Our thesis is that the rich are the dominant drivers of demand in many economies around the. Equity risk premium embedded in global imbalances are unwarranted. This citigroup memo 6674229citigroupmar52006plutonomyreportpart211 is worth reading and perhaps would be good as a class reading assignment. Travelers was subsequently spun off from the company in 2002. Names in this basket that our analysts recommend as buys include julius baer. In 2005, citigroup came out with a brochure for investors called plutonomy. Michael moore highlights a confidential report that citigroup initially circulated only to its wealthiest customers. Leaked citigroup memo shows economic domination agenda of the. 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. Capitalism, plutonomy and the pursuit of wealth the. Nov 06, 2017 capitalists speaking frankly posted on november 6, 2017 by garrett s. Continental europe exitaly and japan are in the egalitarian bloc. C environment, social and governance ratings to help you in your stock buying decisions. This article offers a study on the plutonomy of the 1% and what their consumptive practices might tell us.
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. The other citigroup plutonomy memo mentioned in michael moores movie is. Citigroup wrote memos in 2005 and 2006 addressed to investors, basically saying that the. 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. 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. Names in this basket that our analysts recommend as buys include julius baer, bulgari, burberry, richemont, kuoni, and toll brothers. 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 plutonomy symposium rising tides lifting yachts. Rearrange individual pages or entire files in the desired order.
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. 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. 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. The political economy of bubbles realworld economics. The effects of the us plutonomy on the relationship between capitalists and labor. Citigroup plutonomy report part 1 oct 16, 2005 the world is dividing into two blocs the plutonomy and the rest. Oct 16, 2010 the citigroup plutonomy memos saturday, october 16, 2010 at 04. We think this income and wealth inequality plutonomy helps explain many of.
Willem buiter to be chief economist at citigroup, yet here is the. 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. Plutonomy the citigroup plan for the megarich at cost. If the largest bank in the world calls the us a plutonomy.
The history of plutonomys conceptual development remains clouded in secrecy. 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. Plutonomy definition is political economy, economics. 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. 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. 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. 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. 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. C stock quote, history, news and other vital information to help you with your stock trading and investing. Back in october, we coined the term plutonomythe global investigator, plutonomy. 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.
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 economic surprise index yardeni research, inc. Citigroup investment research again, plutonomies like the u. Citigroup wrote memos in 2005 and 2006 addressed to investors. Two bombshell documents that citigroup s link to the second memo pdf called. 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. Citigroup research is a division of citigroup global markets inc.
There are rich consumers, few innumber, but disproportionate in the gigantic slice of income and consumption they take. Citigroup economic surprise index page 2 may 7, 2020 citigroup economic surprise index. 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. John ruskin is quoted as having referred to plutonomy as a base or bastard science. Oct 16, 2005 citigroup published a report which they files6674234 citigroup oct162005 plutonomy reportpart1.
Plutonomy memo poverty law poverty law poverty law. 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. Citigroup went to great length to suppress the reports distribution on the web. A plutonomy is an economy powered by the wealthy and characterised by growing disparities between the top 1 % of society and the rest.
Citigroup analysts have also used the word plutonomy to describe economies where economic growth is powered by and largely consumed by the wealthy few. By the way, if anyone has difficulty with adobe pdf, i have been using an open source pdf reader called sumatra. 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. Its language reveals the wealth and position of its writers, who head their sections with phrases like welcome to. Dec 08, 2011 however, citigroup seems to have been successful in preventing a wider discussion about the memos, due to their legal actions. Capitalist interest in preserving and profiting from the economic power of the rich was verbalized in a 2005 citigroup equity strategy report called plutonomy. Nsa leaks paranormal the citigroup plutonomy memos.
Documents in econstor may be saved and copied for your. 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. I believe that toobigtofail banks are toodangeroustopermit. Plutonomy the citigroup plan for the megarich at cost to. White collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us. Pdf the us plutonomy and its effect on the capitalistlabor. It urged investors to put money into a plutonomy index. Citigroups second plutonomy report, titled revisiting plutonomy. In september 2006 citigroup published a report which they files6674234citigroupoct162005plutonomyreportpart1.
Plutonomy definition of plutonomy by merriamwebster. In september 2006 citigroup published a report which they have been trying to suppress ever since. 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. 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. Realitybase readers know that i think this is in large part due to. Plutonomy entered the language as late as the 1850s in the work of john malcolm forbes ludlow. The march 2005 plutonomy memo, quoted above, has been taken. What links here related changes upload file special pages permanent link page.
Marketforces dont work with the biggest banks at their current sizes. 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. The last 4 pages of this 18page report consist of conflict. It was on what they called plutonomy an idea theyd been hawking around for a while and which was summarised in the wall street journal in 2007 as follows ajay kapur, global strategist at citigroup, and his research team came up with the term plutonomy in. 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. Will monkeys type shakespeare if given enough time. Citigroup economic surprise index yardeni research. The citigroup plutonomy memos saturday, october 16, 2010 at 04. The plutonomy of the 1% the bichler and nitzan archives. Last week citigroup hosted a plutonomy symposium in london, where a number of companies and commentators discussed the outlook for the plutonomists. Citigroups capital levels and book value continued to increase versus the prior year period. 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. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1% archive.
Buying luxury, explaining global imbalances, october 14 2005. 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. Oct 16, 2005 in a plutonomy there is no such animal as the u. Citigroup attempts to disappear its plutonomy report. More than 250,000 words that arent in our free dictionary. However, citigroup seems to have been successful in preventing a wider discussion about the memos, due to their legal actions. Citigroup analysts have also used the word plutonomy to describe economies where. Apr 18, 2010 this citigroup memo 6674229 citigroup mar52006 plutonomy reportpart211 is worth reading and perhaps would be good as a class reading assignment. 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. In my surprisingly arduous attempt to find 2007 revenue figures for citigroup yesterday, i ran across something called the plutonomy report. The memo citigroup doesnt want you to see jobs now. 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. Citigroup plutonomy report pdf the reports are available for the time being.
The brochure says, the world is dividing into two blocsthe plutonomy and the rest. Citigroup research, october 16, 2005 and revisiting plutonomy. Citigroups shocking plutonomy reports ht michael moore. This needs to stop, as every american and every citizen in the western world needs to know what. 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. The world is dividing into two blocs the plutonomy and the rest. Citigroups shocking plutonomy reports democratic underground. Plutonomy is the science of production and distribution of wealth. Citigroup plutonomy memos pdf united pdf comunication. The company was formed by the merger of banking giant citicorp and financial conglomerate travelers group in 1998. Much of the recent increase in inequality in englishspeaking. Drawing on citigroup reports and charting the interplay between goldman sachs. Maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away.
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