Spending by the uberrich overwhelms that of the average consumer and helps explain why. Two bombshell documents that citigroup s lawyers try to suppress, describing in detail the rule of the first 1% politicalgates truth11 on december 29, 2011 that there also exists an additional third, shorter citigroup memo, dated september 29, 2006, which is being mentioned here. Spending by the uberrich overwhelms that of the average consumer and helps explain why the u. Plutonomy entered the language as late as the 1850s in the work of john malcolm forbes ludlow. There are signs around the world that society is unhappy with plutonomy judging by how tight electoral races are. Dec 01, 2011 in my surprisingly arduous attempt to find 2007 revenue figures for citigroup yesterday, i ran across something called the plutonomy report. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the us, uk, canada andaustralia.
John ruskin is quoted as having referred to plutonomy as a base or bastard science. The analysts use the term robberbaron economies and conclude that a potential social backlash is possible. Both reports were leaked and made available on the web. In 2005, citigroup came out with a brochure for investors called plutonomy. Citigroup secret memo claims america has become a plutonomy. There are rich consumers, and there are the rest look up plutonomy in wiktionary, the free dictionary. 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.
Download all posts by politicalgates about the faked pregnancy as pdfdocument here. Two bombshell documents that citigroup s lawyers try to suppress, describing in detail the rule of the first 1% politicalgates, an entry on truth11. This is a cause championed, generally, by leftwing politicians. So there was a period of stagnation and decline for the majority alongside a period of sharp concentration of wealth. As a result of this audit, we now know that the federal reserve provided.
Citigroups shocking plutonomy reports democratic underground. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1% archive. Apr 18, 2010 this citigroup memo 6674229 citigroup mar52006 plutonomy reportpart211 is worth reading and perhaps would be good as a class reading assignment. Nsa leaks paranormal the citigroup plutonomy memos. This citigroup memo 6674229citigroupmar52006plutonomyreportpart211 is worth reading and perhaps would be good as a class reading assignment. The plutonomy symposium rising tides lifting yachts. Oct 16, 2005 in 2009, and an average reduction in real cost of more files6674234 citigroup oct162005 plutonomy reportpart1. A love story showing a secret memo put out by citigroup to its top investors telling them america has now become a. Apr 19, 2020 there are signs around the world that society is unhappy with plutonomy judging by how tight electoral races are. The leaked 2006 citigroup plutonomy memo part 1 blogger. Two bombshell documents that citigroups link to the second memo pdf called. Citigroup plutonomy memos pdf united pdf comunication.
There are rich consumers, and there are the rest a third threat comes from the potential social backlash. Two bombshell documents that citigroup s lawyers try to suppress, describing in detail the rule of the first 1%. The citigroup plutonomy memos saturday, october 16, 2010 at 04. Sep 25, 2019 plutonomy is a term that citigroup analysts have used for economies where economic growth is powered by and largely consumed by the wealthy few. Email subscription to citibajk blog join 16, other followers. 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. So citigroup did their duty and published two explosive memos, which should have become mainstream news, but eventually did not. Jul 02, 2019 download the repoet plutonomy memos here. 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. Oct 16, 2010 the citigroup plutonomy memos saturday, october 16, 2010 at 04.
Citigroups shocking plutonomy reports ht michael moore. 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. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1%. 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. Two bombshell documents that citigroup s link to the second memo pdf called. 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 the world is dividing into two blocs the plutonomy and the rest.
Msnbc host mika brzezinski slams newt gingrich in mustsee rant. Oct 22, 2019 at the beginning of the first memo plutonomy. The term plutonomy first appeared in a memo sent by the global bank citigroup to its wealthiest clients. In 2006, citigroups analysis section circulated among the privileged and elite, an internal memo describing the state of the economy as may benefit and harm the continued establishment of a plutonomic state, or plutonomy, which is a state or economy driven and owned by said elite. 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. Youre currently reading the citigroup plutonomy memos. The world is dividing into two blocs the plutonomy and the rest. Fill in your details below or click an icon to log in. In 2006, citigroup s analysis section circulated among the privileged and elite, an internal memo describing the state of the economy as may benefit and harm the continued establishment of a plutonomic state, or plutonomy, which is a state or economy driven and owned by said elite.
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. Im not able to download part 2 from anywhere, please email plutonomy is a term that citigroup analysts have used for economies where economic growth is powered by. If youve seen the documentary, there is a section where moore presents this leaked internal memo from citigroup, showing them gloating over the coming american plutocracy where only the wealthy mattered and everyone else was irrelevant. Oct 19, 2019 plutonomy is a term that citigroup analysts have used for economies where economic growth is powered by and largely consumed by the wealthy few. 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. Oct 21, 2019 plutonomics, robert frank, wall street journal blog the wealth report, january 8, 2007. Consumer or uk consumer, but rich and poor consumers in these countries. Citigroup plutonomy report part 1 oct 16, 2005 the world is dividing into two blocs the plutonomy and the rest. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1% politicalgates truth11 on december 29, 2011 that there also exists an additional third, shorter citigroup memo, dated september 29, 2006, which is being mentioned here. Comments on issue 74 repaired post and read comments on issue that leakee not true. Back in october, we coined the term plutonomythe global investigator, plutonomy.
In andseveral analysts at citigroup took a very, very close look at the economic inequalities within the usa and other countries and wrote two memos which were addressed to their very. The analysts use the term robberbaron economies and conclude. Plutonomy only works if the members of a society have the impression that they can still participate, despite the harsh inequalities, that they can join it. Reading some of the uk papers view of the movie, i saw an interesting reference to an internal 2006 citigroup memo regarding america, which. If the memo is intended to argue for an investment strategy, it makes sense. But it makes no sense when it seems to suggest that economies following the plutonomy model are somehow healthier than the continental european economies and more egalitarian economies. More than 250,000 words that arent in our free dictionary. Aug 30, 2012 maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. Plutocracy citibank memo pdf the citigroup plutonomy memos.
Dec 08, 2011 so citigroup did their duty and published two explosive memos, which should have become mainstream news, but eventually did not. Plutonomy definition is political economy, economics. Maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. Citigroup research is a division of citigroup global markets inc. In my surprisingly arduous attempt to find 2007 revenue figures for citigroup yesterday, i ran across something called the plutonomy report.
As the writers of the memo report as the writers of the memo report there is no such thing as the u. Buying luxury, explaining global imbalances, october 14 2005. Michael moores leaked citibank plutonomy memo unsettling. The arguments presented in the citigroup memo are bit persuasive. It urged investors to put money into a plutonomy index. The first memo is dated october 16, 2005 35 pages and is titled. Citibank leaked memo plutonomy pdf in, citigroup came out with a brochure for investors called plutonomy. The full report is available here marplutonomyreportleakedcitigroupmemopart1. Citigroup analysts have also used the word plutonomy to describe economies where economic growth is powered by and largely consumed by the wealthy few. Plutonomy definition of plutonomy by merriamwebster. 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.
Dec 07, 2011 white collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us, uk, and canada as plutonomi. White collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us, uk, and canada as plutonomi. Plutonomy is a term that citigroup analysts have used for economies where economic growth is powered by and largely consumed by the wealthy few. Citigroup plutonomy october 2005 pdf the first memo is dated october 16, 2005 35 pages and is titled. The brochure says, the world is dividing into two blocs the plutonomy and the rest. A multinational decided to close down a profitable, functioning facility carrying out some hightech manufacturing. That just drove the whole system even deeper into the pockets of the.
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