How new, or secret, is it? It's not that new. I heard about it back when I was consulting at a Citi department a while back, and it wasn't available on their servers then. Iirc, the memo is from Digby has talked about it a lot. There's a download button right at the top of the page to which you linked, btw.
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How new, or secret, is it? It's not that new. I heard about it back when I was consulting at a Citi department a while back, and it wasn't available on their servers then. Iirc, the memo is from Digby has talked about it a lot.
There's a download button right at the top of the page to which you linked, btw. You can get it from there. I just watched Capitalism: A Love Story, and it really only confirmed for me a lot of what I already knew about the extent to which our political system has been infiltrated by the private interests of non-political, economic actors, most notable those in the banking and international finance industries.
I wanted to say a bit about the citibank plutonomy memo, though, because llike a lot of people probably were I was struck by it in the movie and later looked it up online and read it. I think Michael Moore seriously misrepresents this document in his film, as in reality it is little more than the observations of a case study drafted into rudimentary financial strategy.
It's basically a few citibankers writing investors to say "the fact is, there is a massive wealth disparity in the US, dubbed the plutonomy.
We feel that, without passing any moral judgement on the fact, this phenomenon causes A, B, and C, and we want to use the predictive power of this hypothesis to make money. Michael Moore presents this document as some kind of secret blueprint for the corporate takeover of the world, and that's not at all what it is No, Moore was right in exposing this despicable group of Citibank people who set out to strategize to make the rich become even richer "without passing any moral judgement".
The document is of And, for heaven's sake, the People of America bailed out Citibank when it got into deep shit in What these Citibank people are doing is utterly immoral, and they should be stopped from endorsing and promoting neo-feudalism in the world. Post a Comment. 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 of comment.
Maybe someone can figure out how to copy it. Newer Post Older Post Home. Subscribe to: Post Comments Atom.
Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”
Plutonomy entered the language as late as the s in the work of John Malcolm Forbes Ludlow. Citigroup analysts have also used the word plutonomy to describe economies "where economic growth is powered by and largely consumed by the wealthy few. The authors of these studies predicted that the global trend toward plutonomies would continue, for various reasons, including "capitalist-friendly governments and tax regimes". Eight years after Kapur and his team developed and published their plutonomy thesis, the French economist Thomas Piketty achieved worldwide prominence with his book Capital in the Twenty-First Century. In this book, he shows a strong long-term trend toward more concentrated income and wealth. Some economists took issue with this diagnosis. During this discussion, Ajay Kapur the author of the plutonomy-theses, which is closely related to Piketty's theses, entered the public stage again in May
The reports are available for the time being: 20 June here and here. In and Citigroup issued two now notorious but highly significant reports for the exclusive use of its richest clients. This 35 page report begins:. The World is dividing into two blocs — the Plutonomy and the rest. The U.