Berliner Boersenzeitung - Biden warns of Trump 'oligarchy' in dark farewell speech

In a primetime speech from the Oval Office at the end of his single term in office, he warned of an ultra-wealthy "tech industrial complex" that he said could gain unchecked power over the American people.

"Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms," the 82-year-old Democrat said.

Biden began his speech by touting the legacy of his four years in office, saying it may take time to feel the benefits but that the "seeds were planted" for Americans in the future.

But he soon turned to painting a series of dangers that he said were facing the United States, which clearly referred to billionaire Trump's close ties to the world's richest man, Elon Musk, and other tech tycoons.

Biden warned there was a "dangerous concentration of power in the hands of a very few ultra-wealthy people" with "dangerous consequences if their abuse of power is left unchecked."

- 'Avalanche of misinformation' -

He then lashed out at social media firms, with Musk having turned X into a right-wing megaphone and Meta boss Mark Zuckerberg ending fact-checking operations in the US as he courts Trump.

"Americans are being buried under an avalanche of misinformation and disinformation," said Biden.

"The free press is crumbling. Editors are disappearing. Social media is giving up on fact checking. The truth is smothered by lies told for power and for profit."

He recalled a stark warning issued by president Dwight Eisenhower in his own farewell address in 1961 about the dangers of an out-of-control military industrial complex.

"I'm equally concerned about the potential rise of a tech industrial complex," he said.

With Trump planning to roll back US commitments to reduce global warming, Biden further warned that "powerful forces" threatened his climate achievements.

He also cautioned over the rise of AI, saying that America must take the lead over China on the transformative technology.

Biden finished by sounding a valedictory tone at the end of a 50-year political career that has seen the former senator mount several failed presidential bids before becoming Barack Obama's vice president, and finally rising to the top himself.

"It's been the highest honor of my life to lead you as commander in chief," said Biden.

Signing off as Trump returns for a second term on Monday, Biden told Americans: "Now it's your turn to stand guard."

- Family hugs -

In emotional scenes, First Lady Jill Biden, son Hunter and Vice President Kamala Harris were in the Oval Office as Biden delivered his political swansong.

After the speech, Biden kissed and hugged family members including his young grandson Beau.

But the dark address was a stunning shift in tone from Biden, who had largely toned down his criticisms of his rival after the election in pursuit of what he called a smooth transition.

Instead, America's oldest ever president has spent much of his final months in office trying to burnish his legacy before he is replaced by the man he beat in the 2020 election -- a result Trump still disputes.

Biden's efforts got a boost earlier Wednesday when Israel and Hamas agreed to a Gaza ceasefire and hostage release deal, with Biden hailing rare cooperation with Trump's team to reach an accord.

But Biden's legacy was badly damaged by his decision to run for a second term despite his age.

The Democrat was forced to drop out of the race last June after a disastrous debate against Trump, 78, who went on to a commanding victory over Harris.

Polls show Biden remains an unpopular president. A CNN poll published Wednesday showed him with a 36 percent approval rating, remaining at the lowest of his term.

That puts him above Trump, who left office with a 34 percent approval rating, according to the American Presidency Project. The lowest in recent times was Richard Nixon with 24 percent while the highest was Bill Clinton with 66 percent, followed by Barack Obama with 59 percent."

(T.Burkhard--BBZ)