Why Old Money Supports the Left

Summary

This video script explores why old money often supports left-wing politics, despite policies seemingly undermining their status. It discusses non-economic reasons like idealism and intellectual trends, and economic reasons including preventing new competition, maintaining stability, and preserving a leisurely lifestyle. The script argues that progressive policies can entrench old money's power by limiting new wealth, using historical examples and the potential impact of AI technology on class warfare.

Takeaways

• 🤔 The wealthiest individuals often support left-wing politics, which might seem counterintuitive as these policies could undermine their status.
• 👴 'Old money' individuals may hold onto idealistic views due to lack of financial constraints, allowing them to support progressive causes.
• 🏙️ Geographic location and social acceptability can influence the political leanings of the wealthy, especially in places like San Francisco or Hollywood.
• 👨‍👩‍👧‍👦 Personal and family reasons can sway an individual's political stance, even if it's not aligned with their economic interests.
• 💼 Historically, old money supported the right wing to protect established interests, but this shifted after world wars due to fear of revolution.
• 🌐 Old money elites aim to prevent competition, maintain stability, and keep the cost of living low for their peers while high for newcomers.
• 🛂 High levels of low-skilled immigration can benefit the old money by providing a cheap workforce without affecting their isolated lifestyle.
• 🏛️ Throughout history, elites have used various means to maintain power, including importing mercenary classes or enforcing classes to fight their battles.
• 💼 Progressive taxation and business regulations can serve old money by hindering new wealth accumulation and maintaining their relative status.
• 🚀 Technological advancements, such as AI, might not threaten old money but could further solidify their status in the 21st century.

Q & A

Why do some members of old money support left-wing politics?

Some members of old money support left-wing politics due to various reasons including youthful idealism, intellectual fashions and trends, social acceptability, and prioritizing social issues over economic ones, especially when they have more money than they know what to do with.

How did historical revolutions influence the stance of old money on social safety nets?

Historical revolutions, such as the French Revolution and the Bolshevik Revolution, scared old money and nobility into supporting social safety nets to pacify the masses and avoid violent uprisings that could threaten their wealth and status.

What are the three main goals of old money regarding the political system according to the script?

The three main goals of old money regarding the political system are: 1) the removal of competition, 2) maintaining a low cost of living for their peers while keeping it prohibitive for newcomers, and 3) preserving stability to ensure a comfortable life.

Why do old money elites favor high levels of low-skilled immigration?

Old money elites favor high levels of low-skilled immigration because it helps keep the cost of maintaining their lifestyle low by having a servant class at the bottom of the social hierarchy, without having to deal with the social consequences of such a policy.

How does the script explain the relationship between old money and the middle class?

The script explains that the real enemy of old money is not the poor but the middle class and potential new money. Old money aims to maintain a social hierarchy where they are at the top, the middle class is comfortable but not wealthy enough to challenge the hierarchy, and the poor are taken care of by a generous safety net.

What role does progressive taxation play in the strategy of old money, as described in the script?

Progressive taxation is seen as a tool by old money to protect their relative status. Since they've already made their money, they're not as hurt by progressive taxation, whereas up-and-comers are, as they have to give a significant portion of their earnings to the government, potentially preventing them from accumulating wealth and challenging the status quo.

Why do old money elites support business regulations according to the script?

Old money elites support business regulations because they help to keep out new entrants and maintain their status by preventing competition from emerging businesses or technologies that could disrupt their wealth and influence.

How does the script suggest AI technology might impact the status of old money?

The script suggests that AI technology might be the first technology that doesn't threaten old money but could solidify their status, potentially changing the dynamics of class warfare in the 21st century.

What is the main reason old money supports the left economically, as per the script?

The main reason old money supports the left economically is to protect their relative status by preventing new money or counter-elites from threatening their existing position through policies that entrench those already at the top.

How does the script describe the relationship between old money and the political class in Europe?

The script describes a relationship in Europe where old money elites and the political class are at the top of the social hierarchy, with a middle class that is comfortable but not wealthy enough to challenge the status quo, and a few dependent on the state, creating limited mobility between these groups.