

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and being armed in exchange for a very strong guarantee from the state to do those functions,

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which allows oligarchs to appear as simply wealthy, not needing to be political, not relying on coercion.

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But just because the state technically is meant to protect your wealth and your property for you, it doesn't mean that your wealth is completely safe.

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States can be redistributive.

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They can use taxation and other kinds of policies to reduce the overall wealth of oligarchs and redistribute it in society.

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So historically, being an oligarch meant having to use your power to defend your wealth this way.

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Today being an oligarch still means using your power to defend your wealth, but now you're trying to defend it against this.

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Against the government trying to tax you.

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So my next question is, what does this actually look like today?

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Banking bombshell causing shockwaves around the world.

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Richest most powerful people on the planet.

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Hiding their money in an effort to avoid taxes.

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Global shadow financial system for the rich.

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Secret offshore accounts.

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Money laundering.

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Widespread corruption and tax evasion.

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Panama.

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Panama.

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Panama.

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Panama.

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Panama Papers.

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Panama Papers.

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I remember the Panama Papers story breaking like a decade ago.

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Yeah, it was huge.

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And I think the reason that I didn't understand it is it was necessarily a very complicated story.

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It involved the analysis of just like terabytes of data and the mapping of connections.

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The Panama Papers were the leech documents of this one company based in Panama.

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They were called Mossack Fonseca, basically a one -stop shop for wealth defense.

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They served lots of different types of people.

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So there were criminals among their client base.

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There were also politicians.

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There were also like just regular old millionaires, right, who wanted to like use them to set up a trust or something.

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But a huge part of their client base was oligarchs.

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The key thing about tax avoidance is you can only afford to do that once you've amassed a certain amount of capital.

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An echelon of services that is only available to the richest of the rich.

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At the core of what these sort of major players in the wealth defense industry are doing, it's actually not that hard to understand.

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If you imagine any kind of asset, it can be money, it can be property, it can be stock or whatever.

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The government can only tax an asset if it knows who owns it, because you can't tax nobody.

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And so the job of the wealth defense industry is to muddy the link between an asset and its owner.

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You can see the asset, but you don't know who owns it.

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And you can see the rich person, but you don't really know what they own.

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The point is that the connection between asset and owner runs through a maze that is impossible to navigate.

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The webs are different every time.

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These shell companies, you can't emphasize how important they are to everything from campaign finance

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and financial secrecy and offshoring to the rise of oligarchy.

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They are this kind of core ingredient that touches on everything.

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It sounds like this is supposed to be shadowy and difficult.

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I would love to understand at least a teaspoon of how these people hide their money.

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So it's the whole thing here is that it's complicated.

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This is sort of like what somebody laid out on a napkin for me.

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On a basic level, you have investors or limited partners and there's city fund administrator.

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All of this comes down to a Cayman.

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Cayman?

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Right.

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There's a management agreement with an investment manager.

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It's a subsidiary in Hong Kong.

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Private placement memorandum.

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It's structured to have investments in Russia, Africa, Ukraine, Southeast Asia.

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Every single person only has a view of the structure that they worked on.

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Okay, well, I didn't understand any of that.

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Okay, so they're hiding their money.

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They're doing it super well.

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How much are we talking here?

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The amount of money that governments around the world basically don't get to collect in taxes globally, it's about half a trillion a year.

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Right, and that's not the amount of money that's like offshore.

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Bad amount of money is like, you know, between 10 and 15 trillion right we're just talking about like the money

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that would be generated by that money that governments could collect in taxes

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that they could use to fund programs to help their people half a trillion every year

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they're losing out on in the u .s alone it's in the neighborhood of like a hundred billion

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that we miss out on every year it's not remake the united states government money

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but it is a couple government agencies several times over

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and in 2001 they determined that the average american is paying 15 percent more in taxes

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because of the taxes the ultra -rich aren't paying the whole problem is anything that's that's not being paid

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that should be paid i mean that's basically what the honest taxpayer is making up

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which basically means that everybody is paying 15 more that's 25 years ago

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and i got news for you ultra -rich pay less in taxes than they did 25 years ago

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so that number is almost certainly more than uh 50 today

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so we pay more in taxes because these guys hide their money from the government well

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now to be 100 clear wealth defense encompasses like a lot more than just tax evasion

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when these guys do wealth defense

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it does look different right like the world's 40th richest guy very rich billionaire the state

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that he lived in was going to raise taxes on the rich

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he spent a few million dollars on an ad campaign to defeat the law

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it worked now he pays way less in taxes because of it

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or there's this australian mining billionaire australia put a new tax on mining so he started his own political party,

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got a few people into parliament, parliament repealed the tax.

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These things are wealth defense too, but they are like one part of it.

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And what Winters and people like him say is that the oligarchs,

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the people whose wealth gives them power and whose power they use to defend their wealth, right?

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It's not just Bezos and Zuckerberg.

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It's a class of thousands upon thousands, most of whom you have never heard before.

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Not long ago, Elon announced that SpaceX is acquiring XAI, which could create the most powerful tech company in the world.

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And as a handful of billionaires continue to expand their influence across AI, media, and geopolitics, the line between corporate

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and government power is starting to blur in strange and kind of dangerous ways like we've never seen before.

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That's kind of why we're making this video.

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These shifts are happening incredibly quickly, and the stakes couldn't be higher.

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Who controls the technology?

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Who shapes the information we receive who actually holds the power

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and how the world is changing

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because of it has become harder than ever to follow through the noise

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which is why i've been partnering with ground news who's today's sponsor

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With that, let's get back to our story on oligarchy.

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I almost automatically had this picture of like, okay, this industry is doing so much damage to our society in a way.

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It must be masterminded by a few nefarious people by a cabal.

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And the bottom line is that if you want to picture like who are the workers in this industry,

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the best way to picture it is to go to Shutterstock and type in financial service worker,

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and that gives you the perfect picture of who is working in this industry.

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It's just this guy.

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Now we know what he's doing.

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He's just, he's setting up the shell company.

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Yeah, this one actually I think has a tough client because she gets kind of frustrated at this point.

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And probably like, if this pays well, which I imagine it does, you're actually attracting some of the best minds to go protect people's wealth.

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I mean, this is what Kimberly Hong told me, right?

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She teaches a lot of students who are there because they're like the smartest of the smart, not because they're the richest of the rich.

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And those people are like, listen, I'd love to work for a public interest law firm, but like.

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Even at the age of 21, they're like, well, how can I live a comfortable lifestyle?

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Well, to go work in the private sector, to lend your like talents and your brain to the private sector.

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And most students are pragmatic, right?

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And part of why I wanted to pull this stuff is that he just had a big idea.

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I mean, this guy just came up with like the thousandth iteration of the shell company maze structure

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that he came up with that day.

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These are not people who see themselves as doing bad things.

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And I don't know, maybe they aren't.

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These are just people with jobs.

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This is how I kind of look when I do my job.

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Many of the people that I study, they'll say, well, yeah, that's all true.

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But if the systems were different, I would do it differently.

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I'm just a cog in the system.

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Until the systems change, this is how I have to do business.

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These guys get really good at stuff and probably way better than the government gets good at enforcing stuff.

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The state in the United States now doesn't have the capacity to pay regulators the salaries

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that they can make in the private sector.

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So, the big lesson for me, the big reframe that I'm having right now is like,

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oligarchs are not just people who like buy elections and squash tax reform.

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It's actually a lot more vanilla.

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It's like people who can afford to hire these armies of wealth defense soldiers who help hide their money from taxes,

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like way more widespread and way quieter and way harder to actually see and track down.

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Right.

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And the thing that

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Winters wanted us to understand is that this level of wealth, it gives these people power whether or not they choose to use it.

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You can buy an election, you can make an effort to pay zero taxes, or you can not do those things.

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I would argue all of them are oligarchs, whether they're active or not.

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They can turn on that power anytime they want.

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And it's that capacity they have that we don't have, which distinguishes us from them.

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there's a youtube channel that has posted one viral video

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and never post it again they posted it in 2012

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you've probably seen it it basically visualizes how people believe wealth is distributed they believe

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that the top have more wealth but like around this much

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and then they believe that it actually should be distributed more like this

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and then the video shows how wealth is actually distributed whoa

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the question for me is like the majority of us are down here right why can't

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we do something about this yeah so this is where we got to talk about this study

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this is the study that we've already talked about in another video

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And when it came out in 2014, it was like a gigantic bombshell.

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Two political scientists looked at almost 2 ,000 policy cases over 20 years.

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They found that average citizens' preferences have essentially zero estimated impact upon policy change.

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To be clear, a bombshell among like 43 nerds at a conference in Southern California.

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Yes, it was covered by exactly one mainstream news show for about three minutes and then never spoken of again.

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But in the world of political science, this changed everything.

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OK, so let me show you what it actually says, right?

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What that middle chart is showing us is

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that for what they call economic elites or what you could call the ultra rich, the more that the ultra rich wants something,

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the more rich people want something, that's the horizontal axis, the more likely it is to happen in terms of policy decisions.

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So like if 100 percent of rich people want a certain policy thing to happen, you know, it's very, very likely to happen.

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There's a correlation between rich people wanting something to happen in terms of policy and it happening.

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And if you go to the top chart, that's showing that exact same thing, but for everybody else, not the rich people.

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And it's totally flat.

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It's like the more the average person wants it, it doesn't change the likelihood at all.

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It barely makes a difference in terms of policy outcomes what average citizens want.

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A sprawling data set highlighting this economic elite that is able to have all kinds of outsized influence on policy decisions,

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even if they're not politicians themselves.

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The problem with that is wealthy people's interests are not always aligned with the interests of ordinary people.

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You know, like mic drop.

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No kidding.

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This was a huge deal because basically the conventional wisdom in political science had been in a democracy, if something is more popular,

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it's more likely to happen.

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It's not a sure thing.

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But the more popular something is, probabilistically, it's more likely to happen.

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And this was basically saying, well, yeah, but if you pull apart the ultra -rich and everyone else,

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then you actually see that that's not the case.

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Is the implication here that, like, democracy is not a thing, that it's all fake?

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What the study is basically saying is it's not saying your vote doesn't matter.

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It's saying that your vote can matter as long as you're not in conflict with the ultra -rich on something.

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In other words, if the ultra rich all agree

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that they want something and all the everyone else agrees that they want something else, guess who's going to win pretty much every time.

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Right.

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But that's not every issue.

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There are a lot of issues on

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which the ultra rich as a class either don't care or they don't agree with each other.

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Right.

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And a good way to think about this is to sort of like visualize to picture the wealth pyramid as a triangle.

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In reality, it's more like it looks more like the Space Needle or the Eiffel Tower.

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You sort of have to like squish it like it goes like that.

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pretend it looks like a regular triangle, right?

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And sort of one way to think through different issues in society, different political issues, whatever, is that you can think about them as having A,

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a vertical dimension, right?

441

Which is to say, if the rich are at the top

442

and everyone else is sort of at the bottom of the pyramid,

443

the vertical dimension of some kind of issue is what deals with any kind of conflict

444

or trade -off between the very wealthy and everyone else.

445

The question of higher taxes on the wealthy is the most obviously vertical question in politics, right?

446

But issues can also have a horizontal dimension.

447

That is like something that deals with the differences among the rest of us.

448

Like abortion, religion, basically culture wars.

449

You might call it like the things on which we fight each other.

450

And the truth is that on these issues, on issues that have a heavy horizontal dimension,

451

we do have a lot of freedom to determine the outcome as voters.

452

They're like, you guys, fight about marijuana legalization.

453

As long as you don't talk about taxes, that's fine.

454

and it turns out keeping people heavily focused on that left

455

and right of you dimension who's getting what down the street

456

or at my place of work distracts them from an ability

457

to all say well instead of what divides all of us what actually unites us

458

and that is the fact that we don't have much

459

and others at the top have a lot immigrants are taking our job we have a problem with white supremacy.

460

This transgender movement, this LGBTQ.

461

The right -wing mob.

462

Our number one political enemy is women.

463

A lot of these

464

Republicans are dumbish.

465

The truth is that every single one of those statements is one that oligarchs are very comfortable with you making.

466

And it's not because they all represent the same political view.

467

They extremely don't.

468

But it's because of who they all don't point the finger at.

469

And what Winters would say is that that is the exact reason why our politics, as practiced by our leaders, as practiced by our media,

470

allows such an open playing field.

471

What's so unique about our era is that we have what I call participatory inequality.

472

We actually have real freedoms.

473

Democracy is not fake.

474

It's not a sham, but it's very limited.

475

Democracy is real.

476

Oligarchy is real.

477

They coexist.

478

We live in both systems at the same time, right?

479

It is a balance.

480

It's an old balance and if things are feeling different to you right now, if the last...

481

10 years, you're all of a sudden feeling like people who are worth $100 billion or more,

482

they seem like they're really everywhere and they seem to really be controlling everything.

483

And, you know, they're buying these political campaigns and they're standing behind the president at the inauguration.

484

If it feels new, what

485

Winters would actually say is that it's not just that oligarchy just showed up, it's that it's getting more obvious.

486

We're in a moment of what I've called in -your -face oligarchy.

487

It is so visible.

488

I think partly what's happening is that people are beginning to say there's something

489

that isn't horizontal about this there's something vertical about it

490

and the last time oligarchs have been this visible this clearly present

491

was the gilded age if you're still watching this video it means

492

that you're probably really into this stuff you really want to understand the world

493

and so do the thousands of members of our club called NewPress.

494

NewPress is a place where smart curious people come to get a deeper version of what we do here on the channel.

495

In -depth interviews with the experts that we talk to, conversations between our creators, and the ability to connect directly with other members to talk

496

about what's going on in the world with other smart curious people.

497

Right now it's 60 bucks a year to become a founding member of the NewPress Club.

498

That money goes directly to supporting this work.

499

You can go

500

Go check it out at newpress .com, the link's in the description, let's get back to it.

501

These guys, you may not recognize all of their faces, but you know their names.

502

Rockefeller, Carnegie, Vanderbilt, Duke.

503

These are guys who made huge amounts of money in oil, railroad, steel, banking, real estate, tobacco.

504

They built huge empires in these industries, like over a hundred years ago.

505

And in many cases, they consolidated full monopolies over these industries.

506

Basically the same dynamics that we're seeing right now.

507

Increased monopolization, lack of actual taxation or success in implementing taxation.

508

Lots of brand new technologies and businesses getting in on them, making some people incredibly rich all while there was very little government regulation.

509

And the wealth concentration that it produced was gigantic.

510

By the late 1800s, the richest 1 % of Americans owned half the country's wealth.

511

These were these era's oligarchs.

512

And their wealth defense wasn't these stock footage guys.

513

It was government corruption, paying off local judges and US senators and entire state governments to do their will,

514

which is why they became known as the robber barons.

515

Back then they used another

516

Greek word, plutocrats.

517

Today we use oligarch.

518

But all of this inequality and corruption and unconscionable labor practices, all of this poverty at the other end of the pyramid,

519

it eventually produced a backlash.

520

In 1877, railroad workers went on strike in West Virginia.

521

It turned into a massive uprising that spread almost to the entire country.

522

It was the beginning of years of mass strikes.

523

Labor agitation.

524

And then this wasn't just strikes, this also gave way to populist politics politics, people who came into government looking to reform the system.

525

The very visibility of oligarchs then generated a backlash,

526

generated a kind of politics of limiting the power of the few.

527

And in 1890, Congress finally passed a major anti -monopoly law.

528

And then in 1894, we got the federal income tax.

529

The federal government now has the power to take the money from the top

530

that is highly concentrated and redistribute it to the rest of the country.

531

This was a very big deal.

532

But here's what happens next.

533

Less than a year after the income tax law has passed, the US Supreme Court steps in and votes five to four that it's unconstitutional.

534

Struck down.

535

eventually the gilded age would give way to what we call the progressive era

536

when reformers gain more power in the u .s

537

and they try to right a lot of the wrongs of

538

the gilded age strong anti -monopoly laws campaign finance laws constitutional amendments

539

that let us vote directly for our senators for the first time

540

which we couldn't do that before

541

and finally we did get an income tax we had to do it via a constitutional amendment

542

that was 1913 nearly 20 years after congress had first passed it

543

and now look what happens this line is the income tax for the top earners in the country

544

and this line is the concentration of wealth among the 0

545

.1 percent the top 0 .1 percent in america watch what

546

happens okay play the graph look at this graph look look the income tax goes up

547

this huge wealth inequality goes down the golden age of american

548

capitalism 1950s 1960 1970s where a lot of people made a lot of money

549

but it wasn't concentrated to the same degree

550

that it is now okay let's just hang on i want to just go back

551

because we got the income tax and it fixed a lot of things

552

and it was transformative but i just want to like review part of that story 1894

553

congress passes the income tax it goes into effect

554

it becomes law 1895 supreme court overturns it says this is unconstitutional

555

so it's a five to four decision which means

556

that five men overturn the representatives of the entire country

557

and then it takes almost 20 more years like a whole generation passes before we're able to actually get

558

that lawed via a constitutional amendment, which is insanely hard to pass a constitutional amendment.

559

The only way to stop the Supreme Court, which had made this decision in favor of oligarchs, was to change the Constitution.

560

There was no other way.

561

And this is the thing that Jeffrey Winters emailed us about.

562

He wanted us to understand that the American system, where five men can overrule the will of millions like this,

563

this is very, very deliberately designed.

564

This is an example of how oligarchy is baked into the system to begin with.

565

And to understand what he wanted us to know about this,

566

we have to go back even farther in history to the beginning of the United States.

567

So here's Jeffrey Winters' email.

568

Short email, as we've said.

569

Real quick note, he dashed off.

570

Love this guy.

571

He had just watched this video about how the American federal government was designed.

572

And I would love if every viewer paused and went to watch that video.

573

But if you're not going to do that, all you need to know to understand the point that

574

Winters wants us to understand is sort of two things.

575

Number one, federal U .S government, it's split into three sections, right?

576

Congress, the president, the federal courts.

577

So Congress, bicameral, split into two houses, right?

578

Lower house, the House of Representatives.

579

This one is voted on directly by us.

580

We get to vote on who our representative is and they represent us directly in the House of Representatives, right?

581

The Senate, today, we do the same thing.

582

Today, we do vote for who our senator is.

583

But for the first 100 plus years of the United States, it was not that way.

584

The way it's written in the Constitution is the state government, the state legislature gets together and they decide this is who

585

New York's senator is going to be.

586

So it's not democratically elected.

587

It's decided upon by the state.

588

The president, chosen by famously the Electoral College, which today, again, has a connection to how we vote in each of the states.

589

But at the time, didn't really, It was supposed to be the electors,

590

a wise group of men who was going to decide who the president was.

591

And then you have the federal court system

592

and who the judges who sit in the federal court system are selected by the president

593

and they are confirmed by the U .S.

594

Senate.

595

And the second thing you have to understand is that for any law to exist in the American system, all these bodies have to align.

596

So both houses of Congress have to agree to pass a law.

597

If either of them disagrees, it doesn't pass.

598

The president can always veto a law that he doesn't like.

599

And the court system can always decide this is unconstitutional.

600

This law is actually not allowed.

601

So there's a lot of different ways a law can fail in the American system.

602

And what we learn about in school is that's called checks and balances.

603

Another way of saying that is that it spreads power around multiple bodies.

604

And this is what we say in our video.

605

Spread around so it doesn't get centralized around a king.

606

Yes.

607

But what Winters was emailing us about, what he was saying, is that if you look at who's actually choosing,

608

who gets to be in these different bodies within the federal government, distributing power among them is not really spreading power around.

609

Because only this one part of it is designed to be responsive to the democratic will of the people,

610

and the rest of them are chosen by other powerful people.

611

The Supreme Court's role is to make sure democracy can't do certain things.

612

And the function of the Senate is to block what the House does.

613

That's its historic function.

614

Winters' whole theory of the founding of the United States is that the Constitution, the American Constitution, doesn't spread power around.

615

It is consolidating power with rich people. So in that

616

Constitution video, I remember taking great pains to go into these transcripts and really emphasize what these guys were saying,

617

what they were saying in that room, to sort of tell our story.

618

And you're telling me that there's an alternative set of quotes

619

that tells this other story that these guys were actually designing an oligarchy.

620

What were they saying?

621

I'm curious what those are.

622

It's true.

623

Like, you can go into the transcripts of the Constitutional Convention and you can tell two different stories.

624

Which of those stories is correct?

625

They're probably both correct.

626

So let's look at this one, right?

627

So you have James Madison warning that, you know, under democracy, poor and working people — or as he says,

628

those who labor under all the hardships of life and secretly sigh for a more equal distribution — under democracy,

629

those people are going to outnumber what he

630

He calls those above the feelings of indigence.

631

So rich people, right?

632

And that power will slide into the hands of the former.

633

In other words, democracy might not give rich people enough power.

634

Or there's another one.

635

Another founder, he basically reminds his colleagues, guys, remember, a big reason that we created the Senate was to secure the rights of property.

636

There's another one saying the evils we experience flow from the excess of democracy.

637

I don't know if any of these things is a smoking gun.

638

But to me, what it sounds like it adds up to is they weren't just sort of like ideologically skeptical of a democracy

639

that hadn't been tried before.

640

They were specifically skeptical of regular working and poor people having too much power.

641

It is this idea of a tyranny of the majority, that you need to balance out the majority with something else.

642

And this is a core part of America's system of government.

643

And I don't think it's wrong.

644

It's just that

645

Winter says there's another way to look at it.

646

What he says, basically, is that is a big part of why it's important to talk about the U .S.,

647

even though oligarchy is a global system.

648

The United States in the 1780s set the model for how oligarchy and democracy were going to coexist.

649

Many of the limitations on what democracy could do were thought up, put in place institutionally in the United States.

650

And that really became a model for democracies around the world.

651

So, what Winters would call the oligarchy that's baked into our system, this idea that you can't have a tyranny of a majority,

652

that you have to have these tempering forces that counterbalance what the majority wants, we definitely exported that.

653

It coexists with a true democracy, with a place where regular people do have a voice

654

but there's a tension and a spectrum between oligarchy

655

and democracy that's like a slider that goes back and forth

656

and we as we've seen that one graph that dips down

657

when the income tax comes in and then comes back up we're just sliding back

658

and forth on that spectrum and again the point is not

659

that like oh the US is an oligarchy at heart no it's

660

that the US is both of these things and globally

661

if you live in a democracy you won't certainly live in a system that is both of those things.

662

The U .S is not unique in this sense.

663

We're Americans.

664

We like to talk about America.

665

But the U .S is also important to talk about in this story because of our role

666

in the formation of what modern democracies look like, our role in terms of the concentration of wealth that we have here, et cetera.

667

At our founding, in our source code, oligarchy is right there.

668

So is democracy.

669

But they're both there.

670

We have within our reach a far more healthy society

671

but inequality tears at the fabric of society it wears it thin

672

and it increases those conflicts horizontally among us okay

673

so now what like what does all

674

this mean what can we do about it first let me just state plainly what i see is wrong here

675

it may be different than what you see is wrong here,

676

but my read in all of this is that it's not actually bad to have rich people in a society.

677

Someone who invented something, started a business, whatever, fine, get rich, sell your stuff, get customers, get rich, buy cool stuff, whatever.

678

The problem I think we can all agree upon is that

679

when a small group of the top rich people in a country play by different rules to protect their money.

680

That's wrong.

681

That's unjust.

682

That's money that belongs to all of us according to our laws.

683

That's oligarchy.

684

Rule by a few in the interest of those few.

685

And it happens through all this boring paperwork.

686

It's invisible.

687

It's hard to track down.

688

And it's incredibly hard to change.

689

I teach a lot of 19 and 20 year olds.

690

And one of the things that scares me the most about that is if they think politicians are greedy and corrupt,

691

then they're not going to participate.

692

And if they don't participate, there are no

693

Democratic guardrails that prevent the rapid concentration of wealth and power in the hands of a few.

694

And I think that's precisely what oligarchs want.

695

They want like a paralyzed and cynical body politic.

696

But there actually are a few things that we could change right now.

697

First, we actually have laws that would help this.

698

So we have something called the Corporate Transparency Act.

699

It is a law on the books.

700

Like we have a law that actually bans anonymous shell companies.

701

It created a whole reporting system inside the U .S.

702

Treasury Department.

703

And then in 2025, the Treasury suddenly made a rule that every U .S company is exempt from it.

704

Simply having transparency in this realm would have been a massive setback for oligarchs.

705

Next.

706

Let our government actually investigate financial crimes of the ultra -rich.

707

Right now, the government can't really investigate super -rich people

708

because super -rich people have armies of wealth defense professionals hiding their money for them.

709

We just don't have enough resources to actually fight that fight.

710

So instead, the IRS ends up going after like your rich dentist neighbor, instead of going after the billions that are being stolen away by oligarchs.

711

Properly funding the IRS, an agency

712

that every single person in this country hates is actually something we should do so they go after the right people.

713

Experts also talk to me about a wealth tax, so let's not just tax income, let's tax the actual wealth of the richest people.

714

Average citizens are already paying a wealth tax.

715

It's called a property tax.

716

It's assessed by the government.

717

You pay it annually.

718

But listen, for this to really change, it's going to have to be something deep and structural,

719

something that changes in the DNA of our country, how our system works.

720

Much deeper structural transformations that would really change the way wealth,

721

power, and its political influence would be felt.

722

And Winters in particular can get kind of radical here.

723

One is eliminate all senates.

724

Now someone would say, how do you do that?

725

It's in the Constitution.

726

And what I'm saying is, during ruptures, things which one would think are not possible become possible.

727

I don't know if we need to go that far.

728

I don't know.

729

Maybe. Who knows?

730

But there is another way of looking at this, which is that we can also tell ourselves different stories.

731

Would it be possible to disrupt this link between being rich and being good?

732

So many people take for granted that you need to run the government like you run a business.

733

It's not true.

734

They're not the same things.

735

But remember, we've done this.

736

A version of it.

737

We've made this kind of change once before.

738

We were in a situation where a few rich unelected dudes controlled the whole society.

739

And look, we reversed it.

740

But you know what?

741

That didn't happen all at once.

742

It happened because for decades, people were talking about it.

743

They were clamoring about something being wrong, calling it out, stewing on solutions, not letting this be normal.

744

And then it took a catastrophe, a world war, a Great Depression, to create the opening for those ideas to actually take root.

745

The idea is that what seems absolutely ridiculous,

746

undoable, not feasible, is actually possible during crises, during ruptures.

747

And the key question is, are you ready?

748

Which means today we need to be looking at this stuff.

749

We need to be questioning it, questioning our beliefs about it, so that when the moment is right,

750

we will be ready to upgrade our society to one that is hopefully a little more equal and a little more fair here.

751

Stories like this one look very different depending on where you read them.

752

Ground News helps me see those perspectives side by side.

753

Go to ground .news .johnnyharris for 40 % off the Unlimited Access Vantage plan to see for for yourself.

754

Thank you.

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このレッスンの語彙とスピーキングのポイント

このスピーキングレッスンは、動画「Oligarchy is worse than you think」を教材にしています。繰り返し出てくる語は次のとおりです：rich, wealth, oligarchy。この動画には、シャドーイング用の文が607文、単語が8579語あります。音声の長さは48:14です。話す速さは1分あたり約178語で、日常会話に近い自然なペースです。単語の86%は英語の頻出3,000語に含まれます。残りは練習の前に確認しておきましょう。

この動画の重要語彙

動画に出てくる覚えておきたい単語15語を、発音と意味つきで紹介します。

単語	発音	意味
wealthy 形容詞	/ˈwɛl.θi/	裕福な, 豊かな
concentration 名詞	/ˌkɑn.sənˈtɹeɪ.ʃən/	集中, 集中力
asset 名詞	/ˈæsɛt/	資産
dimension 名詞	/daɪˈmɛn.ʃən/	面積, 寸法
offshore 形容詞	/ɒfˈʃɔː(ɹ)/	オフショア, 海外での
whoa	/woʊ/	どう, どうどう
defend 動詞	/dɪˈfɪnd/	守る, 防ぐ
shell 名詞	/ʃɛl/	殻, 貝殻
vertical 形容詞	/ˈvɝ.tɪ.kəl/	垂直の, 縦の
inequality 名詞	/ˌɪn.ɪˈkwɑ.lɪ.ti/	不平等
horizontal 形容詞	/ˌhoɹəˈzɑn.təl/	水平な, 横の
billionaire 名詞	/ˌbɪl.jəˈnɛɚ/	億万長者, ビリオネア
chart 名詞	/t͡ʃɑɹt/	チャート, 図表
curious 形容詞	/ˈkjʊɹ.i.əs/	好奇心の強い, 知りたがる
visible 形容詞	/ˈvɪzɪb(ə)l/	見える, 目に見える

動画に出てくる句動詞

単語	発音	意味
go back 動詞		戻る, 帰る
pay back 動詞	/peɪ bæk/	払い戻す
track down 動詞		追い詰める, 〜を見つけ出す
come out 動詞	/ˌkʌm ˈaʊt/	出る
get off 動詞		降りる
give up 動詞		降服する
go down 動詞		降りる, 降下する
go up 動詞		上がる, 登る

繰り返し練習したい文

動画に出てくる短く完結した文です。日常会話でそのまま使えます。

Why don't you take me through where you're at.
How much are we talking here?
Why can't we do something about this?
What can we do about it?
I don't know, maybe, who knows?

この動画の文法

話し手がよく使っている文型を、動画の実際の表現とともに紹介します。

文型	動画での表現
現在完了進行形 have/has been + -ing — 以前に始まり今も続いている動作	we've been talking · we've been trying · I've been hearing
条件文 if + 節, will/would + 動詞 — 条件とその結果	if the systems were different, I would do
現在完了形 have/has + 過去分詞 — 過去の出来事が今も関係している	haven't even touched · We've made · have already moved
受動態 be + 過去分詞 — 誰がするかより、何が起きるかに焦点を当てる	was called · are not known · be called

注意したい発音

話し手はdon't, they're, we'reなど、短縮形や弱形を138回使っています。聞こえたとおりの短い形で発音しましょう。

「th」の音: wealthy /ˈwɛl.θi/, thin /ˈθɪn/
「sh」と「zh」の音: constitutional /ˌkɒn.stɪˈtjuː.ʃ(ə)n.(ə)l/, concentration /ˌkɑn.sənˈtɹeɪ.ʃən/, dimension /daɪˈmɛn.ʃən/, offshore /ɒfˈʃɔː(ɹ)/, shell /ʃɛl/
長い単語（アクセントの位置に注意）: constitutional /ˌkɒn.stɪˈtjuː.ʃ(ə)n.(ə)l/, concentration /ˌkɑn.sənˈtɹeɪ.ʃən/, inequality /ˌɪn.ɪˈkwɑ.lɪ.ti/, horizontal /ˌhoɹəˈzɑn.təl/, incredibly /ɪŋˈkɹɛdɪbli/

日本語話者が苦手な音：

/r/ と /l/ の区別 — /l/ は舌先を歯茎につけ、/r/ はどこにもつけない: ultra /ˈʌltɹə/, horizontal /ˌhoɹəˈzɑn.təl/, incredibly /ɪŋˈkɹɛdɪbli/, necessarily /ˌnɛs.əˈsɛɹ.ə.li/, structural /ˈstɹʌk(t͡)ʃəɹəl/
/v/ — /b/ にならないように、上の歯を下唇に当てる: vertical /ˈvɝ.tɪ.kəl/, visible /ˈvɪzɪb(ə)l/, narrative /ˈnæɹ.ə.tɪv/, investigate /ɪnˈvɛs.tə.ɡeɪt/, vast /væst/
/f/ — 「フ」ではなく、上の歯と下唇で出す: offshore /ɒfˈʃɔː(ɹ)/, defend /dɪˈfɪnd/, graph /ɡɹæf/, fortune /ˈfɔːtjuːn/, emphasize /ˈɛm.fə.saɪz/

この動画での練習方法

まず声を出さずに動画を最後まで聞き、知らない単語をメモします。
まず0.75倍速で一文ずつシャドーイングし、慣れてきたら通常の速度に戻します。
自分の声を録音して元の音声と比べます。wealthy, concentration, assetなどの単語に特に注意しましょう。

シャドーイングとは？英語上達に効果的な理由

シャドーイング（Shadowing）は、もともとプロの通訳者養成プログラムで開発された言語学習法で、多言語習得者として知られるDr. Alexander Arguelles によって広く普及されました。方法はシンプルですが非常に効果的：ネイティブスピーカーの英語を聞きながら、1〜2秒の遅延で声に出してすぐに繰り返す——まるで「影（shadow）」のように話者を追いかけます。文法ドリルや受動的なリスニングと異なり、シャドーイングは脳と口の筋肉が同時にリアルタイムで英語を処理・再現することを強制します。研究により、発音精度、抑揚、リズム、連音、リスニング力、そして会話の流暢さが大幅に向上することが確認されています。IELTSスピーキング対策や自然な英語コミュニケーションを目指す方に特におすすめです。

シャドーイングのやり方: ステップ別の完全ガイドを読む →

シャドーイング練習: Oligarchy is worse than you think - 動画で英語スピーキングを学ぶ

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シャドーイングとは？英語上達に効果的な理由