Edited to add - To be clear for anyone, it's Oligarchs/Billionaires paired with rampant, unfettered corporate greed. (at least in my view)
Someone reminded me that I was using dogwhistle parlance in my use of they which may have suggested otherwise.
Here are some visual aids to accompany my clarification:
It's both, depending on the specific conspiracy theorists.
Just like not all "infowarriors" know that "the globalists" means "the Jews" and "populist" means "rich, white, racist" in the code of Alex Jones.
And what does "frogs" and "gay" mean in the code of Alex Jones?
Literally "frogs changing gender" but basically it's a pretense for homophobia and "globalist" scaremongering.