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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If there is one group of people who need to know the truth about what is really going on within the society and the economy, minus the propaganda, then it’s businesspeople who have a lot of money to invest, and who want to invest wisely. In other words, we are fretting unnecessarily about global imbalances. There are rich consumers, few in number, but disproportionate in the gigantic slice of income and consumption they take. 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.
Asset booms, a rising profit share and favourable treatment by market-friendly governments have allowed the rich to prosper and become a greater share of the economy in the plutonomy countries. Why kill it off, if you can join it?
But if voters feel they cannot participate, they are more likely to divide up the wealth pie, rather than aspire to being truly rich. Something has to be done about it very soon in a dedicated, sustained way.
At the beginning of the first memo “Plutonomy: Wait, now that I look around, I see that Yves Smith at Naked Capitalism posted about this on October 15,almost three years ago, and called for people to protest the annual meetings of the American Bankers Association. If there had been enough popular support, if there had been something like the Occupy movement that could have gotten involved, they might have succeeded.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”
But it is also to the disadvantage of developed market labor, especially at the lower end of the food-chain. That just drove the whole system even deeper into the pockets of the corporate sector increasingly the financial sector. You are commenting using your Twitter account.
The fact that the Occupy movement is unprecedented is plutonomyy appropriate. Email required Address never made public.
However, they warn that in the short-term there is potential for a backlash. Before the s, banks were banks. On the Working Class. In and Citigroup issued two now notorious but highly significant reports for the exclusive use of its richest clients.
pluhonomy Easier download of both documents: Plutocracies always destroy themselves, and many innocents along with them. The name is familiar. Comments on issue 74 – repaired post and read comments on issue Things like this continue. Outsourcing, offshoring or insourcing of cheap labor is done to undercut current labor costs. However, Citigroup seems to have been successful in preventing a wider discussion about the memos, due to their legal actions.
Plutonomy – Wikipedia
One was what was done: Perhaps one reason that societies allow plutonomy, is because enough of the electorate believe they have a chance of becoming a Pluto-participant. Smith bruceedmonds Kevin P. The political system began to dissolve. To this plutonoy, the cleaning up of business practice, by high-profile champions of fair play, might actually prolong plutonomy.
The answer is of course yes. The issue is joblessness. They have to be around to provide a powerful state, which will protect us and bail us out when we get into trouble, but other than that they essentially have no function.
Plutocrats repent, your end is cuti. Along with that came a significant shift of the economy from productive enterprise — producing things people need or could use — to financial manipulation.
Citigroup attempts to disappear its Plutonomy Report #2 | Real-World Economics Review Blog
This page was last edited on 29 Novemberat Post was not sent – check your email addresses! The United States is also taking steps, mainly to accelerate the threat. The financialization of the economy really took off at that time. Nice point to remember when your bourgeois-liberal friend starts ranting about those horrible irresponsible Americans with their maxed-out credit cards and gas-guzzling SUVs.
Often plutonomyy wealth waves involve great complexity, exploited best by the rich and educated of the time.
And the reason is citl Ever since plutonomj were leaked to the internet a few years back, Citigroup has been trying desperately to hide these memos from the public.
Take a look at the polls. You are commenting using your Facebook account. By continuing to use this website, you agree to their use. Fortunately for the investors, the analysts at Citigroup also considered these points and started to think about the plebs who, as history shows, have a tendency to be unruly, if poor.
This 35 page report begins:. And this is considered a good thing. Despite not having received widespread mainstream coverage, the Citigroup memos have been discussed in a handful TV-clips or documentaries.