CITIBANK MEMO PLUTONOMY PDF

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 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. Well anyway, nice to know that great minds think alike, as it were.

Ever since they were leaked to the internet a few years back, Citigroup has been trying desperately to hide these memos from the public. More info about that campaign here. So what makes Citigroup want to shut this story up? Well, it could be the above quote from memo 1 a point made several times throughout the document , explicitly linking the trend of growing income inequality to the stuff neoliberal politicians are always trying to push on governments.

Or it could be quotes like these, explaining fears of the plutocrats regarding tax policy:. 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 would hurt the plutonomy.

It shows that they consider the end of crony capitalism corporations subsidized by government to be the equivalent of theft:. However this does not mean that governments are incapable of revoking property rights.

While this tends to be something more often seen in countries with a shorter history of capitalist democracy, such as the Ukraine attempts to undo prior privatizations , or Russia where some of our clients believe events surrounding Mikhail Khodorovsky to be a form of nationalization , it can happen in the strangest of places.

For example, in , UK government withdrawal of financial support bankrupted Railtrack, the UK rail operator, effectively re-nationalizing railway assets on the cheap. Perhaps one reason that societies allow plutonomy, is because enough of the electorate believe they have a chance of becoming a Plutoparticipant. 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. 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.

And to not worry about the stuff news reports on the economy always talk about, like lack of consumer confidence and high gas prices. Download a copy of these memos. These memos prove the opposite, that the elite are perfectly happy to let us drown.

Show them to your conservative friends, the ones who believe we still live in a society where everyone can be rich if they just work hard enough. Send them to all your local media outlets. Low-end developed market labor might not have much economic power, but it does have equal voting power with the rich. I just learned of these reports from another WordPress blogger.

Thank you most sincerely for the links. I have saved copies to my hard drive and will reblog this post on my blog as well. If only it were that. Regarding your closing quote about equal voting power with the rich, I would inreasingly question this. Still true, as per evidence by Thomas Piketty and others. Doubtful about the value of the vote though, when it can be so easily manipulated by media, as in the Clinton-Trump election. You are commenting using your WordPress.

You are commenting using your Google account. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. Notify me of new posts via email. Create a free website or blog at WordPress. Pissed Off Woman. Home About. They posit a few reasons for this change: 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.

Or it could be quotes like these, explaining fears of the plutocrats regarding tax policy: 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 would hurt the plutonomy. It shows that they consider the end of crony capitalism corporations subsidized by government to be the equivalent of theft: However this does not mean that governments are incapable of revoking property rights.

And of course, to buy luxury-goods stocks. Spread The Word! And remember: Low-end developed market labor might not have much economic power, but it does have equal voting power with the rich.

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

Plutonomy is a term that refers to the science of the production and distribution of wealth. The term first appeared in the middle of the 19th-century in the work of John Malcolm Forbes Ludlow. In modern times, Citigroup analysts, beginning with Ajay Kapur in , have used the term to describe an economy in which the rich are the driving forces and main beneficiaries of economic growth. Others, including Noam Chomsky, have used the term to refer to a nation or economy in which wealth is concentrated in the hands of a few.

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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. We project that the plutonomies the U. Just google it. Nothing that surprising, economically speaking, except for maybe the fact that their reaction, far from being outrage, is something bordering on gleeful.

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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.

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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. Some economists took issue with this diagnosis. During this discussion, Ajay Kapur the author of the plutonomy-theses, which is closely related to Piketty's theses, entered the public stage again in May

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