Survivalism among the super-rich, the 1% of the 1%, and they're running scared

The New Yorker has a fascinating article on survivalism among the super-rich. They're making preparations for the time when society collapses and it's everyone for themselves. Reid Hoffman, co-founder of Linked-In:

I asked Hoffman to estimate what share of fellow Silicon Valley billionaires have acquired some level of “apocalypse insurance,” in the form of a hideaway in the U.S. or abroad. “I would guess fifty-plus per cent,” he said, “but that’s parallel with the decision to buy a vacation home. Human motivation is complex, and I think people can say, ‘I now have a safety blanket for this thing that scares me.’ ” The fears vary, but many worry that, as artificial intelligence takes away a growing share of jobs, there will be a backlash against Silicon Valley, America’s second-highest concentration of wealth. (Southwestern Connecticut is first.) “I’ve heard this theme from a bunch of people,” Hoffman said. “Is the country going to turn against the wealthy? Is it going to turn against technological innovation? Is it going to turn into civil disorder?”

On the East Coast, Robert A. Johnson, head of the Institute for New Economic Thinking.:

By January, 2015, Johnson was sounding the alarm: the tensions produced by acute income inequality were becoming so pronounced that some of the world’s wealthiest people were taking steps to protect themselves. At the World Economic Forum in Davos, Switzerland, Johnson told the audience, “I know hedge-fund managers all over the world who are buying airstrips and farms in places like New Zealand because they think they need a getaway.” [...] As public institutions deteriorate, élite anxiety has emerged as a gauge of our national predicament. “Why do people who are envied for being so powerful appear to be so afraid?” Johnson asked. “What does that really tell us about our system?” He added, “It’s a very odd thing. You’re basically seeing that the people who’ve been the best at reading the tea leaves—the ones with the most resources, because that’s how they made their money—are now the ones most preparing to pull the rip cord and jump out of the plane.”

Apocalypse in America, now!

Historically, our fascination with the End has flourished at moments of political insecurity and rapid technological change. “In the late nineteenth century, there were all sorts of utopian novels, and each was coupled with a dystopian novel,” Richard White, a historian at Stanford University, told me. Edward Bellamy’s “Looking Backward,” published in 1888, depicted a socialist paradise in the year 2000, and became a sensation, inspiring “Bellamy Clubs” around the country. Conversely, Jack London, in 1908, published “The Iron Heel,” imagining an America under a fascist oligarchy in which “nine-tenths of one per cent” hold “seventy per cent of the total wealth.”

At the time, Americans were marvelling at engineering advances—attendees at the 1893 World’s Fair, in Chicago, beheld new uses for electric light—but were also protesting low wages, poor working conditions, and corporate greed. “It was very much like today,” White said. “It was a sense that the political system had spun out of control, and was no longer able to deal with society. There was a huge inequity in wealth, a stirring of working classes. Life spans were getting shorter. There was a feeling that America’s advance had stopped, and the whole thing was going to break.”

And then we have fallout shelters:

But in 1961 John F. Kennedy encouraged “every citizen” to help build fallout shelters, saying, in a televised address, “I know you would not want to do less.” In 1976, tapping into fear of inflation and the Arab oil embargo, a far-right publisher named Kurt Saxon launched The Survivor, an influential newsletter that celebrated forgotten pioneer skills. (Saxon claimed to have coined the term “survivalist.”) The growing literature on decline and self-protection included “How to Prosper During the Coming Bad Years,” a 1979 best-seller, which advised collecting gold in the form of South African Krugerrands. The “doom boom,” as it became known, expanded under Ronald Reagan. The sociologist Richard G. Mitchell, Jr., a professor emeritus at Oregon State University, who spent twelve years studying survivalism, said, “During the Reagan era, we heard, for the first time in my life, and I’m seventy-four years old, from the highest authorities in the land that government has failed you, the collective institutional ways of solving problems and understanding society are no good. People said, ‘O.K., it’s flawed. What do I do now?’ ”

See this post over at naked capitalism: Elites Eying the Exits Signals America’s Crisis