The Jeffrey Epstein scandal highlights that assessing conspiracy theories’ political meaning and significance can be complicated. While some conspiracies are real, conspiracism exaggerates the role of small groups in making politics and history, plays fast and loose with the facts, and diverts attention away from the real systems and movements that predominantly shape our world. All conspiracism involves scapegoating, but the motivation behind such scapegoating varies widely, from demonizing subversives in defense of entrenched power, to a well-meaning but misguided effort to challenge such power. Anti-elite conspiracism (often but by no means always rooted in antisemitism) has been a major vehicle with which far rightists repackage their ideology in progressive-sounding ways, and with which they try to manipulate or form alliances with the left.