The Banality of the Deal: Casey Michel on the United States of Oligarchy

“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,