The billionaires understand the growing rage caused by inequality on an unprecedented scale. They worry that the rage might be directed at them. This far, it has been captured by rightwing populists like Trump, whose tax policies deepen the crisis of inequality by transferring more wealth to the one tenth of the one percent.

Jacobin explains that multibillionaires like Bill Gates are trying to buy time through their philanthropy and “the giving pledge,” which commits them to give away a big chunk of their billions when they die. Unfortunately, or fortunately for them, their capital is so vast that they make more money than they give away, without working. At a certain point, capital multiplies just by sitting in stocks and bonds.

Anand Girihadaras hit a nerve in his book Winners Take All, where he described the elite Charade of pretending to save the world through philanthropy, while building mechanisms to control the lives of others.

Charter schools are a perfect example of elite philanthropy that offers a way to “save poor children” while destroying democratically controlled institutions and transferring control to private boards directed by financiers. The parents of the children being “saved” will never have a voice in the education of their children, will never meet face to face with a board member, will never gain admission to a board meeting, and-if they complain too much-will be told to take their child and go elsewhere.