The World is dividing into two blocs – the Plutonomy and the rest. Citigroup Research is a division of Citigroup Global Markets Inc. (the “Firm”). 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. In October 16, , Citigroup came out with a brochure for investors called “ Plutonomy: Buying Luxury, Explaining Global Imbalances” urging.
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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. I mentioned before that, in the s, one of the most effective actions was the sit-down strike.
It was getting to the point of sit-down strikes, which are frightening to the business world — you could see it in the business press at the time — because a sit-down strike citigdoup just a step before taking over the factory and running it yourself.
Lest we wonder who inititated class warfare. This 35 page report begins:. In andseveral analysts at Citigroup took a very, very close look at the economic inequalities within the USA and other countries and wrote two memos which were addressed to their very wealthy customers.
Plutonomy only works if the members of a society have the impression that they can still participate, despite the harsh inequalities, that they “can join it. A multinational decided to close down a profitable, functioning facility carrying out some high-tech manufacturing. Corporate tax rates could rise, choking off returns to the private sector, and personal taxation rates could rise — dividend, capital-gains, and inheritance tax rises citiigroup hurt the plutonomy.
They ciyigroup be required reading.
The Rich Getting Richer” deals mainly with the consequences for investments which follow the analysis in the first memo. The political system began to dissolve. Things like this continue. The wave of globalization that the world is currently surfing, is clearly to the benefit of global capitalists, as we have highlighted. Perhaps that is their vision of a growth sector.
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.
Low-end developed market labor might not have much economic power, but it does have equal voting power with the rich. To this end, the rise of the far right in a number of European countries, or calls from the right to slow down the accession of Turkey into the EU, and calls from the left to rebuild trade barriers and protect workers the far left of Mr. On the History of the U.
The fact that citigorup Occupy movement is unprecedented is quite appropriate. After the first few years, by the mids — although the situation was objectively much harsher than it is today — nevertheless, the spirit was quite different. That changed dramatically in the s. It was a partial victory because, even though they lost, it set off other efforts.
They are attracted by the facets that facilitated the re-emergence of plutonomies in the U. This is not something restricted to Europe. We are not taking anything down, we take up the fight against the people who plutinomy that they have the right to be the unelected leaders of the world.
Citigroup attempts to disappear its Plutonomy Report #2 | Real-World Economics Review Blog
Retrieved from ” https: Becoming a “Pluto-participant” is pltuonomy “embodiement of the ‘American Dream'” -and this dream should not die, otherwise pluyonomy Plutocrats could be in real trouble. Why kill it off, if you can join it?
You got to admire the cluelessness of people who deny the down and praise the up as if gravity had nothing to do with it. Email required Address never made public. Low-end developed market labor might not have much economic power, but it does have equal voting power with the rich. Through the s, as the decline was setting in, there were some important events that took place. They claimed that their plutonomy index was way outperforming the stock market. This page was last edited on 29 Novemberat While this tends to citigfoup something more often seen in countries with a shorter history of capitalist democracy, such as the Ukraine attempts to undo prior privatizationsor Russia where some of our clients believe events surrounding Mikhail Khodorovsky to be a form of nationalizationit can happen in the strangest citigrou; places.
The first memo is dated October 16, 35 pages and is titled: According to Kapur and team, “the balance sheets of the plutonomists have been cifigroup important transmission channel of monetary policy. One was what was done: There are signs around the world that society is unhappy with plutonomy — judging by how tight electoral races are.
As for the rest, we set them adrift.
The legislation, essentially bipartisan, drives new fiscal policies and tax changes, as well as the rules of corporate governance and citugroup. We project that the plutonomies the U. To use Rawls-ian analysis, the invisible hand stops working.
What are the common drivers of Plutonomy? Create a free website or blog at WordPress.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”
Or it could be quotes like these, explaining fears of the plutocrats regarding tax policy:. This cycle resulted in a tremendous concentration of wealth, mainly in the top tenth of one percent of the population.
They are also perfectly happy to suppress these explosive memos. Consensus analyses that do not tease out the profound impact of the plutonomy on spending power, debt loads, savings rates and hence current account deficitsoil price impacts etc, i. Our overall conclusion is that a backlash against plutonomy is probable at some point. Climate Change and Nuclear Weapons. Interestingly, they also say this:. The answer is of course yes.
It led to the concentration of wealth increasingly in the hands of the financial sector. Why kill it off, if you can join it? Plutonomy and the Precariat.