CITIBANK LEAKED MEMO PLUTONOMY PDF

The World is dividing into two blocs — the Plutonomy and the rest. The U. Continental Europe ex-Italy and Japan are in the egalitarian bloc. In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc. We worry less.

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It was moving, funny, and educational, all rolled into one. It made me feel both, proud and sad, to be an American. There are many lessons to be learned from the film -- But the one that struck me, the one I'm motivated to write about now Plutonomy, perhaps like me, you've not heard much about this term, except in the occasional poorly defined rant. Well it's a word we should all learn more about -- since it's one of the new "code words" the uber-rich use to maintain their "high stations" in life.

An economy that is driven by or that disproportionately benefits wealthy people , or one where the creation of wealth is the principal goal. In a report called " The Plutonomy Symposium Rising Tides Lifting Yachts ," Ajay Kapur, Citigroup's global strategist, says the balance sheets of the rich are "in great shape, and will get much better," which is why he recommends going out and buying stocks of companies that cater to that very select market.

Spending by the uber-rich overwhelms that of the average consumer and helps explain why the U. The United States is one of the plutonomy countries countries whose economies are powered by a relatively small number of rich people. Invest in the uber-rich," The Globe and Mail, October 2, You see Michael Moore highlights a confidential report that Citigroup initially circulated only to it's wealthiest customers. Those reports, since leaked, plainly discuss the power of the Plutonomy in America, and how it would only strengthen, as long as the "the rest us" the non-plutonics could be kept in the dark about the Plutonomy existence, its role, and its over-arching control in the American Economy.

Maybe they couldn't "lose count" of how many homes they owned. Well I tried to locate the confidential Citigroup reports cited in the film, and think that these next two links are them. Remember these Reports were NOT meant for consumption by us "common folk".

The U. Continental Europe ex-Italy and Japan are in the egalitarian bloc. In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc. This imbalance in inequality expresses itself in the standard scary " global imbalances ". We worry less.

Plutonomies have occurred before in sixteenth century Spain, in seventeenth century Holland, the Gilded Age and the Roaring Twenties in the U. Disruptive technology-driven productivity gains, creative financial innovation, capitalist-friendly cooperative governments , an international dimension of immigrants and overseas conquests invigorating wealth creation, the rule of law, and patenting inventions.

Often these wealth waves involve great complexity, exploited best by the rich and educated of the time. There are rich consumers , few in number , but disproportionate in the gigantic slice of income and consumption they take. There are the rest, the "non-rich" , the multitudinous many , but only accounting for surprisingly small bites of the national pie.

Here's the key part, mentioned in the Moore film, where CitiGroup frets about us pesky "laborers" could some day push-back , that we might demand fair treatment and pay for all our productivity:. Our whole plutonomy thesis is based on the idea that the rich will keep getting richer. This thesis is not without its risks. For example, a policy error leading to asset deflation, would likely damage plutonomy. Furthermore, the rising wealth gap between the rich and poor will probably at some point lead to a political backlash.

Whilst the rich are getting a greater share of the wealth, and the poor a lesser share, political enfrachisement remains as was -- one person, one vote in the plutonomies. At some point it is likely that labor will fight back against the rising profit share of the rich and there will be a political backlash against the rising wealth of the rich.

However we are keeping a close eye on developments. The arrogance displayed, as Citigroup sees their iron grip, slipping, yet scheming to hang on to that Plutonic Control -- is truly appalling And as long as any worker push-back, can be held in check -- well No Worries, then.

This Citigroup message of catering to the needs of the Plutonomy, once it got out, hasn't been lost on the Wall Street Journal crowd, although our National News Media, hasn't really reported on it much, have they?

Yet a new body of research from Citigroup suggests that the rich have other, more-surprising impacts on the economy. Yet he maintains that the "the rich are likely to keep getting even richer, and enjoy an even greater share of the wealth pie over the coming years. The best way for companies and businesspeople to survive in Plutonomies, Kapur implies, is to disregard the "mass" consumer and focus on the increasingly rich market of the rich.

Community This content is not subject to review by Daily Kos staff prior to publication. Recommend Unrecommend Add to Blog. Edit Tags. Done Editing Tags. Share this article. There are many lessons to be learned from the film -- But the one that struck me, the one I'm motivated to write about now -- Is the Lesson of Plutonomy Plutonomy n.

The thing they most fear is the principle of "one person -- one vote". What are the common drivers of Plutonomy? We project that the plutonomies the U. A tough message — but one worth considering. Nice, eh!? What was it they fear most, again? The principle of "one person -- one vote"? This content was created by a Daily Kos Community member. Make YOUR voice heard!

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The Economics Of Plutonomy

Citigroup wrote memos in and addressed to investors, basically saying that the world is dividing up more and more into a small group of rich people who drive the economy, surrounded by a large number of poor people whose economic interests can be safely ignored. Disruptive technology-driven productivity gains, creative financial innovation, capitalist- friendly cooperative governments, an international dimension of immigrants and overseas conquests invigorating wealth creation, the rule of law, and patenting inventions. Often these wealth waves involve great complexity, exploited best by the rich and educated of the time. Of course, Naomi Klein, being a journalist rather than an investment banker, spent time with the victims of all these policies and thus was pretty pissed off about them.

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Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”

It was moving, funny, and educational, all rolled into one. It made me feel both, proud and sad, to be an American. There are many lessons to be learned from the film -- But the one that struck me, the one I'm motivated to write about now Plutonomy, perhaps like me, you've not heard much about this term, except in the occasional poorly defined rant. Well it's a word we should all learn more about -- since it's one of the new "code words" the uber-rich use to maintain their "high stations" in life. An economy that is driven by or that disproportionately benefits wealthy people , or one where the creation of wealth is the principal goal. In a report called " The Plutonomy Symposium Rising Tides Lifting Yachts ," Ajay Kapur, Citigroup's global strategist, says the balance sheets of the rich are "in great shape, and will get much better," which is why he recommends going out and buying stocks of companies that cater to that very select market.

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Plutonomy entered the language as late as the s in the work of John Malcolm Forbes Ludlow. Citigroup analysts have also used the word plutonomy to describe economies "where economic growth is powered by and largely consumed by the wealthy few. The authors of these studies predicted that the global trend toward plutonomies would continue, for various reasons, including "capitalist-friendly governments and tax regimes". Eight years after Kapur and his team developed and published their plutonomy thesis, the French economist Thomas Piketty achieved worldwide prominence with his book Capital in the Twenty-First Century. In this book, he shows a strong long-term trend toward more concentrated income and wealth.

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The reports are available for the time being: 20 June here and here. In and Citigroup issued two now notorious but highly significant reports for the exclusive use of its richest clients. This 35 page report begins:. The World is dividing into two blocs — the Plutonomy and the rest. The U. Continental Europe ex-Italy and Japan are in the egalitarian bloc.

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