In , Citigroup came out with a brochure for investors called “Plutonomy: Buying Luxury, Explaining Global Imbalances.” It urged investors. 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. The full report is available here MarPlutonomy-Report-Leaked-Citigroup-Memo-Part1.
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This is what Dodd-Frank has done, to some extent: The political system began to dissolve. 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. Jack Reich on January 24, Along with that came a significant shift of the economy from productive enterprise — producing things people need or could use — to financial manipulation.
Notify me of new comments via email. And of course, to buy luxury-goods stocks. You are commenting using your WordPress. Could anyone who downloaded this please email it to me.
Plutonomy and the Precariat
This 35 page report begins: Leave a Reply Cancel reply Enter your comment here Wealth concentration Economic inequality.
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. And the Occupy movement is the first real, major, popular reaction that could avert this.
Both reports were leaked and made available on the WEB. It would have taken a little popular support, but it could have made a major change in the economy.
Download the Citigroup plutonomy memos here: Easier download of both documents: Notify me of new comments via email.
But if voters feel they cannot participate, they are more likely to divide up the wealth pie, rather than aspire to being truly rich. You jemo find links to download both Plutonomy reports here. Alongside this began a sharp rise in the costs of elections, which drove the political parties even deeper into the pockets of the corporate sector.
Ever since they were leaked to the internet a few years back, Citigroup has been trying desperately to hide these memos from the public. While this tends to be something more often seen in countries with a shorter history of capitalist democracy, such as the Ukraine citibani to undo prior privatizationsmeml Russia where some of our clients believe events surrounding Mikhail Khodorovsky to be a form of nationalizationit can happen in the strangest of places.
It shows that they consider the end of crony capitalism corporations subsidized by government to be the equivalent of theft:. In a sense, this backlash has been epitomized by the media coverage and actual prosecution of high-profile putonomy who presided over financial misappropriation.
The share of this group in global financial wealth would thus increase to 5. There are signs around the world that society is unhappy with plutonomy — judging by how tight electoral races are.
Citibani them to all your local media outlets. As far as the deficit is concerned, the public has opinions.
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. This site uses Akismet to reduce spam. One of the underlying factors, discussed mainly by economic historian Robert Brenner, was the falling rate of profit in manufacturing.
There are a lot of reasons for it. Fill in your details below or click an icon to log in: I suppose I’ll read it over morning coffee.
I have saved copies to my hard drive and will reblog this post on my blog as well. Follow Blog via Email Enter your email address to follow this blog and receive notifications of new posts by email. And concentration of political power gives rise to legislation that increases and accelerates the cycle. The workforce and cittibank union offered to buy plutknomy, take it over, and run it themselves.
Their strategy seems to be rather short-sighted. So there was a period of stagnation and decline for the mem alongside a period of sharp concentration of wealth. Part 1 Part 2. In a paper, which he wrote for customers of mejo new employer, Bank of America Merrill Lynchone of the largest wealth management firms, Kapur and his team defended Piketty against critics.
That changed dramatically in the s. There are, for the first time in human history, real threats to the decent survival of the species. They did what banks were supposed to do in a state capitalist economy: The GFC resulted in massive transfers of dollars from ordinary taxpayers to the wealthy via the bail-outs when the big financial institutions momentarily embraced socialism.
On the History of citibxnk U. But with enough popular support, they could have won. I cannot copy the memo, only read it on the web. Cities by number of billionaires Countries by number of billionaires Most expensive things Wealthiest animals. You are commenting using your Twitter account.
Plutonomy and the Precariat | HuffPost
Email subscription to this blog Join 16, other followers. Views Read Edit View history. As for the rest, we set them adrift.