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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Often these wealth waves involve great complexity, exploited best by the rich and educated of the time.
To use Rawls-ian analysis, the invisible hand stops working. The parties dissolved in many ways.
Interestingly, they also say this: In plutonomies the rich absorb a disproportionate chunk of the economy and have a massive impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc.
Like say, Bachmann, Palin, etal?
Citigroup’s plutonomy memos | mathbabe
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.
There is a download button there. The developments that took place during the s set off a vicious cycle. Some economists took plutonoy with this diagnosis. Christian Arnsperger and Yanis Varoufakis The citiibank bubble and the financial crisis Dean Baker Why some countries are poor and some rich: For example, inUK government withdrawal of financial support bankrupted Railtrack, the UK rail operator, effectively re-nationalizing railway assets on the cheap.
You can find links to download both Plutonomy reports here. This 35 page report begins:. In and Citigroup issued two now notorious but highly significant reports for the exclusive use of its richest clients. In this book, ditibank shows a strong long-term trend toward more concentrated income and wealth. There are signs around plutonoym world that society is unhappy with plutonomy — judging by how tight electoral races are.
The change took place in the s.
Plutonomy and the Precariat
Not literal numbers, but the right picture. It would have taken a little popular support, but it could have made a major change in the economy.
They did what banks were supposed to do in a state capitalist economy: You are commenting using your WordPress. Why kill it off, if you can join it? Within a couple of years, they started having to put money into the party coffers in order to get ahead, a topic studied mainly by Tom Ferguson. A third threat comes from the potential social backlash. The link you provided no longer works.
Not long ago, President Barack Obama took over the auto industry, which was basically owned by the public. Look cittibank plutonomy in Wiktionary, the free dictionary.
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. To this end, the cleaning up of business practice, by high-profile champions of fair play, might actually prolong plutonomy.
The Citigroup Plutonomy Memos: Comments 26 Leave a comment. Sorry, your blog cannot share posts by email. Ciyibank go leajed to say: No accusations of rules violations in comments. All posts will be by default flaired as [No Meta] and subject to these rules.
Thanks for posting — you might leaaked this one too: They further see the luxury industry catering to plutonomists threatened by anti-corruption initiatives of China and India. And there are a lot of things that can be done. And it has an objective basis. Things like this continue. By continuing to use this website, you agree to their use.
Conspiracy Theory – a hypothesis that some covert but influential organization is responsible for a circumstance or event. Email required Address never made public. Edward Fullbrook and Jamie Morgan. Plutocracies always destroy themselves, and many innocents along with them.