After Donald Trump won this month’s election, one of the first things he did was to name two unelected male plutocrats, Elon Musk and Vivek Ramaswamy, to run a new Department of Government Efficiency. The yet-to-be-created entity’s acronym, DOGE, is something of a joke—a reference to a cryptocurrency named for an internet meme involving a Shiba Inu. But its appointed task of reorganizing the federal bureaucracy and slashing its spending heralds a new political arrangement in Washington: a broligarchy, in which tremendous power is flowing to tech and finance magnates, some of whom appear indifferent or even overtly hostile to democratic tradition.

The broligarchs’ ranks also include the PayPal and Palantir co-founder Peter Thiel—Vice President–Elect J. D. Vance’s mentor, former employer, and primary financial backer—as well as venture capitalists like Marc Andreessen and David Sacks, both of whom added millions of dollars to Trump’s campaign. Musk, to be sure, is the archetype. The world’s richest man has reportedly been sitting in on the president-elect’s calls with at least three heads of foreign states: Ukraine’s Volodymyr Zelensky, Serbia’s Aleksandar Vučić, and Turkey’s Recep Tayyip Erdoğan. Musk joined Trump in welcoming Argentine President Javier Milei at Mar-a-Lago and, according to The New York Times, met privately in New York with Iran’s ambassador to the United Nations in a bid to “defuse tensions” between that country and the United States. Recently, after Musk publicly endorsed the financier Howard Lutnick for secretary of the Treasury, some in Trump’s camp were concerned that Musk was acting as a “co-president,” The Washington Post reported.

[Read: Musk’s Twitter is a blueprint for a MAGA government]

Musk doesn’t always get what he wants; Trump picked Lutnick to be secretary of commerce instead. Even so, the broligarchs’ ascendancy on both the foreign- and domestic-policy fronts has taken many observers by surprise—including me, even though I wrote last August about the broligarchs’ deepening political alignment with Trump. Though some of them have previously opposed Trump because of his immigration or tariff policies, the broligarchs share his politics of impunity: the idea that some men should be above the law. This defiant rejection of all constraint by and obligation to the societies that made them wealthy is common among the world’s ultrarich, a group whose practices and norms I have studied for nearly two decades. Trump has exemplified this ethos, up to the present moment: He is currently in violation of a law—which he signed into effect during his first term—requiring incoming presidents to agree to an ethics pledge.

Trump—who infamously said of sexual assault, “When you’re a star, they let you do it”—cites his celebrity as a basis for his elevation above the law. Many broligarchs also see themselves as exceptional beings, but arrived at that view through a different path: via science fiction, fantasy literature, and comic books. Ideas from these genres have long pervaded Silicon Valley culture; last year, Andreessen published a manifesto calling for “Becoming Technological Supermen,” defined by embarking on a “Hero’s Journey” and “conquering dragons.”

Superhero narratives also appear to inform many of Musk’s more eccentric political views, including his reported belief that the superintelligent have a duty to reproduce, and may help explain why in September he reposted a claim that “a Republic of high status males” would be superior to our current democracy. Last week, Musk likened Matt Gaetz, Trump’s then-nominee for attorney general, to Judge Dredd, a dystopian comic-book character authorized to conduct summary executions. Musk seems to have meant this as a compliment. He described Gaetz—who, until his resignation from the House, was under a congressional investigation in connection with an alleged sex-trafficking scheme—as “our Hammer of Justice.”

[Read: What Elon Musk really wants]

Whatever its source, the broligarchs’ sense of their innate superiority has led many of them to positions on taxation quite similar to Trump’s. In 2016, the Republican presidential nominee bragged about avoiding tax payments for years—“That makes me smart,” he crowed from the debate stage. The broligarchs have quietly liberated themselves from one of the only certainties in life. As ProPublica reported in 2021, Musk paid zero federal income taxes in 2018 and a de facto tax rate of 3.3 percent from 2014 to 2018, during which his wealth grew by $13.9 billion. Thiel used a government program intended to expand retirement savings by middle-class Americans to amass $5 billion in capital-gains income, completely tax-free. The Trump-friendly broligarchs’ political ascendancy turns the rallying cry of the Boston Tea Party on its head, achieving representation with minimal taxation.

In their hostility to taxation and regulation, the men who rule Wall Street and Silicon Valley resemble earlier generations of wealthy capitalists who enjoyed outsize influence on American politics. Even some tech barons who supported Kamala Harris clamored for the firing of Federal Trade Commission Chair Lina Khan, who favors vigorous antitrust enforcement. But the broligarchs are distinct from old-school American oligarchs in one key respect: Their political vision seeks to undermine the nation-state system globally. Musk, among others, has set his sights on the privatization and colonization of space with little or no government involvement. Thiel and Andreessen have invested heavily in creating alternatives to the nation-state here on Earth, including libertarian colonies with minimal taxation. One such colony is up and running in Honduras; Thiel has also invested in efforts to create artificial islands and other autonomous communities to serve as new outposts for private governance. “The nature of government is about to change at a very fundamental level,” Thiel said of these initiatives in 2008.

Cryptocurrency is the financial engine of the broligarchs’ political project. For centuries, states have been defined by two monopolies: first, on the legitimate use of coercive force (as by the military and the police); and second, on control of the money supply. Today’s broligarchs have long sought to weaken government control of global finance. Thiel notes in his 2014 book, Zero to One, that when he, Musk, and others started PayPal, it “had a suitably grand mission … We wanted to create a new internet currency to replace the U.S. dollar.” If broligarchs succeed in making cryptocurrency a major competitor to or replacement for the dollar, the effects could be enormous. The American currency is also the world’s reserve currency—a global medium of exchange. This has contributed to U.S. economic dominance in the world for 80 years and gives Washington greater latitude to use financial and economic pressure as an alternative to military action.

[Read: What to expect from Elon Musk’s government makeover]

Undercutting the dollar could enrich broligarchs who hold considerable amounts of wealth in cryptocurrencies, but would also weaken the United States and likely destabilize the world economy. Yet Trump—despite his pledge to “Make America great again” and his previous claims that crypto was a “scam” against the dollar—now seems fully on board with the broligarchs’ agenda. Signaling this alignment during his campaign, Trump gave the keynote speech at a crypto conference last July; he later pledged to make crypto a centerpiece of American monetary policy via purchase of a strategic bitcoin reserve. The day after the election, one crypto advocate posted on X, “We have a #Bitcoin president.” The incoming administration is reportedly vetting candidates for the role of “crypto czar.”

If American economic and political dominance recedes, the country’s wealthiest men may be well positioned to fill and profit from the power vacuum that results. But is a weakened country, greater global instability, and rule by a wealthy few really what voters wanted when they chose Trump?

Musk spent millions of dollars to support Trump’s campaign and promoted it on X. He’s now doing everything he can to capitalize on Trump’s victory and maximize his own power—to the point of siccing his X followers on obscure individual government officials. Some evidence, including Axios’s recent focus-group study of swing voters, suggests that Americans may already feel queasy about the influence of the broligarchs. “I didn’t vote for him,” one participant said of Musk. “I don't know what his ultimate agenda would be for having that type of access.” Another voter added, “There’s nothing, in my opinion, in Elon Musk’s history that shows that he’s got the best interest of the country or its citizens in mind.” Even so, we can expect him and his fellow broligarchs to extend their influence as far as they can for as long as Trump lets them.

Let us extend our ethic of care to our celebrities, and in particular white celebrities, so many of whom contributed their time and talent to the Kamala Harris campaign. These people understand both justice and mercy, and their greatest concern is neither fame nor fortune, but the plight of America’s—and the world’s—most disadvantaged. Consider Mark Ruffalo.

The day before the election, he posted on Instagram a comedic short to “help Trump go bye-bye,” a compilation of clips of Donald Trump saying “Bye” or “Bye-bye.” The day before that, he’d posted a video of two young Native American people worried about the upcoming election: “We need a superhero,” one of them says and, just like that: Mark Ruffalo! “It’s scary,” he says. “Trump does not care about the Native people.”

He also posted a video he’d made with Rania Batrice, a Palestinian American who is a World Economic Forum “Exceptional Woman of Excellence.” Ruffalo, however, was the star. The video was intended for voters so angry about the war in Gaza, they were considering a protest vote for a third-party candidate over Harris: “If you’re thinking of voting for Jill Stein, please take a listen,” Ruffalo said, in his compelling, patronizing way. “I understand how devastated and angry you are,” he said. “For over a year now, many of us have been on the front lines of calling for the end of the genocide in Gaza and now the killing in Lebanon.” Who is “us”? And where was the “front line”? West L.A.? Studio City? (Ruffalo, needless to say, has not spent the past year sharing his outrage over the Hamas attacks of October 7 that took 1,200 lives and precipitated the conflict.)

“We’ve been outraged at the Biden administration’s complicity and inhumanity as the invasion has spread to Lebanon and marches closer and closer towards a forever war,” he said, and offered the weirdest political pitch in history: Show up for Harris because “we can and we will hold her accountable on her first day in office.” Even for those voters who might have shared his premises, it was a bizarre theory: Vote for a war criminal so we can frog-march her to American Nuremberg as soon as she climbs down from the podium.

[Read: America’s class politics have turned upside down]

This is one of the things that white celebrities do best: forge a bond with members of a marginalized community, and then tell them what to do. But this time, it didn’t work. What’s a superhero to do when he learns that at least half of Native Americans voted for Trump? (“Long time coming,” said a former vice president of the Navajo Nation, Myron Lizer.)

What about the gut punch of almost half of Latino voters choosing Trump? That’s something the white celebrities weren’t prepared for, and it hurt. But they had to put on a brave face. As Brad Pitt told Leonardo DiCaprio in Once Upon a Time in Hollywood, “Don’t cry in front of the Mexicans.” Let us respect the privacy of the white celebrities at this difficult time. Three-tenths of Black men under the age of 45 voted for Trump. There’s no one with whom white celebrities assume greater common cause than young Black men. The Black Lives Matter protests were their Tiananmen Square.

The minute it became clear that Harris had lost, reporters and panelists began offering explanations—explanations so obvious that you had to wonder why they hadn’t seen the loss coming. Of course they were correct: The results proved that millions of people don’t want to see an apparently endless flow of undocumented immigrants entering the country; they loathe the way DEI absolutism empowered an army of bureaucrats to mete out mysterious punishments for ridiculous offenses. They don’t want to hear anyone’s pronouns; they don’t want to be told that crime is down when they’re busy getting carjacked; and they never, ever want to watch The View again.

These various social causes helped win Trump the election. His narrative didn’t pass most tests of logic or economic theory and yet it was constructed on a foundation of grievances that rang true to millions of Americans, and Democrats met it with no narrative at all. It was as though the party had spent a quarter century running a very large tab, and on Election Day, the whole thing finally came due. I couldn’t really attach that vague sense of the problem to any of its component parts, so as I always do when I’m confused about the Democratic Party, I called Noah Redlich.

“How did this happen?” I asked him, and he said something that not a single aggrieved commentator or anyone on the Topanga front line had said.

“When I heard J. D. Vance say that he was in fourth grade when Joe Biden voted for NAFTA, I said, ‘We’re screwed!’”

Noah is a second-year law student at Fordham University. I’ve known him since he was 5. At 7 he could tell you the name of every U.S. senator. It wasn’t just a party trick—as he grew older, his interest in politics grew into a strong belief in the Democratic Party’s potential to improve the lives of the working and middle classes. I spend a huge amount of time talking to Democrats, some of them extremely well versed in the party’s positions on various topics. So why do I trust Noah more than these mandarins? Because more often than not, they’ll break into an argument that requires me to accept that various facts on the ground don’t exist. Noah has worked or volunteered on many campaigns, and when he would come back from a red state he would never say “Those Republican voters are scum.” He would come back saying “These voters are concerned about …”

“When Vance talked about NAFTA,” Noah said, “it had a visceral connection with a lot of people who continue to be deeply affected by it. Even the name of that agreement has deep resonance for a huge number of people from Appalachia and across the Midwest, because they saw their manufacturing jobs disappear.”

Industrial decline began long before NAFTA, of course, but it was an efficient engine for taking away jobs. Corporations did what they always do, if they’re allowed to do it, which is chase cheap labor. Their response to union efforts and worker resentment was to say, You better just keep working or we’ll send your jobs away.

“No one at the Democratic convention talked about NAFTA,” Noah said. “How could they? They’re too in love with Bill Clinton.”

Bill Clinton spent his first year in office aggressively lobbying for the passage of NAFTA. He curried favor with Wall Street, and in 1999 signed the repeal of the Glass-Steagall regulations enacted after the 1929 stock-market crash, which helped lead  to the 2007–08 financial crisis and the Great Recession. He ushered in the era of the billionaire-friendly Democratic Party, which was somehow going to coexist with—and benefit—the members of its traditional stronghold: the working class.

Clinton once held a lot of credibility with the working class, but that was a long time ago. And yet the party remains so convinced of his popularity that it sent him to Michigan to campaign.

And then there’s Hillary. “Noah, why in the world is Hillary Clinton still taken seriously by the Democratic Party?”

“I have no idea! She lost an election; her entire worldview has been rejected; people don’t like endless free trade that sends their jobs overseas; they don’t like the endless wars, like the Iraq War, which she voted for. People don’t want that anymore. She’s stuck in a previous era that people have moved away from.”

And yet she wields a particular power at the most elite levels of the party. In the rooms where the rounds of toast are always spread with roasted bone marrow and the “California varietals” are always Kistler and Stag’s Leap, and where the sons and daughters are always about to graduate from Princeton or rescue an African village or marry a hedge funder or become an analyst at McKinsey—in those lovely rooms, where the doors close with a muffled click of solidity, Hillary Clinton still wears the ring to be kissed.

She was perhaps the first person to launch a woke argument during a presidential campaign, ridiculing Bernie Sanders’s intention to break up big banks by asking: “Would that end racism? Would that end sexism? Would that end discrimination against the LGBT community? Would that make people feel more welcoming to immigrants overnight?” Seeing that argument in its infant form, made by a woman who several times collected $225,000 in speaking fees from Goldman Sachs, is a reminder of how stupid and morally bankrupt it is.

For that matter, why does the party keep dragging Liz Cheney everywhere like she’s Piltdown Man? Yes, there are Republicans who don’t like Trump, but they don’t hold much sway with Democratic voters. Nicolle Wallace and Bill Kristol do not a coalition make.

One thing the party needs to learn is that no one, anywhere, ever wants to be reminded of the Iraq War.

“It was disastrous to use her so heavily,” Noah told me. “She represents the establishment, the ruling class that people rejected during this populist moment. These people aren’t popular. That’s why Donald Trump runs the Republican Party, not the Cheneys or the Bushes.”

He’s a second-year law student! Why couldn’t the leaders of the Democratic Party see these obvious mistakes?

Harris’s campaigning with Liz Cheney allowed Trump to say, as he did many times, that the Democrats are tied to the Cheneys and their endless wars, and liable to send your kid off to die in a foreign conflict. Trump ran as an anti-war politician, but he certainly wasn’t one the last time he held office. He did most of the things Liz Cheney would have wanted him to do: He ripped up the Iran nuclear deal, and increased military spending numerous times. He was more hawkish on Russia than Barack Obama was, and increased sanctions against the country. I’m not saying any of these things were necessarily wrong, but it certainly wasn’t John and Yoko on a bed-in for peace.

But all of these are mere blunders when compared with the real problem. The sign that needs to be Scotch-taped to a window at the Democratic National Committee should say: It’s the billionaires, stupid. What ails us is that 60 percent of Americans live paycheck to paycheck, and 40 years of allowing private equity and an emergent billionaire class to have untrammeled power has created—in the country of opportunity—a level of income inequality that borders on the feudal. Changing that is supposed to be the work of the Democratic Party, but three decades ago, it crawled into bed with the billionaire class and never got out.

Billionaires are, of course, precious snowflakes, each one made by God and each one unique. But one thing unites almost all of them, be they Republican billionaires or Democratic billionaires: They want to protect a tax code that keeps their mountains of money in a climate-controlled, locked room.

Mark Cuban was a huge and very visible Harris supporter, but for a Democrat, he took some strange turns. He wanted Lina Khan, the head of the Federal Trade Commission, out of her post. Khan has taken on corporate monopolies that block competition and filed some of the most aggressive antitrust litigation in a generation, and has been especially critical of Big Tech. “By trying to break up the biggest tech companies, you risk our ability to be the best in artificial intelligence,” Cuban told a reporter. The response to that was so severe that he backpedaled by saying that he was “not trying to get involved in personnel.” Personnel? She’s the chair of the FTC, not a booker on Shark Tank. Breaking up the monopolies that rule Big Tech would be very bad for Cuban, but probably give the rest of us some breathing room. (On the other team, Vance said he agreed with some of Kahn’s positions.)

[Thomas Chatterton Williams: What the left keeps getting wrong]

In a populist moment, the Democratic Party had the extremely rich and the very famous, some great music, and Mark Ruffalo. And they got shellacked. Now a lot of people seemed stunned by what happened, sobered by it.

Cuban scrubbed his X account of all political posts, declared himself on “political vacation,” and joined Bluesky, where, if not absolution, then at least a less political position could be staked out. He made a bad bet (why does Bezos make all the right moves?) and now needs to retool the factory.

Ruffalo appeared at a long-scheduled awards dinner for the ACLU of Southern California five days after the election. He got a little choked up, asked everyone to stand up and hug it out, and admitted that it had been hard for him to come to the event at all—which was a relatable position, because everyone hates the Beverly Hilton, but surely it was an easier gig than the front line?

But it’s not the trans athletes or the immigrants or the wokeism that lost the Democrats this election. It’s the rigged economy that has had its boot on the throat of working people for decades. Billionaires, even our very special Democratic billionaires, care about all kinds of things—and many of them peel off a lot of dollars for worthy causes, no doubt—but their political involvement usually comes with a specific price: that the party leaves alone the tax code that safeguards their counting houses.

And, really, after all the billionaires have done for the Democrats, is that too much to ask?