Why Are Americans 'Billionaires' and Russians 'Oligarchs?'

--Audience Question: Why are the ultra-rich called "billionaires" in America and "oligarchs" in Russia?

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Broadcast on July 27, 2018

[Redpy]

Idk about the whole impunity thing, I'm under the impression that white collar crimes are under-persecuted and usually settled for a fine instead of prison time. Seems to me like they aren't truly held to account in most cases.

[Woodlawn]

They're working hard on that impunity thing.

[shawnnewell]

Also Russian oligarchs can lose their money and their freedom if they anger Putin.

[thefloatingrock]

I would add that "oligarchs" are perceived to have gained their wealth by way of cronyism and specifically the "gifting" of previously Soviet state-or-collectively-owned natural resources and/or communications monopolies for individual financial gain or patronage. American billionaires, arguably, created their wealth by their own actions within a free-market, capitalist economy.

[SilverSpoonRiche]

Regarding the climate here for billionaires Vs Russia I'm reminded of Morpheus's quote from the Matrix regarding Agents "They operate in a system of rules. Some can be bent, others can be broken."

With Oligarchs they can literally get away with murder without a trial if Putin favors them (at least I assume that's how it is). Here in the U.S. they may STILL get away with murder, but not until after a lengthy and costly arrest and trial in which their high paid lawyer argues their sentence down or gets them off entirely.

[frankdelgrosso]

David sometime I think you are way off but on this I think you are pretty much spot on. The oligarchy in the US does exist and has great influence but is no parallel to that which exists in Russia. The issue is not so much that it does exist as in every culture thus far I would say it has the issue is in people thinking it doesn’t. To quote a great film “the greatest trick the devil ever pulled is convincing the world he didn’t exist, and just like that, poof he was gone”.

[arisrayden]

hey david, i'll start a new job this week and when i have my first salary from this job i will sign up as a mamber. i feel you are the most reasonable and most fair voice when it comes to the news world and i will support you once i am able to :) keep up the good work

[atrociousconsequences]

Some of the ultra-rich called "billionaires" in America should be called "oligarchs" too..

[gulliverthegullible]

USA is definitely an oligarchy, not a democracy. It works a bit differently than in Russia and is certainly not as violent, but at the end of the day the USA is corrupt enough to be considered an oligarchy. I think that US billionaires enjoy enough political influence and impunity to call it that. They were also mostly born into their wealthy situation. You have families ruling the USA like the Bushs or the Kennedies etc.

[dmoriarty]

I think Stalin called them rootless cosmopolitans

[joshtimaz]

Also the oligarchs got rich by being handed state assets after the fall of communism

[toshirm]

While the difference you point to is very real (impunity), the words billionnaire and oligarch don't match that at all. "Billionnaire" is adressing one's wealth while "Oligarch" is adressing one's power in an oligarchy. And even if the two are almost always entangled to some extent, one could technically be a not-so-rich oligarch (who controls a nation with a bunch of other non-elected peers) or a powerless (as in not involved in politics for the slightest, like an excentric) billionnaire. Calling the first a billionnaire or the second an oligarch would be misunderstandings, regardless of the country we're considering. And even a TRILLIONnaire couldn't be an oligarch in a real democracy.

[D_isco_D_ancer]

*Oligarchy is when to power is in the hands of a group of wealthy people. America is an Oligarchy in the same way Russia is. Money from a group of super wealthy people has infiltrated all levels of politics in American and the will of the many is not taking in consideration at all.*

[biocapsule]

Agree... I might add that it isn't for lack of trying by American Billionaires, the Russians however got to the point the some Billionaires might have wanted first. The US used to observe a robust system that doesn't entirely cater to Billionaires, so the custom MO is working around those system or slowly demolish what stopped them, which takes time. Those time also allow them to kind of attune & rationalized their perception & ideology to assuage whatever discomfort or misgivings. The Oligarchs kind of reforge an already demolished system around them and I don't think they have any particular ideology too ingrain into their psychic that they need to rationalized around, they know what they are and are quite comfortable in taking what they want.

[KyleHUNK]

Russia is more capitalist than the USA though. Russia has 68% private sector GDP and USA has 63% private sector GDP.

[ttoughtask]

In an oligrachy the power resides in a small number of people the US is moving ever closer to being a true Oligrachy day by day.

[someguy]

I think what should considered is the intent to do so. As in the intent to have some deal or kickback or whatever.

[karlmarxthebolshevikrabbi]

In the US, oligarchs control the state. In Russia, the state controls the oligarchs.

[bromion]

How does one define an oligarch? That is the question.Surely.

[docmalthus]

Billionaires are required to hire PR firms. Oligarchs only have to not cross Putin.