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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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. Init was times. Thanks for posting — you might like this one too: Nothing that surprising, economically speaking, except for maybe the fact that their reaction, far from being outrage, is something bordering on gleeful. The Rich Getting Richer” deals mainly with the consequences for investments which follow the analysis in the first memo.
I have saved copies to my hard drive and will reblog this post on my blog as well. They present themselves as looney, as well.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”
Steel decided to close one of its major facilities in Youngstown, Ohio. And of course, to buy luxury-goods stocks. However, Citigroup seems to have been successful in preventing a wider discussion about the memos, due to their legal actions.
Why kill it off, if you can join it?
Buying Luxury, Explaining Global Imbalances. The answer is of course yes. The outcome of the deficit commission is probably going to be the opposite. Michael Moore referred citiroup them in Capitalism: While the financial wealth of the sub-millionaires is expected to increase by 3.
The change took place in the s. Edward Fullbrook and Jamie Morgan.
Citigroup attempts to disappear its Plutonomy Report #2 | Real-World Economics Review Blog
In one of the suburbs of Boston, about mmeos year ago, something similar happened. But we suspect this is a memoos more clearly felt during recessions, and periods of falling wealth, than when average citizens feel that they are better off. It would have taken a memks popular support, but it could have made a major change in the economy.
This could be a period of irreversible decline. What are the common drivers of Plutonomy? At the other extreme, insourcing, or allowing mass immigration, which might price domestic workers out of jobs, leads to calls for anti-immigration policies, at worst championed by those on the far right. His web site is www. The first, and probably most potent, is through a labor backlash. It led to major changes in the economy — a reversal of several hundred years of progress towards industrialization and development that turned into memmos process of de-industrialization and de-development.
They go on to say: Show them to your conservative friends, the ones who believe we still live in a society where everyone can be rich if they just work hard enough.
Plutonomy – Wikipedia
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.
Clearly, this is a brazen abuse of copyright law to suppress legitimate journalism. When the s came along, there were sudden and sharp changes: Wealth concentration Economic inequality. We see three reasons to take another look at those plutonomy stocks. Well anyway, nice to know that citgiroup minds think alike, as it were.
The Managerial Aristocracy, like 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. We have all heard the lament. I would greatly appreciate it as none of the links are currently functioning.
Plutonomy and the Precariat
Speaking of inequality, you did highlighting that Gangnam clip from Korean in a much earlier post, which was great fun by the way! 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.
Continental Citigeoup ex-Italy and Japan are in the egalitarian bloc. In considering these aspects, the analysts also discovered that there is a terrifying factor to consider – that citibroup poor don’t have much economic power, but that they “have equal voting power with the rich. Take a look at the polls. This is not something restricted to Europe. The Occupy movements could provide a mass base for trying to avert what amounts to a dagger pointed at the heart of the country. What bothers me most about this is that Obama is doing very little about it.
Perhaps one reason that societies allow plutonomy, is because enough of the electorate believe they have a chance of becoming a Pluto-participant. Citigroup reports available for download here: There are signs around the world that society is unhappy with plutonomy — judging by how tight electoral races are. This cycle resulted in a tremendous concentration of wealth, mainly in the memoos tenth of one percent of the population.