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US billionaires know capitalism is broken — and now they’re worried about a revolution

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The spate of far-left and far-right politicians being elected to office in the United States arguably speaks to a deep public distrust in how the political and economic system has failed average people, and focused all of its energy on the priorities and whims of a small class of billionaires.

A new deep dive by the Washington Post suggests that U.S. billionaires themselves are acutely aware of this divide — and are fearful that it could bring about the end, or at least the radical transformation, of American capitalism itself.

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Tech billionaire Greg Larsen, for example, is reportedly worried that hot spots of business and investment like Silicon Valley are soaking up all the wealth. “It seems like every company in the world has to be here,” he said. “It’s just painfully obvious that the blob is getting bigger” — and he and Rep. Ro Khama (D-CA) fear this is politically unsustainable.

This sort of concentration makes American communities less livable — both communities that are being “left behind” with no jobs, and the communities like Silicon Valley that are gaining all the jobs only for the cost of living to skyrocket and become unaffordable for working people.

Nor is that the only potential issue. As technological capital increases and automation threatens huge segments of the economy, some entrepreneurs like OpenAI chairman Greg Brockman worry we may reach a point where human labor becomes unnecessary for the economy, and we may have to switch to a system where the government distributed profits directly to nonworkers through universal basic income for their survival.

Brockman compared it to the consumption of meat: “Once we have meat substitutes as good as the real thing, my expectation is that we’re going to look back at eating meat as this terrible, immoral thing,” he explained. Similarly, perhaps one day “we’ll look back and say, ‘Wow, that was so crazy and almost immoral that people were forced to go and labor in order to be able to survive.'”

All of this, however, is making billionaires like investor Seth Klarman uneasy. “I think we’re in the middle of a revolution — not a guns revolution — but a revolution where people on both extremes want to blow it up,” he suggested of politicians proposing huge transformations of the capitalist system like Sen. Elizabeth Warren (D-MA), “and good things don’t happen to the vast majority of the population in a revolution.”

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After bombing in #DemDebate internet changes Mike Bloomberg’s ‘death’ date on Wikipedia

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Someone online changed former Mayor Michael Bloomberg's information on Wikipedia during the Wednesday debate to say that he died on Feb. 19.

After being ripped to shreds during the MSNBC Democratic debate, it became clear that Bloomberg wasn't quite as prepared as the other Democratic candidates.

The Wikipedia article was also changed to indicate that his cause of death was Sen. Elizabeth Warren (D-MA).

https://twitter.com/joshrobin/status/1230333066280886273

Bloomberg had several unfortunate moments, namely his refusal to release female accusers from nondisclosure agreements, he came out in favor of fracking, he blamed India for China's involvement in climate change, and many many more things.

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Internet slams ‘cringe-worthy elitist’ Mike Bloomberg for saying he’s too rich to use TurboTax

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At the Democratic presidential debate in Nevada, former New York City Mayor Michael Bloomberg stumbled after being asked when he will release his tax returns, when he suggested that he "can't go to TurboTax" because he's too wealthy.

Moderator: "You've said you'll release your tax returns, but why do Democrats have to wait?"

Bloomberg: "We do business around the world. The document will be thousands of pages. I can't go to TurboTax."

😂😂😂#DemDebate

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Trump wants Ric Grenell to keep his ambassador job while also overseeing every intelligence agency: report

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On Wednesday, President Donald Trump was reported to be planning to appoint U.S. Ambassador to Germany Richard Grenell to serve as acting Director of National Intelligence — a position for which he has zero qualifications. The move raised immediate fears, given that Grenell is a hardline Trump loyalist.

But it doesn't stop there. Reports also suggest that the president intends for Grenell to keep serving as Ambassador to Germany at the same time as he is overseeing every U.S. intelligence agency.

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