There’s nothing wrong with wealth.
Wealth is supposed to create a sense of responsibility. Andrew Carnegie understood this after he sold his Carnegie Steel in 1901. Thereafter he devoted himself to giving all his money away. MacKenzie Scott, formerly Mrs. Jeff Bezos, is doing that today. Bill Gates and Warren Buffett have promised to do that.
They do it to protect the system. In The Wealth of Nations, Adam Smith defended capitalism by positing that wealthy people would be inclined toward the common good. Some are. Others are not.
For every Carnegie there’s a Vanderbilt. The good news is that, after a few generations of profligacy, even a Vanderbilt fortune can run dry. Anderson Cooper is the son of Gloria Vanderbilt but he’s not a rich man. That’s a hopeful story.
The good news is that, so far, 2022 is giving me an 1898 feeling. David Traxel’s book on 1898 describes a nation facing a Populist uprising amid a progressive ferment. It describes a war that was blissfully short, a turning point because it brought to power a man who would get along with Wall Street.
The Progressive movement and Wall Street’s self-interest lined up perfectly. Few people understand this, even today. Utilities for electricity, telephony, for transport, for water and for natural gas, could only be created through regulated monopolies. The late 19th century’s efforts to create them in other ways failed. J.P. Morgan portrayed the evil trust king in the popular imagination, and Theodore Roosevelt the benevolent trust-buster. But they were working toward the same end. The result was today’s American cities.
Progressives today are focused on the Populist threat because it’s backed by oligarchs from an earlier age. Historians talk about “free silver,” but Bryan’s backers were racists and religious extremists. They were the same people behind Trump, who added some grifters and Russian influence. In the end, it still wasn’t enough, because the economic tide was running out, as it did for farming and Wall Street hooligans in 1898.
The defeat of Trump offers opportunity to Wall Street, to do what it did in 1898. Money today rains down from the clouds. Creativity generates wealth. It can come from anywhere, and the way to increase its supply is to let that happen. White, black, religious, atheist, gay, straight, immigrant, whatever.
Elon Musk is an immigrant. Tim Cook is gay. So what?
Tolerance is the way to wealth.
