"Whuffie has all the problems of money, and then a bunch more that are unique to it. In Down and Out in the Magic Kingdom, we see how Whuffie – despite its claims to being ‘‘meritocratic’’ – ends up pooling up around sociopathic jerks who know how to flatter, cajole, or terrorize their way to the top. Once you have a lot of Whuffie – once a lot of people hold you to be reputable – other people bend over backwards to give you opportunities to do things that make you even more reputable, putting you in a position where you can speechify, lead, drive the golden spike, and generally take credit for everything that goes well, while blaming all the screw-ups on lesser mortals.

If this sounds familiar, it’s because that’s how money works."

No, that's how democracy "works".