Have We Reached “Peak Self-Glorifying Billionaire”?

have we reached peak self glorifying billionaire

Sumary of Have We Reached “Peak Self-Glorifying Billionaire”?:

  • summarized historian Arnold Toynbee’s study of the rise and fall of civilizations thusly: “Civilizations fail when their elites change from an admired dynamic creative class to a despised Establishment of corrupt rentiers, an entrenched governing class unfit to govern.
  • From the point of view of how systems fail to maintain dynamic stability, three factors pop out:1. Elites become too successful in sluicing the nation’s income, wealth and political power into their own hands.
  • 3. The elites ignore the intangible decay of leadership, the real-world dynamics of scarcity and over-estimate their own capabilities and the resilience of the system.
  • These policy extremes only push the system further out of balance in other directions, creating fatal synergies as mutually reinforcing imbalances pile up.
  • But the elite is blinded by their confidence and greed to these accelerating imbalances.

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