“Jared Kushner is one of the most powerful American diplomats of the twenty-first century — and he has no skill set to speak of that I can see.” — Casey Michel
Four years ago, the muckraking journalist Casey Michel came on this show to discuss how the United States has built the greatest money-laundering scheme in history. That pre-Trump 2.0 America, he says, looks quaint. His new book, United States of Oligarchy: How America’s Wealthiest Ally with Dictators, Weaken the U.S., and Destroy Democracy, describes an American casino where the Trump family has become the dealer with a perennially stacked deck.
The word “oligarchy” comes with 2,500 years of baggage. Aristotle, not averse to aristocracy, nonetheless warned of the rule of the few. Teddy Roosevelt preferred “plutocracy” as a way of describing the baronial rule of the late 19th century American capitalists. And, of course, it took a Roosevelt — the sickly scion of upper-crust New York — to dilute his own oligarchic caste with anti-trust law and inheritance & progressive income taxes.
Exhibit A in this American oligarchy is Jared Kushner, who has leveraged his father-in-law’s rotten casino to ally with dictators and destroy democracy both in America and around the world. Michel says Kushner has “no skill set to speak of” — apart, of course, from an insatiable greed for wealth and power. The banality of the deal.
So what to do? Michel is waiting for a 21st century Teddy Roosevelt — he names Talarico and Ossoff — who will tax and perhaps even prosecute Kushner and his fellow oligarchs. But I fear he is waiting for Godot. Teddy isn’t coming back. Nor is FDR. Don’t expect the banality of the current highly lucrative deal to end anytime soon.
Five Takeaways
• Child’s Play. The anonymous shell companies and mystery donations of American Kleptocracy — dire enough in 2022 — now read as quaint. The scale has exploded (crypto, prediction markets, AI as accelerant), and so has the shamelessness: a Qatari luxury airliner gifted to a sitting president, and a $1.8 billion slush fund that will compensate January 6 rioters while granting Trump’s family, inner circle, and “associates” carte blanche from tax audits, past and future. America has had corrupt administrations — Grant, Harding, Nixon — but nothing, Michel argues, on this magnitude. Trump himself is symptom rather than cause: the culmination of trends decades in the making. “Shameless does not begin to describe it. I have to laugh — otherwise, I’m sure I’d just be crying.”
• From Aristotle to the Trillionaire. Aristotle popularized oligarchy: rule of the few — who must also be the wealthiest. Teddy Roosevelt preferred “plutocracy,” and the Founders fought over “aristocracy”; Michel meets the 2020s where they are. The through line he found in the research: America’s anti-oligarchic champions come from inside the elite — above all TR, the sickly, bloodlet, electroshocked child of upper-crust New York who grew into the singular force against concentrated wealth: inheritance tax, progressive income tax, and a bully pulpit used without apology. Today’s benchmark: Gilded Age fortunes — Rockefeller’s $30 billion in modern terms — are pocket change beside centibillionaires and America’s first, briefly minted trillionaire.
• Exhibit A: Jared Kushner. One of the most powerful American diplomats of the twenty-first century — Israel and Gaza, Russia and Ukraine, the Gulf — with, in Michel’s judgment, no skill set to speak of: a string of failures from 666 Fifth Avenue to the New York Observer, redeemed by the single best thing he ever did, marrying Ivanka Trump. MBS bragged Kushner was “in his pocket”; James Comer told an intermediary to tell him to fuck off — making Kushner, Michel suggests, a genuinely bipartisan target for future investigations. Andrew pushed back — the network of autocrats is real, the Harvard degree is real — and the conversation settled on Arendt: not evil, but indifferent to good and evil. What Kushner cares about: Ivanka and her father, his bottom line, and carrying water for Benjamin Netanyahu.
• The Incentive Machine. Michel’s deeper argument indicts structures, not sinners: virtually none of this is illegal, which is precisely the problem. Corporate secrecy, campaign finance, and offshore taxation build an architecture in which allying with dictators is the rational move — if your competitor will meet MBS or Xi, you must too. Hence the corporate class’s standing ovation for Xi Jinping in San Francisco; Google’s Project Dragonfly censorship engine; Musk’s Tesla leverage in Beijing (and DOGE actions conspicuously in Chinese interest); the NBA’s progressive branding beside its Rwandan and Emirati partnerships; and Ireland, the thriving democracy at the bottom of the tax-haven barrel. Michel is happy to call the CCP one of history’s most monstrous regimes — and to note that no ideology, only rank financial interest, lays American CEOs at its feet.
• Waiting for Teddy. Does oligarchy actually weaken America? Michel points to the Iran war’s aftermath — collapsed interceptor stocks, an intact Tehran regime, Gulf monarchs getting their dirty business done at American expense — plus Greenland threats, wobbling alliances, and the nuclear proliferation he expects among abandoned allies. Andrew pressed the counter-case three times: Wall Street at record highs, half of America holding retirement accounts. Michel’s answer: inequality beyond anything in the national experience — and a political moment, left and right, hungry for anti-oligarchic leadership. The GOP just moved to kill the shell-company database; the remedy is a twenty-first-century TR — a Talarico, an Ossoff — willing to be denounced as a communist agitator. “If Teddy Roosevelt can be, I suppose anyone can.”
About the Guest
Casey Michel is an author, investigative journalist, and director of the Combating Kleptocracy Program at the Human Rights Foundation. He is the author of American Kleptocracy — named by The Economist one of the best books for understanding financial crime — and Foreign Agents, and his writing on offshoring, foreign lobbying, and illicit wealth appears in The New York Times, Financial Times, The Atlantic, and Foreign Affairs, among others. He has testified before the Senate Judiciary Committee on illicit financial networks and national security, holds a master’s from Columbia’s Harriman Institute, and is currently sanctioned by the Russian regime for his work. United States of Oligarchy (St. Martin’s Press, August 4, 2026) is his third book.
References:
• United States of Oligarchy by Casey Michel (St. Martin’s Press, Augu...
