In Video: Explaining what an oligarchy is as Biden says it's 'taking shape in America'

In Video: Explaining what an oligarchy is as Biden says it's 'taking shape in America'

"Beware: The Oligarchy Takedown Alert"

In his farewell address to the nation, President Biden issued a stern warning: an oligarchy is taking shape in America, threatening the very fabric of our democracy. The term "oligarchy" sent shockwaves, sparking a surge in Google searches as millions wondered, "What is an oligarchy?" Today, we’re here to break it down for you.

The Russian Connection: A Brief History of Oligarchs

It all began in 1989, when Russian President Mikhail Gorbachev tore down the Berlin Wall, and the Soviet Union collapsed, freeing Eastern Europe and paving the way for a new economic and political landscape. Out of this chaos, a select group of businessmen, known as oligarchs, emerged. "Oligarchy" comes from the Greek word "oligarchia," meaning "rule of the few." These wealthy individuals, often with ties to the black market, capitalized on the economic vacuum, and their power grew.

In 1996, the Russian presidential election was a hotly contested affair, with the Communists seeking to reclaim power. The oligarchs united behind Boris Yeltsin, ensuring his re-election. Incumbent economic instability led to the 1998 Russian financial crisis, paving the way for Vladimir Putin’s rise to power.

As a KGB lieutenant colonel, Putin gathered intelligence on these oligarchs, building connections and eventually rose to prime minister, then president. For the most part, they have remained aligned with him.

The Warning Signs in America

While President Biden did not mention specific individuals, his warnings echo concerns about the "tech industrial complex." Some see this as a veiled reference to President-elect Trump’s growing ties with tech moguls, including billionaires.

What Does it Mean for America’s Democracy?

An oligarchy in America would mean the concentration of wealth, power, and influence in the hands of a few individuals, potentially threatening the very foundations of our democracy. The implications are far-reaching, with potential consequences for political and economic stability, as well as the erosion of checks and balances.

Stay Informed, Stay Vigilant

As we navigate this complex and ever-changing landscape, it’s crucial to stay updated on world events and breaking news. Download the NBC News app or follow us on social media to stay ahead of the curve.

Conclusion

The warning signs are clear: an oligarchy is taking shape in America. It’s time to be vigilant and proactive in defending our democracy. Remember, a strong and informed citizenry is the best bulwark against the threats of corruption and abuse of power. Let us rise to the challenge, and together, ensure that our democracy remains a beacon of hope and freedom for generations to come.