Ajay Kapur, global strategist at Citigroup, and his research team came up with the term “Plutonomy” in to describe a country that is defined. The full report is available here MarPlutonomy-Report-Leaked-Citigroup-Memo-Part1. 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.
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Take, for example, Citigroup. Look up plutonomy in Wiktionary, the free dictionary. Their strategy seems to be rather short-sighted.
In a number of other countries — the non-plutonomies — income inequality has remained around the levels of the mid s. Still true, as per evidence by Thomas Piketty and others. In three citihroup for super-rich Citigroup clients published in anda team of Citigroup analysts elaborated on their thesis that the share of the very rich in national income of plutonomies had become so large that what is going on in these economies and in their relation with other economies cannot be properly understood any more with reference to the average consumer: And there are other things going on like that.
Interestingly, they also say this: I plutonkmy these documents on a Public Dropbox folder, to share with anyone who wants them.
They present themselves as looney, as well. Citigroup reports available for download here: They claimed that their plutonomy index was way outperforming the stock market. That changed dramatically in the s.
But if voters feel they cannot participate, they are more likely to divide up the wealth pie, rather than aspire to being truly rich.
Email required Address never made public. Could the plutonomies die because the dream is dead, because enough of society does not believe they can participate?
We, Ajay Kapur, Niall MacLeod and Narendra Singh, research analysts and the authors of this report, hereby plutonkmy that all of the views expressed in this research report accurately reflect our personal views pultonomy any and all of the subject issuer s or securities.
This cycle resulted in a tremendous concentration of wealth, mainly in the top tenth of one percent of the population. The fact that the Occupy movement is unprecedented is quite appropriate. Edward Fullbrook has found and written about another Citi plutonomy memo.
We thought this was good time to bang the drum on plutonomy.
Plutonomy and the Precariat | HuffPost
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.
The reports are available for the time being: Perhaps one reason that societies allow plutonomy, is because enough of the electorate believe they have a chance of becoming a Plutoparticipant. The population at large might still endorse the concept of plutonomy but feel they have lost out to unfair rules. Some economists took issue with this diagnosis.
On Politics and Money. December 10, plato. The role of economists Dean Baker Green capitalism: This further inflates the asset markets in these plutonomies, enabling the rich there to lower their savings rates further, and worsening their current account balances further. Often these wealth waves involve great complexity, exploited best by the rich and educated of the time.
We see the biggest threat to plutonomy as coming from a rise in political demands to reduce income inequality, spread the wealth more evenly, and challenge forces such as globalization which have benefited profit and wealth growth.
Continental Europe ex-Italy and Japan are in the egalitarian bloc. Ciigroup do not worry us much. Before the s, banks were banks. And of course, to buy luxury-goods stocks. There are going to be barriers, difficulties, hardships, failures.
You are commenting using your Facebook account. The outcome of the deficit commission is probably going to be the opposite. Our overall conclusion is that a backlash against plutonomy is probable at some point. One of the underlying factors, discussed mainly by economic historian Robert Brenner, was the falling rate of profit in manufacturing. The wave of globalization that the world is currently surfing, is clearly to the benefit of global capitalists, as we have highlighted.
And the Occupy movement is the first real, major, popular reaction that could avert this. On the Working Class. The developments that took place during the s set off a vicious cycle.
Well anyway, nice to know that great minds think alike, as it were. However, they warn that in the short-term there is potential for a backlash. Sorry, your blog cannot share posts by email.
Finally, from the third memo: Post was not sent – check your email addresses! There were other factors. Doubtful about the value of the vote though, when it can be so easily manipulated by media, as in the Clinton-Trump election. It ciyigroup inevitable therefore, that plutonomists and their agents have gone to great lengths to suppress these documents.