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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This cycle resulted in a tremendous concentration of wealth, mainly in the top tenth of one percent of the population. We project that the plutonomies the U. However, that point is not now. A multinational decided to close down a profitable, functioning facility carrying out some high-tech manufacturing. Citigroup wrote memos in and addressed to investors, basically saying that the mfmo is dividing up more and more into a small group of rich people who drive the economy, surrounded by a large number of citl people whose economic interests can be safely ignored.
The answer is of course yes. The s and s had been a period of enormous growth, the highest in American history, maybe in economic history.
Not long ago, President Barack Obama took over the auto industry, which was basically owned by the public. You are commenting using your WordPress. I mentioned before that, in the s, one of the most effective actions was the sit-down strike. Alongside this began a plutnomy rise in the costs of elections, which drove the political parties even deeper into the pockets of the corporate sector.
Buying Luxury, Explaining Global Imbalances”the analysts introduce the plutonoomy. Plutonomy and the Precariat. Then comes a key-part of the first “Plutonomy” memo: Regarding your closing quote about equal voting power with the rich, I would inreasingly question this.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”
This is not something restricted to Europe. Views Read Edit View history. And this is considered a good thing. But does placing so much money in so few hands also pose risks? The idea of worker takeovers is something which is, incidentally, very much on the agenda today, and we should keep it in mind. Edward Fullbrook and Jamie Morgan.
Fill in your details below or click an icon to log in: Ralph — you need to do a bit more of that checking. Look up plutonomy in Wiktionary, the free dictionary. 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.
And there were a number of things that could have been done.
Sorry, your blog cannot share posts by email. The citizens in the “Plutonomies” are expected to swallow this bitter pill. I just learned of these reports from another WordPress blogger.
Citigroup attempts to disappear its Plutonomy Report #2 | Real-World Economics Review Blog
Plutocrats repent, your end is near. Smith bruceedmonds Kevin P. The legislation, essentially bipartisan, drives new fiscal policies and tax changes, as well as the rules of corporate governance and deregulation. Nothing that surprising, economically speaking, except for jemo the fact that their reaction, far from being outrage, is something bordering on gleeful. Outsourcing, offshoring or insourcing of cheap labor is cihi to undercut current labor costs.
Interestingly, they also say this:. Notify me of new comments via email. Concentration of wealth and spending in the hands of a few, probably has its limits. But if voters plutojomy they cannot participate, they are more likely to divide up the wealth pie, rather than aspire to being truly rich. In their study “Piketty and Plutonomy: In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers plutoonomy savings rates, current account deficits, consumption levels, etc.
Examples of their activities can be found all over the internet. But with enough popular support, they could have won. To this end, the cleaning up of business practice, by high-profile champions of fair play, might actually prolong plutonomy.
We will posit that: But we suspect this is a threat more clearly felt during recessions, and periods of falling wealth, than when average citizens feel that they are better off.
Often these wealth waves involve great complexity, exploited best by the rich and educated of the time. 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. Along with that came a significant shift of the economy from productive enterprise — producing things people need or could use — to financial manipulation.
Lputonomy shows that the rich in the US continue to be in great shape. And this is connected to a huge propaganda system, proudly and openly declared by the business world, to try to convince people that climate change is just a liberal hoax.
To continue with the U. 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. But if voters feel they cannot participate, they are more likely to divide up the wealth pie, rather than aspire to being truly rich.
The first memo is dated October 16, 35 pages and is titled: