That particular one was meant to be tongue-in-cheek, i.e. it's the least likely scenario in that if elites were to attain the status described in GP they would not care for responsible, 'fair' stewardship of non-elites as I had illustrated.
However in response to your comment, feudal systems still relied more or less on peasant-powered agriculture, taxes etc for the ruling class to exist. The theorised society in discussion here is one where a very small percentage of humanity can extract all resources required for existence via automated tools - without the need for 'peasant-class' manual or intellectual labour. In this society the vastly larger portion of our species is more or less irrelevant, and thus subject to the whims of the few (as opposed to now, where economies and industries still need peasant-class input to function).