Plutonomy is a term that Citigroup analysts have used for economies “where economic growth In three reports for super-rich Citigroup clients published in and , a team of Citigroup analysts elaborated on their thesis that the share. a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report . Reports Letter to Shareholders. Reports. Annual Report (full web version) · Annual Report (pdf) · Proxy Statement. Letter to Shareholders.
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In the s, unemployed working people could anticipate that their jobs would come back. The thing they most fear is the principle of “one person — one vote”. In this book, he shows a strong long-term trend toward more concentrated income and wealth.
Concentration of wealth yields concentration of political power. I mentioned before that, in the s, one of the most effective actions was the sit-down strike.
Plutonomies have occurred before in sixteenth century Spain, in seventeenth century Holland, the Gilded Age and the Roaring Twenties in the U. If only it were that. The public overwhelmingly supports higher taxes on the wealthy, which have declined sharply in this period of stagnation and decline, and the preservation of limited social benefits.
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The Occupy movement has been an extremely exciting development. This could be a period of irreversible decline. The lowest quintile did cotibank as well as the highest quintile.
The arrogance displayed, as Citigroup sees their iron grip, slipping, yet scheming to hang on to that Plutonic Control — is truly appalling To stay on top of important articles like these, sign up to receive the latest updates from TomDispatch.
So what makes Citigroup want to shut this story up? Plutocrats repent, your end is near. The link you provided no longer works. There are going to be barriers, difficulties, hardships, failures. In three reports 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: If there had been enough popular support, if there had been something like the Occupy movement that could have gotten involved, they might have succeeded.
Leave a Reply Cancel reply Enter your comment here The developments that took place during the s set off a vicious cycle. They present themselves as looney, as well. This cycle resulted in a tremendous concentration of wealth, mainly in the top tenth of one percent of the population. They claimed that their plutonomy index was way outperforming the stock market.
Back to Story Show Parent Thread. 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. As for the rest, we set them adrift. 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.
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.
First, rich people are supposed to be good for the economy because they invest, not because they spend. For example, a policy error leading to asset deflation, would likely damage plutonomy. Through the s, as the decline was setting in, there were some important events that took place.
Views Read Edit View history. And it has an objective basis. One reason is that the US central bank Federal Reserve is reducing their asset purchases. Post was not sent – check your email addresses!
The share of this group in global financial wealth would thus increase to 5. When I try to oped the PDF at the above link http: Send them to all your local media outlets. Leave a Reply Cancel reply Enter citibsnk comment here You are commenting using your WordPress.
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.
They further see the luxury industry catering to plutonomists threatened by anti-corruption initiatives of China and India.
In a paper, which he wrote for customers of his new employer, Bank of America Merrill Lynchone of the largest wealth management firms, Kapur and his team defended Piketty against critics. Both reports were leaked and made available on the WEB. A TomDispatch regularhe is the author of numerous best-selling political works, most recently, Hopes and ProspectsMaking the Futureand Occupypublished by Zuccotti Park Pressfrom which this speech, given last October, is excerpted and adapted.
The fact that the Occupy movement is unprecedented is quite appropriate. According to Kapur and team, “the balance sheets of the plutonomists have been an important transmission channel of monetary policy. To find out more, including how to control cookies, see here: From Wikipedia, the free encyclopedia. Plutocracies always destroy themselves, and many innocents along with them. Email required Address never made pluttonomy. These guidelines exist to further that reputation.
I have saved copies plutonoomy my hard drive and will reblog this post on my blog as well. The World is dividing into two blocs — the Plutonomy and the rest. The financialization of the economy really took off at that time.