Conspiracy theories, till recently considered a fringe phenomenon, are now main- stream political discourse in many countries. We ask why conspiracies are promoted
by political elites. In this paper, we argue that conspiracy-pandering is a strategy to alter the information environment of the public by destroying the credibility of all
sources of information. This can help preventing policy change even in open societies where infor- mation is abundant. We build a formal model in which elites push
conspiracy theories when evidence on an issue goes against them. Especially in the middle of scandals, this is useful. In contrast, when the sender expects that future
developments on a policy issue may favor her, she refrains from conspiracy-pandering. We draw on a number of illustrations from conspiratorial discourse pushed by Russia
on Western media markets, and from the informational environment in ``diminished'' democracies. We demonstrate the dire consequences for voter welfare.
