CITIGROUP PLUTONOMY MEMO PDF

So what are we talking about? In and , several 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 wealthy customers. So Citigroup did their duty and published two explosive memos, which should have become mainstream news, but eventually did not. Usually one should think that once such important documents are in the "public domain", nothing should stop them any more from being distributed and being openly discussed. Examples of their activities can be found all over the internet. It is not necessary to include a download link in this post, as the memos are pretty easy to find with a simple google search.

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Wait, now that I look around, I see that Yves Smith at Naked Capitalism posted about this on October 15, , almost three years ago, and called for people to protest the annual meetings of the American Bankers Association. Just google it. Nothing that surprising, economically speaking, except for maybe the fact that their reaction, far from being outrage, is something bordering on gleeful. This equal voting power seems to be a pretty serious concern for their plans.

They go on to say: A third threat comes from the potential social backlash. To use Rawls-ian analysis, the invisible hand stops working. Perhaps one reason that societies allow plutonomy, is because enough of the electorate believe they have a chance of becoming a Pluto-participant.

Why kill it off, if you can join it? But if voters feel they cannot participate, they are more likely to divide up the wealth pie, rather than aspire to being truly rich. Could the plutonomies die because the dream is dead, because enough of society does not believe they can participate? The answer is of course yes. 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.

There are signs around the world that society is unhappy with plutonomy — judging by how tight electoral races are. But as yet, there seems little political fight being born out on this battleground.

The population at large might still endorse the concept of plutonomy but feel they have lost out to unfair rules. In a sense, this backlash has been epitomized by the media coverage and actual prosecution of high-profile ex-CEOs who presided over financial misappropriation. To this end, the cleaning up of business practice, by high-profile champions of fair play, might actually prolong plutonomy.

Note the perspective: what could go wrong. Lest we wonder who inititated class warfare. Share this:.

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LEAKED CITIBANK MEMO PLUTONOMY PDF

Wait, now that I look around, I see that Yves Smith at Naked Capitalism posted about this on October 15, , almost three years ago, and called for people to protest the annual meetings of the American Bankers Association. Just google it. Nothing that surprising, economically speaking, except for maybe the fact that their reaction, far from being outrage, is something bordering on gleeful. This equal voting power seems to be a pretty serious concern for their plans. They go on to say: A third threat comes from the potential social backlash. To use Rawls-ian analysis, the invisible hand stops working.

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CITIGROUP PLUTONOMY MEMOS PDF

Kalkree 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. They further see the luxury industry catering to plutonomists threatened by anti-corruption initiatives of China and India. We are not taking anything down, we take up the fight against the people who believe that they have the right to be the unelected leaders of the world. That was true even in very dark times. But unless the spirit of the last year, here and elsewhere in the country and around the globe, continues to grow and becomes a major force in the social and political world, the chances for a decent future are not very high. Our overall conclusion is that a backlash against plutonomy is probable at some point. But if voters feel they cannot participate, they citigrup more likely to divide up the wealth pie, rather than aspire to being truly rich.

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Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”

Origins[ edit ] Plutonomy entered the language as late as the s in the work of John Malcolm Forbes Ludlow. In this book, he shows a strong long-term trend toward more concentrated income and wealth. Some economists took issue with this diagnosis. In a paper, which he wrote for customers of his new employer, Bank of America Merrill Lynch , one of the largest wealth management firms, Kapur and his team defended Piketty against critics.

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Bakazahn Plutonomy: A Leaked Citibank Memo There are rich consumers, few in number, but disproportionate in the gigantic slice of income and consumption they take. Practically every country in the world is taking at least halting steps towards trying to do something about it. In a sense, this backlash has been epitomized by the media coverage and actual prosecution of high-profile ex-CEOs who presided over financial misappropriation. Fortunately, this is already happening. They posit a few reasons for this change: Outsourcing, offshoring or insourcing of cheap labor is done to undercut current labor costs.

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