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 link to the second memo pdf called. The leaked 2006 citigroup plutonomy memo part 1 blogger. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the us, uk, canada andaustralia. More than 250,000 words that arent in our 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. The analysts use the term robberbaron economies and conclude that a potential social backlash is possible. Plutocracy citibank memo pdf the citigroup plutonomy memos. Back in october, we coined the term plutonomythe global investigator, plutonomy. The analysts use the term robberbaron economies and conclude. 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 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. Maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. 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.
Citigroup plutonomy memos pdf united pdf comunication. If the memo is intended to argue for an investment strategy, it makes sense. The full report is available here marplutonomyreportleakedcitigroupmemopart1. 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. Consumer or uk consumer, but rich and poor consumers in these countries. Two bombshell documents that citigroup s link to the second memo pdf called. Aug 30, 2012 maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. Plutonomy definition is political economy, economics. It urged investors to put money into a plutonomy index. 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. Reading some of the uk papers view of the movie, i saw an interesting reference to an internal 2006 citigroup memo regarding america, which. In a report called the plutonomy symposium rising tides lifting yachts, ajay kapur, citigroups global strategist, says the balance sheets of the rich are in great shape, and will get much better, which is why he recommends going out and buying stocks of companies that cater to that very select market. Youre currently reading the citigroup plutonomy memos. 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.
Two bombshell documents that citigroup s lawyers try to suppress, describing in detail the rule of the first 1%. So citigroup did their duty and published two explosive memos, which should have become mainstream news, but eventually did not. Dec 01, 2011 in my surprisingly arduous attempt to find 2007 revenue figures for citigroup yesterday, i ran across something called the plutonomy report. Citigroup plutonomy october 2005 pdf the first memo is dated october 16, 2005 35 pages and is titled. In my surprisingly arduous attempt to find 2007 revenue figures for citigroup yesterday, i ran across something called the plutonomy report. Email subscription to citibajk blog join 16, other followers. Spending by the uberrich overwhelms that of the average consumer and helps explain why the u. Comments on issue 74 repaired post and read comments on issue that leakee not true. Plutonomy memo poverty law poverty law poverty law. 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. Buying luxury, explaining global imbalances, october 14 2005.
The citigroup plutonomy memos saturday, october 16, 2010 at 04. Oct 16, 2005 in 2009, and an average reduction in real cost of more files6674234 citigroup oct162005 plutonomy reportpart1. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1% archive. Citigroup secret memo claims america has become a plutonomy. The world is dividing into two blocs the plutonomy and the rest. As a result of this audit, we now know that the federal reserve provided. Fill in your details below or click an icon to log in. Oct 21, 2019 plutonomics, robert frank, wall street journal blog the wealth report, january 8, 2007. The brochure says, 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. 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.
Apr 18, 2010 this citigroup memo 6674229 citigroup mar52006 plutonomy reportpart211 is worth reading and perhaps would be good as a class reading assignment. Thought some might like to have the actual memo to read for themselves. Two bombshell documents that citigroup s lawyers try to suppress, describing in detail the rule of the first 1% politicalgates, an entry on truth11. There are signs around the world that society is unhappy with plutonomy judging by how tight electoral races are. 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. A multinational decided to close down a profitable, functioning facility carrying out some hightech manufacturing. A love story showing a secret memo put out by citigroup to its top investors telling them america has now become a. 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. Citibank leaked memo plutonomy pdf in, citigroup came out with a brochure for investors called plutonomy. 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. 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.
Both reports were leaked and made available on the web. 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. 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. Plutonomy definition of plutonomy by merriamwebster. Citigroup plutonomy memos pdf the world is dividing into two blocs the plutonomy and the rest. The arguments presented in the citigroup memo are bit persuasive. 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. Nsa leaks paranormal the citigroup plutonomy memos. 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. Plutonomy entered the language as late as the 1850s in the work of john malcolm forbes ludlow. 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. The plutonomy symposium rising tides lifting yachts. Oct 22, 2019 at the beginning of the first memo plutonomy. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1%.
Jul 02, 2019 download the repoet plutonomy memos here. This citigroup memo 6674229citigroupmar52006plutonomyreportpart211 is worth reading and perhaps would be good as a class reading assignment. 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. Citigroup analysts have also used the word plutonomy to describe economies where economic growth is powered by and largely consumed by the wealthy few. That just drove the whole system even deeper into the pockets of the. Citigroup research is a division of citigroup global markets inc. Citigroups shocking plutonomy reports ht michael moore. So there was a period of stagnation and decline for the majority alongside a period of sharp concentration of wealth. 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. There are rich consumers, and there are the rest look up plutonomy in wiktionary, the free dictionary. 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.
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. Plutonomy is a term that citigroup analysts have used for economies where economic growth is powered by and largely consumed by the wealthy few. Msnbc host mika brzezinski slams newt gingrich in mustsee rant. White collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us, uk, and canada as plutonomi. Dec 10, 2011 then comes a keypart of the first plutonomy memo.
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. The term plutonomy first appeared in a memo sent by the global bank citigroup to its wealthiest clients. This is a cause championed, generally, by leftwing politicians. John ruskin is quoted as having referred to plutonomy as a base or bastard science. There are rich consumers, and there are the rest a third threat comes from the potential social backlash. The first memo is dated october 16, 2005 35 pages and is titled. As the writers of the memo report as the writers of the memo report there is no such thing as the u. In 2005, citigroup came out with a brochure for investors called plutonomy. Plutonomics, robert frank, wall street journal blog the wealth report, january 8, 2007. Citigroups shocking plutonomy reports democratic underground. Citigroup plutonomy report part 1 oct 16, 2005 the world is dividing into two blocs the plutonomy and the rest. A multinational decided to close down a profitable, functioning facility carrying out.
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. Download all posts by politicalgates about the faked pregnancy as pdfdocument here. Apr 19, 2020 there are signs around the world that society is unhappy with plutonomy judging by how tight electoral races are. Dec 08, 2011 so citigroup did their duty and published two explosive memos, which should have become mainstream news, but eventually did not. Spending by the uberrich overwhelms that of the average consumer and helps explain why.
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