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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And this is considered a good thing. In their study “Piketty and Plutonomy: Tap here to turn on desktop notifications to get the news sent straight to you.
Post was not sent – check your email addresses! Asset booms, a rising profit share and favourable treatment by market-friendly governments have allowed the rich to prosper and become a greater share of the economy in the plutonomy countries. For decades, Citigroup has been one of the most corrupt of the major investment banking corporations, repeatedly bailed out by the taxpayer, starting in the early Reagan years and now once again.
If only it were 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.
Plutonomy and the Precariat | HuffPost
These are class reasons, and reflect the lack of popular political mobilization. You plutonpmy commenting using your WordPress. The legislation, essentially bipartisan, drives new fiscal policies and tax changes, as well as the rules of corporate governance and deregulation. They should be required reading.
The developments that took place during the s set off a vicious cycle. Citigroup wrote memos in and addressed to investors, basically saying that the world is dividing up more and more into a small group of rich people who drive the economy, surrounded by a large number of poor people whose economic interests can be safely ignored.
Plutonomy and the Precariat
This 35 page report begins:. And of course, to buy luxury-goods stocks. 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.
You are commenting using your Facebook account. Could anyone who downloaded this please email it to me. BCG expects the trend toward more concentrated wealth to continue unabated.
During this discussion, Ajay Kapur the author lfaked the plutonomy-theses, which is closely related to Piketty’s theses, entered the public stage again in May These economies have seen the rich take an increasing share of income and wealth over the last 20 years, to the extent that the rich now dominate income, wealth and spending in these countries.
Richard William Posner permalink. Send them to all your local media outlets. Conspiracy – a secret plan by a group to do something unlawful or harmful. I suppose I’ll citibano it over morning coffee. This cycle resulted in a tremendous concentration of wealth, mainly in the top tenth of one percent of the population. Conspiracy Theory – a hypothesis that some covert but influential organization is responsible for plutomomy circumstance or event.
We thought this was good time to bang the drum on plutonomy.
Perhaps that is their vision of a growth sector. You are commenting using your Twitter account.
I would greatly appreciate it as none of the links are currently functioning. We project that the plutonomies the U. These guidelines exist to further that reputation. I mentioned before that, in the ditibank, one of the most effective leakes was the sit-down strike. Cities by number of billionaires Countries by number of billionaires Most expensive things Wealthiest animals. It was a partial victory because, even though they lost, it set off other efforts. Become a Redditor and subscribe to one of thousands of communities.