The more extreme billionaire types see the world as a zero sum game. If they lose a third of their paper wealth, they are still billionaires. The more extreme ones want to gut the middle class, because political power is the only threat to their existence. They see a path where they become merchant princes, and another where they are stood up against the wall and meet their fate.

German and Italian fascism took a similar path. In Italy the state even took over some industry, but the big industrialists with power did great. It didn’t end well for them, but their pal Franco was smarter and hung in there for decades.