generally scrambling to cover over their failures before they become too obvious

I have to disagree on this specific point, solely because they know that the average dumbfuck doesn't want to accept reality even if it stares them in the face, because it's too bitter of a pill to swallow. Denial is their coping mechanism of choice, and I think the elites know that. So while they put some effort into denial, it's more like a literal handwave, which is apparently enough for the vast, vast majority of normies.

Otherwise, I agree with the other points.