THE FEAR ECONOMY

How Trump is exploiting American capitalism for personal power

- BY JONATHAN CHAIT

A quarter century ago, Vladimir Putin gathered 21 of Russia’s top oligarchs in the Kremlin to let them know that he, not they, held power in Russia. The young Russian president (not yet for life) informed them that they could keep the wealth they’d amassed if they complied with his political goals. Partnership with Putin held out the prospect of safety, and even greater riches. “We received confirmation,” an attendee named Mikhail B. Khodorkovsky said, “that the development of Russian business is one of the state’s top priorities.”

Most of the oligarchs submitted, but those who didn’t went to prison or into exile, lest they fall prey to the country’s epidemic of window-plunging deaths. (Khodorkovsky was imprisoned, putatively for fraud and tax evasion, but really for supporting independent media and opposition parties.) Since then, affinity for Putin has been a sine qua non of high-level economic success in Russia.

An eerily reminiscent scene played out late last year at Mar-a-Lago, Donald Trump’s Winter Palace, where Stephen Miller, one of Trump’s loyalty enforcers, met with Meta’s CEO, Mark Zuckerberg. The weather was more pleasant, and presumably neither party contemplated defenestration as a settlement alternative, but many other details seemed to echo. “Mr. Miller told Mr. Zuckerberg that he had an opportunity to help reform America, but it would be on President-elect Donald J. Trump’s terms,” The New York Times reported. Because Trump had recently warned, “We are watching [Zuckerberg] closely, and if he does anything illegal” during Trump’s second term, “he will spend the rest of his life in prison,” this opportunity must have sounded enticing. Zuckerberg indicated that he would not in any way obstruct Trump’s agenda, according to the Times, and foisted blame for any prior offenses onto subordinates.