I sat down with Joel Kotkin, author of “The Coming of Neo-Feudalism,” to examine how America’s middle class is being erased and what that means for the future of civilization. Joel argues that we’re entering a new feudal order, where tech oligarchs and ideological elites control wealth, culture, and opportunity while ordinary families lose the ability to own homes, raise children, and build stable communities. We explore the roots of this transformation in collapsing birth rates, failing cities, and the dominance of a secular clerisy pushing increasingly extreme ideas—first among them the likely next mayor of NYC, Zohran Mamdani.