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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Why kill it off, if you can join it? The idea of worker takeovers is something which is, incidentally, very much on the agenda today, and we should keep it in mind. On the History of the U. The outcome of the deficit commission is probably going to be the opposite.
But if voters feel they cannot participate, they are more likely to divide up the wealth pie, rather than aspire to being truly rich.
Plutonomy and the Precariat
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.
That changed dramatically in the s. We think the balance citigfoup of the rich are citigtoup great shape, and are likely to continue to improve. OWSfinancerant. His web site is www. It took two hours. 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.
These guidelines exist to further that reputation. The Managerial Aristocracy, plutonimy in the Gilded Age, the Roaring Twenties, and the thriving nineties, needs to commandeer a vast chunk of that rising profit share, either through capital income, or simply paying itself a lot.
Concentration of wealth yields concentration of political power.
Or it could be quotes like these, explaining fears of the plutocrats regarding tax policy:. The authors of these studies predicted that the global trend toward plutonomies would continue, for various reasons, including “capitalist-friendly governments and tax regimes”.
The public overwhelmingly supports higher taxes on the wealthy, which have declined sharply in this period of stagnation and citigroyp, and the preservation of limited social benefits.
We project that the plutonomies the U. They should be required reading. Often these wealth waves involve great complexity. Lest we wonder who inititated class warfare.
This 35 page report begins:. They claimed that their plutonomy index was way outperforming the stock market. I managed to get 2 from the Greencard site…. The full report is available here http: One was what was done: Citigroup reports available for download here: And to not worry about the stuff news reports on the economy always talk about, like lack of consumer confidence and high gas prices.
Citigroup attempts to disappear its Plutonomy Report #2 | Real-World Economics Review Blog
Nothing that surprising, economically speaking, except for maybe the fact that their reaction, far from being outrage, is something bordering on gleeful. Almost all the smart folks we know — our investors, our colleagues, our friends in academia, politicians believe in memmos variant of these two stories. Can someonoe please e-mail me the report?
If there had been enough popular support, if there had citigrohp 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”
A third threat comes from the potential social backlash. Fill in your details below or click an icon to log in: A multinational decided to close down a profitable, functioning facility carrying out some high-tech manufacturing. There was a pretty constant expectation that it was going to go on like this. We project that plutono,y plutonomies the U. Not literal numbers, but the right picture.
You can find the first report here: 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 Rich Getting Richer” deals mainly with the consequences for investments which follow the analysis in the first memo.
That was true even in very dark times. These take-down notices achieved the desired result, because the file-sharing website “scribd. There are signs around the world that society is unhappy with plutonomy — judging by how tight electoral races are. Email required Address never made public. During this discussion, Ajay Kapur the author of the plutonomy-theses, which is closely related to Piketty’s theses, entered msmos public stage again in May I mentioned before that, in the s, one of the most effective actions was the sit-down strike.
Take, for example, Citigroup. They go on to say: The parties dissolved in many ways.