In september 2006 citigroup published a report which they files6674234citigroupoct162005plutonomyreportpart1. Reading some of the uk papers view of the movie, i saw an interesting reference to an internal 2006 citigroup memo regarding america, which has turned into a modern day plutonomy. Citigroup went to great length to suppress the reports distribution on the web. The effects of the us plutonomy on the relationship between capitalists and labor. Marketforces dont work with the biggest banks at their current sizes. I believe that toobigtofail banks are toodangeroustopermit. If the largest bank in the world calls the us a plutonomy. Citigroup analysts have also used the word plutonomy to describe economies where. White collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us. Documents in econstor may be saved and copied for your. Plutonomy entered the language as late as the 1850s in the work of john malcolm forbes ludlow.
Jun 24, 2011 ajay kapur, global strategist at citigroup, and his research team came up with the term plutonomy in 2005 to describe a country that is defined by massive income and wealth inequality. C environment, social and governance ratings to help you in your stock buying decisions. Back in 2005, ajay kapurthen cfa of citigroupproduced this industry note describing investor and consumer behavior in economies where a very small portion of the population controls a very large portion of national wealth. Two bombshell documents that citigroup s link to the second memo pdf called. Will monkeys type shakespeare if given enough time. The brochure says, the world is dividing into two blocsthe plutonomy and the rest. Nov 15, 20 a plutonomy is an economy powered by the wealthy and characterised by growing disparities between the top 1 % of society and the rest. Citigroups capital levels and book value continued to increase versus the prior year period. Oct 16, 2005 citigroup published a report which they files6674234 citigroup oct162005 plutonomy reportpart1.
The plutonomy of the 1% the bichler and nitzan archives. Citigroup economic surprise index yardeni research, inc. The plutonomy symposium rising tides lifting yachts im nothing compared to s abner doon when it comes to finance but if the following documents from citigroup are real then here is proof from 2005 that citigroup and possibly others knew the financial meltdown and housing crisis that came in 2007 and 2008 was on its way soon. Realitybase readers know that i think this is in large part due to. Plutonomy definition of plutonomy by merriamwebster. Buying luxury, explaining global imbalances, october 14 2005. John ruskin is quoted as having referred to plutonomy as a base or bastard science. The memo citigroup doesnt want you to see jobs now. A pdf from citigroup suggests that the us, uk and canada are plutonomies, governments ruled by the rich corporations, exclusively, and that countries that are not are scandinavia, germany, france, pretty much the rest of the world. Citigroup analysts have also used the word plutonomy to describe economies where economic growth is powered by and largely consumed by the wealthy few. Pdf the us plutonomy and its effect on the capitalistlabor. Drawing on citigroup reports and charting the interplay between goldman sachs. Plutonomy the citigroup plan for the megarich at cost. Sep 08, 2009 reading some of the uk papers view of the movie, i saw an interesting reference to an internal 2006 citigroup memo regarding america, which has turned into a modern day plutonomy.
Citigroup plutonomy memos pdf united pdf comunication. Aug 30, 2012 since we think the plutonomy is here, is going to get stronger it is a good time to switch out of stocks that sell to the masses and back to the plutonomy basket. Back in october, we coined the term plutonomythe global investigator, plutonomy. Citigroup research, october 16, 2005 and revisiting plutonomy. Capitalist interest in preserving and profiting from the economic power of the rich was verbalized in a 2005 citigroup equity strategy report called plutonomy. Dan ziblatt argues that rightofcenter parties, historically, have sought electoral success in broadfranchise political systems by attempting to focus attention on issues other than plutocracy. The political economy of bubbles realworld economics. Citigroup attempts to disappear its plutonomy report. Names in this basket that our analysts recommend as buys include julius baer. However, citigroup seems to have been successful in preventing a wider discussion about the memos, due to their legal actions. If plutonomy continues, which we think it will, if income inequality is allowed to persist and widen, the plutonomy basket should continue to do very well. Plutonomy is the science of production and distribution of wealth. You must there are over 200,000 words in our free online dictionary, but you are looking for one thats only in the merriamwebster unabridged dictionary start your free trial today and get unlimited access to americas largest dictionary, with.
This article offers a study on the plutonomy of the 1% and what their consumptive practices might tell us. The other citigroup plutonomy memo mentioned in michael moores movie is. Plutonomy definition is political economy, economics. Citigroups shocking plutonomy reports ht michael moore. Those reports, since leaked, plainly discuss the power of the plutonomy in america, and how it would only strengthen, as long as the the rest us the nonplutonics could be kept in the dark about the plutonomy existence, its role, and its overarching control in the. Citigroup investment research again, plutonomies like the u. Nov, 2011 if plutonomy continues, which we think it will, if income inequality is allowed to persist and widen, the plutonomy basket should continue to do very well. Citigroups shocking plutonomy reports democratic underground.
Leaked citigroup memo shows economic domination agenda of the. Nsa leaks paranormal the citigroup plutonomy memos. The plutonomy symposium rising tides lifting yachts. Its language reveals the wealth and position of its writers, who head their sections with phrases like welcome to. In september 2006 citigroup published a report which they have been trying to suppress ever since. C stock quote, history, news and other vital information to help you with your stock trading and investing. It urged investors to put money into a plutonomy index. This needs to stop, as every american and every citizen in the western world needs to know what people like the analysts of citigroup really think about the inequalities which exist within the societies, how the rich should preserve their domination, and. Citigroups second plutonomy report, titled revisiting plutonomy. Capitalism, plutonomy and the pursuit of wealth the. In 2005, citigroup came out with a brochure for investors called plutonomy.
In my surprisingly arduous attempt to find 2007 revenue figures for citigroup yesterday, i ran across something called the plutonomy report. The march 2005 plutonomy memo, quoted above, has been taken. We think this income and wealth inequality plutonomy helps explain many of. Citigroup wrote memos in 2005 and 2006 addressed to investors. The companys whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer b anking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Citigroup economic surprise index page 2 may 7, 2020 citigroup economic surprise index. Citigroup economic surprise index yardeni research. Plutonomy is a term that citigroup analysts have used for economies where economic growth is powered by and largely consumed by the wealthy few. The citigroup plutonomy memos saturday, october 16, 2010 at 04. Apr 18, 2010 this citigroup memo 6674229 citigroup mar52006 plutonomy reportpart211 is worth reading and perhaps would be good as a class reading assignment. Names in this basket that our analysts recommend as buys include julius baer, bulgari, burberry, richemont, kuoni, and toll brothers. Oct 16, 2010 the citigroup plutonomy memos saturday, october 16, 2010 at 04. By simon johnson earlier this week, richard fisher president of the dallas federal reserve bank captured the growing political mood with regard to very large banks. More than 250,000 words that arent in our free dictionary.
There are rich consumers, few innumber, but disproportionate in the gigantic slice of income and consumption they take. What links here related changes upload file special pages permanent link page. Plutonomy memo poverty law poverty law poverty law. Back in 2005, ajay kapurthen cfa of citigroupproduced this industry note describing investor and consumer behavior in economies where a very small portion of the population controls a very large portion of. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1% archive.
Wait, now that i look around, i see that yves smith at naked capitalism posted about this on october 15, 2009, almost three years ago, and called for people to protest the annual meetings of the american bankers association. Citigroup attempts to disappear its plutonomy report which shows that the us economy is designed to increase income inequality and should be expected to do so in the future. The history of plutonomys conceptual development remains clouded in secrecy. A plutonomy is an economy powered by the wealthy and characterised by growing disparities between the top 1 % of society and the rest. The last 4 pages of this 18page report consist of conflict. This citigroup memo 6674229citigroupmar52006plutonomyreportpart211 is worth reading and perhaps would be good as a class reading assignment. Citigroup plutonomy report pdf the reports are available for the time being. Jan 22, 2017 the plutonomy symposium rising tides lifting yachts im nothing compared to s abner doon when it comes to finance but if the following documents from citigroup are real then here is proof from 2005 that citigroup and possibly others knew the financial meltdown and housing crisis that came in 2007 and 2008 was on its way soon. Oct 16, 2005 in a plutonomy there is no such animal as the u. Much of the recent increase in inequality in englishspeaking. The world is dividing into two blocs the plutonomy and the rest.
Our thesis is that the rich are the dominant drivers of demand in many economies around the. But the fact that plutonomy as a realworld political phenomenon is conceptually driven, rather than merely an historical accident, emerged to public view in 2005 when the first of three citigroup documents prepared for its wealthiest clients were leaked. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the us, uk, canada andaustralia. A love story showing a secret memo put out by citigroup to its top investors telling them america has now become a plutonomy working for the very rich and the only. Dec 01, 2011 in my surprisingly arduous attempt to find 2007 revenue figures for citigroup yesterday, i ran across something called the plutonomy report. May 04, 2020 dan ziblatt argues that rightofcenter parties, historically, have sought electoral success in broadfranchise political systems by attempting to focus attention on issues other than plutocracy. Those reports, since leaked, plainly discuss the power of the plutonomy in america, and how it would only strengthen, as long as the the rest us the nonplutonics could be kept in the dark about the plutonomy existence, its role, and its overarching control in the american. Willem buiter to be chief economist at citigroup, yet here is the. Rearrange individual pages or entire files in the desired order. Travelers was subsequently spun off from the company in 2002. By the way, if anyone has difficulty with adobe pdf, i have been using an open source pdf reader called sumatra. Citigroup secret memo claims america has become a plutonomy. The company was formed by the merger of banking giant citicorp and financial conglomerate travelers group in 1998. Michael moore highlights a confidential report that citigroup initially circulated only to its wealthiest customers.
Citigroup plutonomy report part 1 oct 16, 2005 the world is dividing into two blocs the plutonomy and the rest. Griffin under socialism capitalist interest in preserving and profiting from the economic power of the rich was verbalized in a 2005 citigroup equity strategy report called plutonomy. Continental europe exitaly and japan are in the egalitarian bloc. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this repor t. Last week citigroup hosted a plutonomy symposium in london, where a number of companies and commentators discussed the outlook for the plutonomists. Citigroup wrote memos in 2005 and 2006 addressed to investors, basically saying that the. Citigroup research is a division of citigroup global markets inc. This needs to stop, as every american and every citizen in the western world needs to know what people like the analysts of citigroup really think about the inequalities which exist within the societies, how the rich should preserve their domination, and what possible. Dec 08, 2011 however, citigroup seems to have been successful in preventing a wider discussion about the memos, due to their legal actions.
The memo citigroup doesnt want you to see bill black white collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us, uk, and canada as plutonomies countries where rule by an ultrarich managerial class has replaced democracy. Equity risk premium embedded in global imbalances are unwarranted. Plutonomy is a term that citigroup analysts have used for economies where economic growth in three reports for superrich citigroup clients published in and, a team of citigroup analysts elaborated on their thesis that the share. Leaked citigroup memo shows economic domination agenda of. Plutonomy the citigroup plan for the megarich at cost to. This needs to stop, as every american and every citizen in the western world needs to know what. Maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. You must there are over 200,000 words in our free online dictionary, but you are looking for one thats only in the merriamwebster unabridged dictionary. Citigroup plutonomy memos pdf the world is dividing into two blocs the plutonomy and the rest. The lawyers for citigroup keep trying to make people take down the memos, but theyre easy to find once you know to look for them. Nov 06, 2017 capitalists speaking frankly posted on november 6, 2017 by garrett s.
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