Ajay Kapur, global strategist at Citigroup, and his research team came up with the term “Plutonomy” in to describe a country that is defined. The full report is available here MarPlutonomy-Report-Leaked-Citigroup-Memo-Part1. Maybe I’m the last person who’s hearing about the Citigroup “plutonomy memos”, but they’re blowning me away. Wait, now that I look around.
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You have to form the structures that will be sustained, that will go on through hard times and can win major victories.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest” – Elpidio Valdes
A third threat comes from the potential social backlash. The population at large might still endorse the concept of plutonomy but feel they have lost out to unfair rules. You are commenting using your Facebook account. From Citigroup, Equity Strategy, March 5, emphasis added. But unless the spirit of the last year, here and elsewhere in the country and around the globe, continues to grow and becomes a major force in the social and political world, the chances for a decent future are not very high.
Screw democracy, long live the pkutonomy.
Plutonomy and the Precariat
It shows that the rich in the US continue to be in great shape. For decades, Citigroup has been one of the most corrupt of the major investment banking corporations, repeatedly bailed out by the taxpayer, starting in the early Reagan years and now once again. On the History of the U. There was a pretty constant expectation that it was going to go on like this. The authors ;lutonomy these studies predicted that the global trend toward plutonomies would continue, for various reasons, including “capitalist-friendly governments and tax regimes”.
I mentioned before that, in citibroup s, one of the most effective actions was the sit-down strike.
Citigroup attempts to disappear its Plutonomy Report #2 | Real-World Economics Review Blog
Ultimately, the rise in income and wealth inequality to some extent is an economic disenfranchisement of the masses to the benefit of the few. They have succeeded in getting the second plutonomy report removed from Scrib.
This 35 page report begins: Wealth concentration Economic inequality. BCG expects the trend toward more concentrated wealth to continue unabated.
First, rich people are supposed to be good for the economy because they invest, not because they spend. There are, for the first time in human history, real threats to the decent survival of the species. More info about that campaign here. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the US, UK, Canada and Australia. 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.
I would greatly appreciate it as none of the links are currently functioning. The share of this group in global financial wealth would thus increase to 5. There are rich consumers, and there are the rest.
The real cash incomes and wealth of middle class and working class have stagnated since while there has been a spectacular rise in income and wealth for the owners, managers, and servants of capital. Download the Citigroup plutonomy memos here: Steel decided to close one of its major facilities in Youngstown, Ohio. Views Read Edit View history. However this does not mean that governments are incapable of revoking property rights.
For the public, correctly, the deficit is not regarded as much of an issue. Behold the Dark Side! We thought this was good time to bang the drum on plutonomy. They further see the luxury industry catering to plutonomists threatened by anti-corruption initiatives of China and India. Update on Thursday, November 11, at Before the s, banks were banks. After the first few years, by the mids — although the situation was objectively much harsher plutonnomy it is today — nevertheless, the spirit was quite different.
Why kill it off, if you can join it?