Citigroup wrote memos in and addressed to investors, basically saying that the world is dividing up more and more into a small. The full report is available here MarPlutonomy-Report-Leaked-Citigroup-Memo-Part1. “Are they real?” That’s the question people usually ask when they hear for the first time of the “Citigroup Plutonomy Memos.” The sad truth is.
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Plutonomy and the Precariat
Retrieved from ” https: But they seem to have been largely ignored by scholars. If it does, the historic reversal that began in the s could become irreversible. As for the rest, we set them adrift. The first memo is dated October 16, 35 pages and is titled: This tends to lead to calls for protectionism to save the low-skilled domestic jobs being lost.
Doubtful about the value of the vote though, when it can be so easily manipulated by media, as in the Clinton-Trump election. And it was egalitarian. As far as the deficit viti concerned, the public has opinions. These economies have seen the rich take an increasing share of income and wealth over the last pluhonomy years, to the extent that the rich now dominate income, wealth and spending in these countries.
The link you provided no longer works. The financialization of the economy really took off at that time. My email is civileconomies gmail. Learn how your comment data is processed. It shows that they consider the end of crony capitalism corporations subsidized by government to be plutonomt equivalent of theft: Asset booms, a rising profit share and favourable treatment by market-friendly plugonomy have allowed the rich to prosper and become a greater share of the economy in the plutonomy countries.
A multinational decided to close down a profitable, functioning facility carrying out some high-tech manufacturing. This 35 page report begins:. Continental Europe ex-Italy and Japan are in the egalitarian bloc.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest” – Elpidio Valdes
It shows that they consider the end of crony capitalism corporations subsidized by government to be the equivalent of theft:. The population at large might still endorse the concept of plutonomy but feel they have lost out to unfair rules. It was a partial victory because, even though they lost, it set off other efforts. Fill in your details below or click an icon to log in: Fill in your details below or click an icon to log in: Secondly, if the rich are to keep getting richer, as we think they will do, then this has ongoing positive implications for the businesses selling to the rich.
Why kill it off, if you can join it? And this is considered a good thing.
But if voters feel they cannot participate, they are more likely to divide up the wealth pie, rather than aspire to being truly rich. There are a lot of reasons for it. Smith bruceedmonds Kevin P.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”
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. The other, of course, is environmental catastrophe. To stay on top of important articles like these, sign up to receive the latest updates from TomDispatch. Email required Address never made public. That changed dramatically in the s.
I have these documents on a Public Dropbox folder, cigi share with anyone who wants them.
Plutonomy and the Precariat | HuffPost
Outsourcing, offshoring or insourcing of cheap labor is done to mejo current labor costs. Thank God that we have such splendid police forces whose members seem to be very happy to quash any unrest with batons, tear gas, pepper spray and a high degree of rough behaviour in order to keep the plutonomists happy!
Can someonoe please e-mail me the report? To summarize so far, plutonomies see the rich absorb a disproportionate chunk of the economy, their decision to lower their savings rate, often corresponding to the asset booms that often accompany plutonomy, has a massive negative impact on reported aggregate numbers like savings rates, current account deficits, consumption levels, etc.
Equity multiples appear too low, the profit share of GDP is high and likely going higher, stocks look likely to beat housing, and we are bullish on equities.