No Mercy / No Malice: Rise of the Toligarchs

Summary

No Mercy / No Malice: Rise of the Toligarchs

Podcast: The Prof G Pod with Scott Galloway
Episode: No Mercy / No Malice: Rise of the Toligarchs
Host: Scott Galloway
Narrator: George Hahn
Release Date: May 24, 2025

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Introduction

In this compelling episode of No Mercy / No Malice, George Hahn delves into the alarming trend of the super-rich—referred to as the "toligarchs"—distancing themselves from American society and its foundational values. Hahn explores how this elite minority is reshaping the socio-political landscape, exacerbating wealth inequality, and undermining democratic principles.

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The Insulation of the 0.1%

Hahn begins by illustrating the extent to which the top 0.1% have insulated themselves from the broader American populace. They have established private infrastructures encompassing education, healthcare, transportation, security, and even their own justice systems.

“[02:09] The 0.1% have insulated themselves from the general public with their own schools, healthcare, transportation, security, and justice system.”

This separation allows them to remain apathetic to national crises and societal upheavals, maintaining a detachment that fosters indifference towards issues like the demise of Roe v. Wade, immigration challenges, and economic instability affecting the average citizen.

“[02:27] They're indifferent to Roe v. Wade's demise. Immigration roundups and rising prices at Walmart.”

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Political Influence and Policy Bias

Hahn underscores the disproportionate political influence wielded by the ultra-wealthy. With vast financial resources, the toligarchs have the capacity to sway elections and policy decisions that further entrench their wealth and power.

“[04:48] Even the Lannisters always paid their debts.”

This metaphor highlights how the richest individuals ensure their interests are protected, often at the expense of democratic equality. The concentration of wealth correlates directly with increased political spending, creating a self-reinforcing cycle that marginalizes the lower 99%.

“[04:52] As wealth concentrates, political spending capacity increases, which secures policy outcomes that further concentrate wealth.”

Since the landmark Citizens United decision in 2010, the political clout of billionaires has surged dramatically, with billionaire political spending skyrocketing 160-fold.

“[05:34] Billionaire political spending is up 160 fold since Citizens United.”

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Historical Parallels

Drawing parallels to the past, Hahn references Franklin D. Roosevelt's New Deal era, where affluent groups like the American Liberty League opposed progressive policies. He suggests that a similar resistance is emerging today among the wealthy elite, who are now forming alliances that threaten democratic institutions.

“[06:11] In his first 100 days as president, Franklin D. Roosevelt moved swiftly to lift the country out of the Great Depression, building the foundation for his New Deal.”

“[07:03] The top 1% of American households have seen their share of the country's wealth rise from about 10% to 14%.”

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Escaping to Golden Visas

A significant portion of the episode focuses on the phenomenon of the toligarchs seeking refuge outside the United States through "golden visas." These programs allow wealthy individuals to obtain residency or citizenship in other countries by making substantial financial investments.

“[09:01] Rather than using its platform to strengthen America, the country's aristocracy is focusing more on its exit strategy.”

Countries like Greece, Portugal, and the UK have become hotspots for these golden visas, with a surge in applications as American policies become less favorable to the wealthy.

“[09:24] Golden visas... allow foreigners to live and work in another country by making a large investment starting at around $280,000.”

The migration trend is fueled by tax changes, political instability, and the pursuit of more favorable economic environments, leading to significant wealth outflows.

“[10:27] Americans applied for citizenship in 2024, especially in the months leading up to the start of President Trump's term.”

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Impact on Democracy and Society

The exodus of the super-rich not only signifies a loss of wealth but also a weakening of democratic accountability. As these individuals withdraw their support and influence, the policies skew further in favor of the privileged, deepening societal divisions and eroding the foundations of equality.

“[05:59] According to a 2021 White House study, as wealth inequality gets worse, it gets even worse.”

Hahn warns that without intervention, the consolidation of wealth among the toligarchs will lead to a kleptocratic system, where power and corruption are intertwined, steering the nation towards authoritarianism.

“[03:31] Dissent into kleptocracy and the slow burn toward fascism.”

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Call to Action: Reclaiming America

Concluding the episode, Hahn makes a poignant plea for the elite to reinvest their influence into the nation's well-being rather than orchestrating their departure. He emphasizes the importance of leveraging their resources to mend the societal fabric and uphold the democratic values that facilitated their success.

“[13:35] This is not a time to plan an exit or stay abroad, but to return home.”

Hahn advocates for a collective effort among the wealthy to voice concerns, support equitable policies, and restore America's standing as a beacon of opportunity and justice.

“[14:44] If your blessings have not translated into the courage and obligation to use your power and platform to publicly voice concern, then do us all a favor and privately shut the fuck up.”

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Conclusion

No Mercy / No Malice: Rise of the Toligarchs presents a nuanced and critical examination of the growing detachment of America's wealthiest individuals from the nation's core values and citizenry. Through detailed analysis and compelling narratives, George Hahn highlights the urgent need for the elite to engage constructively in shaping a more equitable and democratic society.

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Notable Quotes:

• “[02:09] The 0.1% have insulated themselves from the general public with their own schools, healthcare, transportation, security, and justice system.”
• “[04:52] As wealth concentrates, political spending capacity increases, which secures policy outcomes that further concentrate wealth.”
• “[09:01] Rather than using its platform to strengthen America, the country's aristocracy is focusing more on its exit strategy.”
• “[14:44] If your blessings have not translated into the courage and obligation to use your power and platform to publicly voice concern, then do us all a favor and privately shut the fuck up.”

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This episode serves as a clarion call to address the escalating wealth disparity and its implications for American democracy, urging the privileged to remain engaged and act as stewards of the nation's future rather than architects of their own exodus.

Transcript

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[Scott Galloway]

I'm Scott Galloway and this is no mercy, no malice. The super rich, the 0.1% are turning their backs on America and the values that paved the way for their prosperity. Rise of Toligarchs as read by George Hahn.

[George Hahn]

The 0.1% have insulated themselves from.

The general public with their own schools.

Health care, transportation, security and justice system.

The members of this rarefied class are unfazed by the chaos unfolding outside their gated properties. They're indifferent to Roe v. Wade's demise.

Immigration roundups and rising prices at Walmart. If a family member has an unwanted pregnancy or mobs arrive with pitchforks, they'll always have access to mifepristone and residency.

In Dubai, London or Milan. They're invested in hedge funds and fine.

Art, not in the future of America.

With the means to hire shrewd defense.

Attorneys and aggressive PR firms that weaponize social media bots, the super rich are protected by the law but not bound by it. The lower 99% are bound by the law, but not protected by it. Living in their bubble, the extremely rich express shock and horror, but opt not to rock the $300 million boat. Along with prominent Republicans, Democrats and corporate CEOs, they're brothers in the disarmament of our democracy. They're forging an unholy alliance, tolerating the.

Dissent into kleptocracy and the slow burn toward fascism. If the heat pierces the shields they've.

Erected, these transnational oligarchs, or toligarchs as I've labeled them, can grab their bags, write a check and purchase a golden visa to Greece or Portugal.

With vast wealth comes enormous influence.

Money is a proxy for power.

The top point 1% have more than five times as much wealth as the bottom 50%. Just 100 billionaire families invested a record $2.6 billion in federal elections last year, one of every six dollars spent overall. These wealthy individuals could galvanize politicians and push back against policies that undermine American values. But they're largely quiet. When you fail to speak out against.

Threats to democracy, equality and the rule of law, you turn your back on the people and country that elevated you.

To the iron throne of prosperity.

Even the Lannisters always paid their debts.

There's a clear pattern. As wealth concentrates, political spending capacity increases, which secures policy outcomes that further concentrate wealth, creating a self reinforcing cycle that undermines democratic equality. The most dramatic acceleration of this trend occurred after Citizens United, the 2010 Supreme Court ruling that opened the doors to unlimited spending on American elections. Consider the following stats.

In 1963, the wealthiest American families, the top 1%, had 36 times the wealth.

Of families in the middle. By 2022, that had grown to 71 times. Billionaire political spending is up 160 fold since Citizens United. And the wealthiest 400 U.S. families paid an average federal individual income tax rate of just 8.2% between 2010 and 2018.

According to a 2021 White House study. In sum, as wealth inequality gets worse, it gets even worse.

In his first 100 days as president.

In 1933, Franklin D. Roosevelt moved swiftly.

To lift the country out of the.

Great Depression, building the foundation for his New Deal. As historians have observed, he had another to prove democracy works.

But the president's programs sparked criticism from rich Americans who regarded him as a.

Traitor to his class.

A powerful group, including the duponts, the founders of General Motors, and assorted oil.

Millionaires, launched the American Liberty League to fight back.

Today, we again need some bold class.

Traders to address America's worsening inequalities over the past two decades, the top 1%.

Of American households have seen their share.

Of the country's wealth rise from about 10% to 14%, according to federal Reserve data. During the same period, the bottom 50%.

Of Americans have watched their stake go.

From about 2.5%, 2.5%. More than $22 trillion and counting is in the hands of the 0.1%, while just 4 trillion is spread out across the bottom half of the country. New data last month showed that $1 trillion of wealth, more than the value of Switzerland's economy, was created for the 19 richest American households in 2024. It would take 726,000 years for 10 typical American workers to earn the $365.

Billion the country's 10 richest billionaires made in the past 12 months.

The rapidly expanding class of toligarchs remains.

Silent not because they're content with the disorder, disruption and erosion of American values.

But because they continue to get richer. They lack the courage to make any noise, and their rights are largely portable. And the gap would only widen when Trump's big, beautiful tax bill, which would.

Take from the poor and give to.

The rich the top 1% on average, would reportedly gain more than $389,000 in.

After tax income in 2026. Just a few decades ago, when the.

Rich felt more invested in America, such stats would have triggered a greater outcry. However, things have changed.

Rather than using its platform to strengthen.

America, the country's aristocracy is focusing more on its exit strategy. If shit gets real when the wealthiest 0.1% talk about diversification today, there's a good chance they're thinking about passports, not private equity.

One part of the escape plan are.

Those golden visas, which allow foreigners to.

Live and work in another country by making a large investment starting at around $280,000 and stretching into the millions, and often offer a path to a second passport. Among the most attractive destinations are Greece.

Italy, Malta, Panama, Portugal and Thailand.

One investment migration advisor, no doubt a.

Growing business, said in January that it.

Had registered a 1000% increase in interest in second residencies and citizenships.

Over the past five years, Bloomberg has.

Chronicled how rich Americans are flex working.

On the French Riviera, preparing to swoop in if New Zealand relaxes its ban.

On foreigners buying homes and flocking to Spain despite the end of its golden visa.

In Britain, meanwhile, record numbers of Americans.

Applied for citizenship in 2024, especially in the months leading up to the start of President Trump's term. The Surge in interest in getting another passport was attributed to the president's re.

Election bid and victory in November, as.

Well as tax changes in the UK that have pushed rich Americans to obtain British passports before they leave the country. The number of Americans buying prime London real estate in Knightsbridge, Mayfair and other expensive neighborhoods surpassed Chinese purchasers for the.

First time last year.

A story in the Guardian earlier this.

Month quoted a chef and business owner.

In the Cotswolds saying the region was becoming the Hamptons of England.

Globally, a record 135,000 millionaires are projected.

To migrate to a new country this year. In the uk, where I've been living.

For a few years, not a day.

Goes by without a story about millionaires fleeing the country in search of lower tax jurisdictions or greater economic stability. A record number of British citizens have applied for Irish passports 5 years post.

Brexit as they strive to gain backdoor.

Access to the European Union. At the same time, the US is hoping to attract toligarchs moving in the.

Opposite direction While America carries out a.

Wave of arrests and visa revocations of students, it's moving forward with a new.

Gold Card visa program that could lead.

To permanent residency for wealthy individuals who are willing to pay a fee of about $5 million. Anybody who is willing, that is needs to pay $5 million for a visa to a Western country is not moving.

But fleeing.

American prosperity and rights blessed me with the opportunity to move to the uk. These included access to family planning that staved off poverty for my single mom, the free and accessible education I got.

At UCLA Berkeley thanks to affirmative action programs, I.e. pell grants and the country's culture of entrepreneurship.

The US also offered the rule of law and consistency which created the deepest pools of capital in the world. I've raised close to $1 billion for.

My startups and projects, an unrivaled talent.

Pool of citizens and the best and.

Brightest from abroad immigrants, numerous European and.

Asian clients who enjoyed working with the.

Good guys Americans, and sane fiscal management.

That enabled massive investments in the technologies.

That have made me and hundreds of my colleagues wealthy. Those factors opened many doors for my.

Family, including this one allowing me to cross the Atlantic for a spell. This is not a time to plan.

An exit or stay abroad, but to return home. When I head back next year, I'll.

Use my voice and proximity to money and power to push for change to.

Make America America again. And by the way, for those suffering from TDS Trump Devotion Syndrome, hope is on the way. EBA Evidence Based Analysis or PBR basic.

Pattern recognition should eventually pry people away.

From the criminality and stupidity of this administration. For now, the Toligarchs are aligned with.

Fortune 500 CEOs who privately believe the country is on a dangerous course, but publicly cower. Just as the first corporate titans to.

Stand up for what's right will reap reputational and commercial rewards, toligarch class traitors.

Will earn a place in history books as American patriots. At a minimum, if your blessings have.

Not translated into the courage and obligation to use your power and platform to publicly voice concern, then do us all a favor and privately shut the fuck up.

[Scott Galloway]

Life is so rich.

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