Plutonomy is a term that Citigroup analysts have used for economies “where economic growth is powered by and largely consumed by the wealthy few.”. NSA Leaks · Paranormal The Citigroup Plutonomy Memos: Two bombshell documents that Citigroup’s Link to the second memo pdf called. I cannot copy the memo, only read it on the web. Its willingness to write so honestly about our neoliberal capitalism, it is interesting and worthy.
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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.
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. I downloaded mwmo as a PDF. Well, it could be the above quote from memo 1 a point made several times throughout the documentexplicitly linking the trend of growing income inequality to the stuff neoliberal politicians are always trying to push on governments.
Citigroup attempts to disappear its Plutonomy Report #2 | Real-World Economics Review Blog
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Create a free website or blog at WordPress. For example, inUK government withdrawal of financial support bankrupted Railtrack, the UK rail operator, effectively re-nationalizing railway assets on the cheap. Climate Change and Nuclear Weapons. Captain Utopia on June 25, However, Citigroup seems to have been successful in preventing a wider discussion about the memos, due to their legal actions.
In fact, some of them are major. A few years ago, two copies of these memos were leaked and were published on the internet. Reaper on January 24, You are commenting using your Twitter account.
Michael Moore’s Leaked Citibank Plutonomy Memo | unsettling economics
They’re so cute when they still believe. 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.
On p22, they say straight out plutnomy financial inequality is desirable, and that their investors will lose power if the government begins taxing or regulating them like it used to. The parties dissolved in many ways.
Lest we wonder who inititated class warfare. The first memo is dated October 16, 35 pages and is titled: Back when I worked at ThinkProgress, I repeatedly broke stories using leaked memos and other internal documents from powerful corporations.
It would have taken a little popular support, but it could have made a major change in the economy. Screw democracy, long live the plutocrats.
Plutonomy and the Precariat
Examples of their activities can be found all over the internet. There has always been a gap between public policy and public will, but it just grew astronomically. Their strategy seems to be rather short-sighted. Download a copy of these memos. What if Americans don’t believe into the American Dream any more?
Asset booms, a rising profit share and favourable treatment by market-friendly governments have allowed the rich to prosper and become a greater share of the economy in the plutonomy countries. A Leaked Citibank Memo.
We can see a number of potential challenges to plutonomy. What might cause the elastic to snap back?