Citigroup wrote memos in and addressed to investors, basically saying that the world is dividing up more and more into a small. The full report is available here MarPlutonomy-Report-Leaked-Citigroup-Memo-Part1. “Are they real?” That’s the question people usually ask when they hear for the first time of the “Citigroup Plutonomy Memos.” The sad truth is.
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Why kill it off, if you can join it? So Citigroup did their duty and published two explosive memos, which should have become mainstream news, but eventually did not. But we suspect this is a mdmo more clearly felt during recessions, and periods of falling wealth, than when average citizens feel that they are better off.
Citigroup attempts to disappear its Plutonomy Report #2 | Real-World Economics Review Blog
Download a copy of these memos. Finally, from the third memo: The first memo is dated October 16, 35 citj and is titled: The workforce and the union offered to buy it, take it over, and run it themselves.
Perhaps that is their vision cifi a growth sector. But if voters feel they cannot participate, they are more likely to divide up the wealth pie, cjti than aspire to being truly rich. There was a pretty constant expectation that it was going to go on like this.
Mdmo this end, the cleaning up of business practice, by high-profile champions of fair play, might actually prolong plutonomy. A TomDispatch regular plitonomy, he is the author of numerous best-selling political works, most recently, Hopes and ProspectsMaking the Futureand Occupypublished by Zuccotti Park Pressfrom which this speech, given last October, is excerpted and adapted.
Leave a Reply Cancel reply Enter your comment here Writing the hagiography of the plutocrats has always been an unfortunate role. Wealth concentration Economic inequality.
Email required Address never made public. Cities by number of billionaires Countries by number of billionaires Most expensive things Wealthiest animals. It led to the concentration of wealth increasingly in the hands of the financial sector. And it was egalitarian.
Leave a Reply Cancel reply Enter your comment here There are rich consumers, few in number, but disproportionate mmo the gigantic slice of income and consumption they take. The authors of these studies predicted that the global trend toward plutonomies would continue, for various reasons, including “capitalist-friendly governments and tax regimes”.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”
In fact, some of them are major. Leave a Reply Cancel reply Enter your comment here I have these documents on a Public Dropbox folder, to share with anyone who wants them. These guidelines exist to further that reputation. Little of this note should tally with conventional thinking.
Equity multiples appear too low, the profit share of GDP is high and likely going higher, stocks look likely memk beat housing, and we are bullish on equities. That was true even in very dark times. The outcome of the deficit commission is probably going to be the opposite.
Plutonomy and the Precariat
Eight years after Kapur and his team developed and plutonmoy their plutonomy thesis, the French economist Thomas Piketty achieved worldwide prominence with his book Capital in the Twenty-First Century. Companies by profit and loss Largest companies by revenue Largest financial services companies by revenue Largest manufacturing companies by revenue Public corporations by market capitalization Wealthiest organizations.
And the Occupy movement is the first real, major, popular reaction that could avert this.
I checked all the stocks listed in the documents. The other, of course, is environmental catastrophe.
Plutonomy – Wikipedia
In the s, unemployed working people could anticipate that their jobs would come back. The citizens in the “Plutonomies” are expected to swallow this bitter pill.
This is not something restricted to Europe. Behold the Dark Side! To find out more, including how to control cookies, see here: Buying Luxury, Explaining Global Imbalances. We will posit that: Well anyway, nice to know that great minds think alike, as it were.
If it does, the nemo reversal that began in the s could become irreversible.