In January of this year, just four days before Inauguration Day in the U.S., I posted an article on the oligarchy of Russia, and how Vladimir Putin had managed to rein in his billionaire friends and keep them under control.

I began by mentioning outgoing American President Joe Biden’s expressed concern that the U.S. itself might be heading toward oligarchy under the incoming second Trump administration; and I closed with a little prayer that he was wrong.

Tragically, President Biden hit the proverbial nail on its big fat head in that farewell speech to the nation. And so I’d like to acknowledge . . . no, I’d like to honor . . . his wisdom and his foresight by re-posting that earlier article of mine, as a reminder to us all:

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1/16/25: How To Control Your Oligarchs, In One Easy Lesson

In his farewell speech to the nation yesterday, U.S. President Joe Biden expressed his concern that our country is descending into oligarchy. And this, of course, immediately brought to mind the existing oligarchy in Vladimir Putin’s Russia.

In the 1990s — the “Yeltsin years” — Russia’s economy was in free-fall. The Soviet Union had ceased to exist as of Christmas Day 1991; and in the absence of a solid structure to replace it, most of its assets were up for grabs by those shrewd enough to know what to grab, when to grab it, and for how much (usually pennies on the dollar).

And thus was born a whole new category of Russian big shots who became known, rather derisively, as the oligarchs. Suddenly, a handful of billionaires found themselves wielding previously unheard-of personal power; and Boris Yeltsin seemed quite content to let it happen as he watched his country’s economy growing with the creation of new industries and services.

But in December of 1999, Yeltsin suddenly resigned the presidency, passing the torch to his then Prime Minister — a considerably younger, previously unknown former KGB officer and career opportunist from St. Petersburg named Vladimir Putin — to complete his term of office. And in March of 2000, Putin ran in his first election and won. Today, 25 years later, he’s still in power . . . and shows no signs of letting go. Ever.

He has kept his position as absolute ruler of Russia — some liken it to being self-appointed “Tsar for Life” — by various heavy-handed, even ruthless means, including pushing through constitutional amendments to extend the number of years for each term of office, and the number of times he can be reelected.

And by reeling in the oligarchs.

One of his early acts upon first being elected was to call a closed-door meeting in the Kremlin during the summer of 2000, summoning 21 of the wealthiest men in Russia to hear what the future had in store for them. These men were not what one would call pillars of society; they had gained their wealth and power through shady deals, corruption, and sometimes even murder. But there was a new kid in town, and the rules were about to change.

What Putin told them that day shook them — and the foundation upon which they stood — to their very core:

“I want to draw your attention to the fact that you built this state yourself, to a great degree, through the political or semi-political structures under your control. So there is no point in blaming the reflection in the mirror. So let us get down to the point and be open and do what is necessary to do to make our relationship in this field civilized and transparent.” [Greg Rosalsky, NPR News, March 29, 2022.]

The deal he offered them was this: bend to his authority, stay out of his way, and they could keep their mansions, super-yachts, private jets, and multibillion-dollar corporations. [Id.]

And most of them did just that. But some didn’t; and they didn’t fare well. Some — like Vladimir Gusinsky and Mikhail Khodorkovsky — ended up in prison, were forced into exile, or both. Others — such as Boris Berezovsky — died in suspicious circumstances.

Bottom line: Vladimir Putin no longer has an oligarch problem. Easy.

And today I ask myself if this is the future that President Biden foresees for America under the incoming administration, with its innately autocratic leadership and its “Billionaires’ Club”?

I pray not.

Just sayin’ . . .

Brendochka
1/16/25

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Joe Biden was not a perfect president; none of them were. But he is a compassionate man, and has always had the best interests of his country at heart . . . which is far more than we can say about some.

Just sayin’ . . .

Brendochka
9/29/25