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Classically, a plutocracy was an oligarchy, which is to say a government controlled by the wealthy few. Usually this meant that these 'plutocrats' controlled the executive, legislative and judicial aspects of government, the armed forces, and most of the natural resources.

15 mind-blowing facts about wealth and inequality in America: A slideshow from "Business Insider." Click on "VIEW AS 1 PAGE" unless you want to go insane, viewing 1 slide at a time.

This seems to be The President's modus operandi - 1) Lay out clear markers that are supported by a majority of Avericans - i.e. balanced approach with cuts and revenues; 2) Watch the republicans take a hard line to satisfy the tea party; 3) Give the republicans 99% of what they want; 4) Blame the left for not compromising. It looks like the framework for the deal is beginning to take shape, and it's not at all surprising. Tilted heavily toward cuts that will affect the middle and working classes disproportionately, and almost tailor-made to spare the rich any sacrifice whatsoever. While this is not surprising given the terms of the debate, it still boggles the mind to witness our republic complete its transformation into the very definition of a plutocracy. We have a political system designed specifically to protect the interest of the monied elite (I suppose one could argue that this had been the case for a long time, but it only really became nakedly, brazenly obvious during the 2008 financial crisis). Stories like these don't end well. Including for the elite. The history books are replete with warnings. Our country is going into a dark time.

The finance industry has effectively captured the U.S. government-a state of affairs that more typically describes emerging markets...Recovery will fail unless we break the financial oligarchy that's blocking essential reform.

Our oligarchic class is incompetent at governing, managing the economy, coping with natural disasters, educating our young, handling foreign affairs, providing basic services like health care and safeguarding individual rights. That it is still in power, and will remain in power after this election, is a testament to our inability to separate illusion from reality. We still believe in "the experts." They still believe in themselves.

CEOs and others at the top of the corporate ladder engaging in rampant-though often legal-corruption to improve the bottom line and line their own pockets. They gamble with relative abandon on the chance for that "one big one," that "perfect kill." Unfortunately, they're gambling with your money and mine -- without our knowledge or permission.

Lies and deceit cause the death of democratic politics, critical thought and civic agency. Contempt for 'truth' is evident in the wild West of FOX News. It's evident in Bush's 'Clear Skies Initiative,' enabling greater industrial air pollution. Language is neutered. Meanings are indeterminate. As Orwell said, "war is peace, freedom is slavery, and ignorance is strength."

Thomas Jefferson declared his hope to "crush in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country."