In his latest speech, Biden warns of a “dangerous” oligarchy

Outgoing US President Joe Biden warned of a “dangerous” emerging oligarchy in America as he delivered his farewell address and ended a decade-long career in politics.

“There is an oligarchy of extraordinary wealth, power and influence taking shape in America today that truly threatens our entire democracy, our basic rights and freedoms,” he said Wednesday.

Biden, 82, took aim at the super-rich “techno-industrial complex,” which he said could wield unchecked power over Americans.

He also used his final televised address from the White House to issue warnings about climate change and social media misinformation.

Speaking from the Oval Office, where his family gathered to watch, he touted the results of his one-term administration, citing job creation, infrastructure spending, health care, getting the country out of the pandemic and making the U.S. more safe country.

He added, however, that “it will take time to feel the full impact of all that we have done together, but the seeds have been planted and they will grow and flourish for decades to come.”

Biden wished the incoming administration of Donald Trump well, but then issued a series of stark warnings, with the president saying “so much is at stake right now.”

On climate change, he said “powerful powers want to use their unchecked influence to undo the steps we’ve taken to address the climate crisis to serve their own interests for power and profit.”

Regarding misinformation, Biden warned that “Americans are buried under an avalanche of misinformation and misinformation that allows abuse of power.”

It also took a swipe at social media companies like Meta, which recently announced it get rid of independent verifying facts. “Social media refuses to check facts. The truth is drowned out by lies that are told for power and profit,” Biden said.

And his attack on the ultra-rich “techno-industrial complex” was a veiled reference to Silicon Valley executives like Elon Musk, the world’s richest man, who is close to Trump and has provided massive financial support to his campaign.

Other tech bosses, such as Jeff Bezos and Mark Zuckerberg, have made efforts to improve relations with Trump ahead of his return to the White House.

Concluding his speech, Biden called on Americans to “stand guard” for their country: “May you all be keepers of the fire.”

On the same day, his farewell address arrived he announced a ceasefire agreement between Israel and Hamas, which he mentioned in his opening remarks.

Biden said the negotiations were among the most difficult of his career and took credit for helping to push through the deal.

Under the agreement, the ceasefire will take effect on January 19, the day before Trump is due to take office. The future president also took credit for the deal, saying it was only possible because he won the election in November.