The U.S. once had an unofficial but nonetheless genuine ruling class, drawn from what came to be known as the WASP establishment. Members of this establishment dominated politics, economics and education, but they do so no longer. The WASPocracy, as I think of it, lost its confidence and, with it, the power and interest to lead. We are now without a ruling class, unless one includes the entity that has come to be known as the meritocracy—presumably an aristocracy of sheer intelligence, men and women trained in the nation’s most prestigious schools. 
Wasps are unpleasant stinging insects.
WASPS in the United States are White Anglo-Saxon Protestants who too often look down on other People and a lot of the time vote Republican. Many WASPS in the USA have a little non-white heritage they don't know about. Looking closely at the picture on the right, a little Mongoloid admixture is visible, from distant Mongol invasions and probable "lost" American Indian ancestry.