What an oligarchy is, and why Biden's farewell address is a wake-up call (Video)

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Outgoing President Joe Biden delivered a sobering farewell address on Wednesday, warning that American democracy was slipping toward what he called an “oligarchy.” Biden's comments pointed to the growing influence of the super-rich, especially technology billionaires, who he said are wielding unchecked power over state institutions and public life. Video “Today, an oligarchy of extreme wealth, power and power is taking shape in America,” Biden said in a televised address from the Oval Office: “The influence of the oligarchy does threaten our entire democracy, our fundamental rights and freedoms. .” But what exactly is an oligarchy? Why does this word make headlines in the context of modern America? What is an oligarchy? Simply put, an oligarchy is a system in which power is concentrated in the hands of a small elite. The influence of these elites often comes from vast wealth, corporate interests, or political connections. Unlike a democracy where power belongs to the people, an oligarchy prioritizes the interests of a few over the needs of the majority. While oligarchy has historically been associated with governments like ancient Sparta or modern Russia, Biden's comments suggest he sees a similar situation developing in the United States. His reference to the “tech industrial complex” highlights the dominance of Silicon Valley billionaires such as Elon Musk, Mark Zuckerberg and Jeff Bezos, who have amassed extraordinary wealth and influence. -Industrial Complex,” highlighting the role of tech billionaires like Elon Musk, Mark Zuckerberg, Jeff Bezos and others in shaping political outcomes and public life. “Concentration of power,” Biden said In the hands of a few super-rich people. He made a thinly veiled reference to figures such as Musk, the world's richest man, who has publicly supported President-elect Donald Trump. Musk's super PAC reportedly spent $200 million supporting Trump's campaign Events. Other tech giants like Zuckerberg and Bezos are also increasingly getting involved in politics. For example: Mark Zuckerberg will co-host Trump's inaugural reception next week. Jeff Bezos has secured exclusive distribution and theatrical distribution rights to Melania Trump's new documentary through Amazon Prime Video. OpenAI CEO Sam Altman recently joined Meta and Amazon in donating $1 million to Trump's inaugural fund. Biden also blamed Meta. Waiting for social media companies to abandon independent fact-checking efforts, which he believes have fueled the spread of disinformation and created oligarchy in the context of climate change and disinformation In addition to the impact of technology, Biden also related the concept of oligarchy to Two other major issues are linked: climate change and the spread of misinformation. He warned that powerful corporate interests could try to undermine his administration's progress in combating the climate crisis. On misinformation, Biden expressed concern that Americans are being “buried under an avalanche of disinformation,” which he said can lead to abuses of power and undermine democratic principles. Legacy of accomplishments and warnings Biden's farewell address focused on Addressing these serious concerns, he also reflected on the achievements of his single term as president, highlighting job creation, infrastructure spending, health care advancements and leading the country through the COVID-19 pandemic. Feel the full impact of everything we do together,” he said. “But the seeds have been planted and they will sprout and blossom over the next few decades. Biden also celebrated brokering a ceasefire agreement between Israel and Hamas that takes effect on January 19, just one day before Trump announced the inauguration. He described the negotiations as his The toughest ever of my career. Like this: Like Loading… Subscribe to learn more with Baller Alert and get the latest posts delivered to your email.

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