CITIBANK PLUTONOMY MEMO PDF

The real cash incomes and wealth of middle class and working class have stagnated since while there has been a spectacular rise in income and wealth for the owners, managers, and servants of capital. Realitybase readers know that I think this is in large part due to unbalanced foreign trade and even more to globalization by exposing Americans to foreign labor competition. That view is vigorously denied in public by banks, other business organizations, their trade groups, editorial boards, economists, policy elites, and other guardians of conventional wisdom. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the US, UK, Canada and Australia. These economies have seen the rich take an increasing share of income and wealth over the last 20 years, to the extent that the rich now dominate income, wealth and spending in these countries.

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The real cash incomes and wealth of middle class and working class have stagnated since while there has been a spectacular rise in income and wealth for the owners, managers, and servants of capital. Realitybase readers know that I think this is in large part due to unbalanced foreign trade and even more to globalization by exposing Americans to foreign labor competition. That view is vigorously denied in public by banks, other business organizations, their trade groups, editorial boards, economists, policy elites, and other guardians of conventional wisdom.

Our thesis is that the rich are the dominant drivers of demand in many economies around the world the US, UK, Canada and Australia.

These economies have seen the rich take an increasing share of income and wealth over the last 20 years, to the extent that the rich now dominate income, wealth and spending in these countries. Asset booms, a rising profit share and favorable treatment by market-friendly governments have allowed the rich to prosper and become a greater share of the economy in plutonomy countries.

Furthermore, the rising wealth gap between the rich and poor will probably at some point lead to a political backlash. At some point it is likely that labor will fight back against the rising profit share of the rich and there will be a political backlash against the rising wealth of the rich. From Citigroup, Equity Strategy, March 5, emphasis added.

The October memo is here. Do we think this is what Citi, through its trade associations, lobbyists, and flacks, was contemporaneously telling lawmakers and the public and, if not, which should we believe? We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation s or view s in this report.

The SEC requires this so investors will not be misled. No such requirement applies when Citi speaks to the rest of us—we expect to be lied to, and we are seldom disappointed. Update on Thursday, November 11, at AM by The March Plutonomy memo, quoted above, has been taken down from the linked site at the request of Citi. It is still available here , but for how much longer? Update on Sunday, January 2, at AM by.

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LEAKED CITIBANK MEMO PLUTONOMY PDF

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. In their study "Piketty and Plutonomy: The Revenge of Inequality" they state that in the long term the drivers of the further concentration of wealth are intact, including globalization and capitalism-friendly governments. However, they warn that in the short-term there is potential for a backlash. One reason is that the US central bank Federal Reserve is reducing their asset purchases.

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CITIGROUP PLUTONOMY MEMOS PDF

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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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.

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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.

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