Pluralistic: The Epstein class and collapse porn (09 Feb 2026)


Today's links


A detail of a US $100 bill. Jeffrey Epstein's mugshot has been overlaid over Benjamin Franklin's portrait. Peter Thiel's portrait has been swapped for the US Dept of Treasury seal. Trump's signature has been swapped for the US Treasurer's signature. The line of zeroes after the 100, top and bottom, has been extended to the edge of the image. The image has been roughed up and recolored in a hellish mix of reds and yellows.

The Epstein class and collapse porn (permalink)

It's hard to talk about the Epstein class without thinking about "The Economy" – "The Economy" in the sense of a kind of mystical, free-floating entity whose health or sickness determines the outcomes for all the rest of us, whom we must make sacrifices to if we are to prosper.

As nebulous as "The Economy" is as an entity, there's an economic priesthood that claims it can measure and even alter the course of the economy using complex mathematics. We probably won't ever understand their methods, but we can at least follow an indicator or two, such as changes to GDP, an aggregated statistic that is deceptively precise, given that it subsumes any number of estimates, qualitative judgments and wild-ass guesses, which are all disguised behind an official statistic that is often published to three decimal places.

There's plenty to criticize about GDP: a healthy GDP doesn't necessarily mean that the average worker is better off. When your rent goes up, so does GDP. Same with your salary going down (provided this results in more spending by your boss). GDP isn't really a measure of the health of "The Economy" – it's a measure of the parts of "The Economy" that make rich people (that is, the Epstein class) better off.

But what if there was a way to make money from calamitous collapses in GDP? What if the wealthy didn't just win when "number go up," but also when "number eat shit?"

The latest batch of Epstein emails includes a particularly ghoulish exchange between Epstein and his business partner, the anti-democracy activist and billionaire Peter Thiel:

https://www.justice.gov/epstein/files/DataSet%209/EFTA00824843.pdf

The email is dated 26 Jun 2016, right after Brexit, and in it, Epstein writes:

return to tribalism . counter to globalization. amazing new alliances. you and I both agreed zero interest rates were too high, as i said in your office. finding things on their way to collapse , was much easier than finding the next bargain

This is a perfect example of what Naomi Klein calls "disaster capitalism." It's been the norm since the crash of 2008, when bankers were made whole through public bailouts and mortgage holders were evicted by the millions to "foam the runway" for the banks:

https://wallstreetonparade.com/2012/08/how-treasury-secretary-geithner-foamed-the-runways-with-childrens-shattered-lives/

The crash of 2008 turned a lot of people's homes – their only substantial possessions – into "distressed assets" that were purchased at fire-sale prices by Wall Street investors, who turned around and rented those homes out to people who were now priced out of the housing market at rents that kept them too poor to ever afford a home, under slum conditions that crawled with insects and black mold:

https://pluralistic.net/2024/10/01/housing-is-a-human-right/

Note here that economic collapse helps the Epstein class only if society has no social safety net. If Obama had supported homeowners instead of banks, there wouldn't have been a foreclosure crisis and thus there wouldn't have been any "distressed assets" flooding the market.

So it's no surprise that the Epstein class are also obsessed with austerity. Peter Mandelson (British Labour's "Prince of Darkness") is a close ally of Epstein's, and also a key figure in the crushing austerity agenda of Blair, Brown and Starmer. He's a machine for turning Parliamentary majorities into distressed assets at scale.

Same for Steve Bannon, another close Epstein ally, who boasts about his alliances with far-right figures who exalt the capital class and call for deregulation and the elimination of public services: Le Pen, Salvini, Farage. Combine that with Epstein and Thiel's gloating about "finding things on their way to collapse…much easier than finding the next bargain," and it starts to feel like these guys are even happier with "number eat shit" than they are with "number go up."

Trump is the undisputed king of the Epstein class, and he seems determined to drive "The Economy" over a cliff. Take his tariff program, modeled on the McKinley tariffs of 1890, which led to the Panic of 1893, a financial crisis that saw one in four American workers forced into unemployment and 15,000 businesses into bankruptcy (that's a lot of distressed assets!):

https://en.wikipedia.org/wiki/Panic_of_1893

Then there's Trump's mass deportation program, which will force lots of businesses (farms, restaurants, etc) into bankruptcy, creating another massive pool of distressed assets. Trump's given ICE $75b, while the DoJ Antitrust Division and FTC (which protect Americans from corporate scams) have seen their budgets take a real-terms cut. The majority of DoJ lawyers and FBI agents are working on immigration cases (against workers, not employers, mind!). The Antitrust Division has $275m to fight all of America's corporate crime:

https://www.organizedmoney.fm/p/white-collar-crime-enforcement-in

I'm not saying that Trump is trying to induce another massive economic crash. I'm saying, rather, that within his coalition there is a substantial bloc of powerful, wealthy people who are on the hunt for "things on their way to collapse," and who are doubtless maneuvering to frustrate other Trump coalition members who are solely committed to "number go up."

Even the collapse of crypto creates lots of opportunities to "buy the dip." Not the dip in crypto (crypto's going to zero), but the dip in all the real things people bought with real money they got by borrowing against their shitcoins.

The thousand-plus children that Epstein lured to his island rape-camp were often "distressed assets" in their own right: Julie K Brown's groundbreaking reporting on Epstein for the Miami Herald described how he sought out children whose parents were poor, or neglectful, or both, on the grounds that those children would be "on their way to collapse," too.

The Epstein class's commitment to destroying "The Economy" makes sense when you understand that trashing civilization is "much easier than finding the next bargain." They want to buy the dip, so they're creating the dip.

They don't need the whole number to go up, just theirs. They know that inclusive economies are more prosperous for society as a whole, but it makes criminals and predators worse off. The New Deal kicked off a period of American economic growth never seen before or since, but the rich despised it, because a prosperous economy is one in which it gets harder and harder to find "things on their way to collapse," and thus nearly impossible to "find[] the next bargain."

(Image: Gage Skidmore, CC BY-SA 3.0)

Hey look at this (permalink)


A shelf of leatherbound history books with a gilt-stamped series title, 'The World's Famous Events.'

Object permanence (permalink)

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#5yrsago Snowden's young adult memoir https://pluralistic.net/2021/02/09/permanent-record/#ya-snowden

Upcoming appearances (permalink)

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Recent appearances (permalink)


A grid of my books with Will Stahle covers..

Latest books (permalink)


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Upcoming books (permalink)

  • "The Reverse-Centaur's Guide to AI," a short book about being a better AI critic, Farrar, Straus and Giroux, June 2026

  • "Enshittification, Why Everything Suddenly Got Worse and What to Do About It" (the graphic novel), Firstsecond, 2026

  • "The Post-American Internet," a geopolitical sequel of sorts to Enshittification, Farrar, Straus and Giroux, 2027

  • "Unauthorized Bread": a middle-grades graphic novel adapted from my novella about refugees, toasters and DRM, FirstSecond, 2027

  • "The Memex Method," Farrar, Straus, Giroux, 2027


Colophon (permalink)

Today's top sources:

Currently writing: "The Post-American Internet," a sequel to "Enshittification," about the better world the rest of us get to have now that Trump has torched America ( words today, total)

  • "The Reverse Centaur's Guide to AI," a short book for Farrar, Straus and Giroux about being an effective AI critic. LEGAL REVIEW AND COPYEDIT COMPLETE.

  • "The Post-American Internet," a short book about internet policy in the age of Trumpism. PLANNING.

  • A Little Brother short story about DIY insulin PLANNING

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