Plutonomy the citigroup plan for the megarich at cost to. A love story 6674234citigroupoct162005plutonomyreportpart1. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the us, uk, canada andaustralia. I heard about it back when i was consulting at a citi department a while back, and it wasnt available on their servers then. Michael moore, misrepresentation and migrating plutonomies. Citigroups shocking plutonomy reports ht michael moore. In september 2006 citigroup published a report which they have been trying to suppress ever since. Where can i find a copy of the citigroup plutocracy report. Citigroup secret memo claims america has become a plutonomy. 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. Msci ac world index, understanding how the plutonomy impacts consumption is key for equity market participants. Old news, but not enough people know it this is old news, but old news that most people dont know about, because citigroup has been. Citigroups lawyers played a clip from michael moores capitalism.
There are rich consumers, and there are the rest 10 principles of concentration of wealth and power. Citigroup plutonomy report part 2 mar 5 2006 risks what could go wrong. A love story, ajay kapur, then citigroups chief global equities strategist, says this. Dec 01, 2011 i tried to find a better article on citigroups disappearing plutonomy report than the personal blog linked above, but its just not out there. Moore does not propose a solution and in fact states he has not even read marx. Citigroups shocking plutonomy reports democratic underground. It was on what they called plutonomy an idea theyd been hawking around for a while and which was summarised in the wall street journal in 2007 as follows. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1%. Not to be confused with cit group, another large financial services company. A secret memo our plutonomy research is a bad guy in michael moores new movie capitalism.
Perhaps one reason that societies allow plutonomy, is because. A plutonomy is an economy powered by the wealthy and characterised by growing disparities between the top 1 % of society and the rest. A love story 6674234 citigroup oct162005 plutonomy reportpart1. 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. I tried to find a better article on citigroups disappearing plutonomy report than the personal blog linked above, but its just not out there. A love story has thrown, as moore puts it, the first salvo to begin a discussion on capitalism and why it has to go. Citigroup plutonomy memo pdf ajay kapur, global strategist at citigroup, and his research team came up with the term plutonomy in to describe a country that is defined. Citigroup ceo michael corbat announced in a memo thursday that the bank was instituting a new commercial firearms policy designed to respect the rights of responsible gun owners while helping to. Citigroup requires stricter standards from clients on firearm. The other citigroup plutonomy memo mentioned in michael moores movie is. Oct 08, 2009 where can i find a copy of the original unedited citigroup plutocracy report as mentioned by michael moore in capitalisim. In september 2006 citigroup published a report which they files6674234 citigroup oct162005 plutonomy reportpart1. In addition, michael moore reported about the citigroup plutonomy.
Apr 19, 2020 citibank memo plutonomy pdf are they real. Back in october, we coined the term plutonomy the global investigator, plutonomy. Our plutonomy research is a bad guy in michael moores new movie capitalism. The other citigroup plutonomy memo mentioned in michael moores.
May 03, 2019 citibank memo plutonomy pdf are they real. In, citigroup came out with a brochure for investors called plutonomy. Buying luxury, explaining global imbalances, october 14, 2005. Michael moore highlights a confidential report that citigroup initially circulated only to its wealthiest customers. White collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us, uk, and. Apr 28, 2019 citigroup plutonomy memo pdf ajay kapur, global strategist at citigroup, and his research team came up with the term plutonomy in to describe a country that is defined. Citigroup analysts have also used the word plutonomy to describe economies where economic growth is powered by and largely consumed by the wealthy few. Pdf the us plutonomy and its effect on the capitalistlabor. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this rep ort. As before, the letter is from the kilpatrick townsend, attorneys at law, and, as before, the letter is on behalf of their client, citigroup. Aug 30, 2012 maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. Michael moores leaked citibank plutonomy memo unsettling. 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. Leaked citigroup memo shows economic domination agenda of the.
Where can i find a copy of the original unedited citigroup plutocracy report as mentioned by michael moore in capitalisim. Secondly, if the rich are to keep getting richer, as we think they will do, then this has ongoing positive. If you go to that link in the op and scroll to page 10, you will see exactly why moore made the movie. But just in case you didnt hear about the plutonomy memos ht nicholas levis, which were featured on michael moores. An invitation from michael moore to attend the peoples premiere of fahrenheit 119 on wednesday, sept 19. In september 2006 citigroup published a report which they files6674234citigroupoct162005plutonomyreportpart1. Oct 31, 2009 leaked citigroup memo shows economic domination agenda of the top 1% wealthiest. Citigroup memo predicted ows movement over half a decade ago.
Citigroup was criticized for disrupting the european bond market by rapidly selling 11 billion worth of bonds on august 2, 2004 on the mts group trading platform, driving down the price, and then buying it back at cheaper prices. Realitybase readers know that i think this is in large part due to. Travelers was subsequently spun off from the company in 2002. But the fact that plutonomy as a realworld political phenomenon is conceptually driven, rather than merely an historical accident, emerged to public view in 2005 when the first of three citigroup documents prepared for its wealthiest clients were leaked. Citigroup proprietary government bond trading scandal of 2004. Buying luxury, explaining global imbalances, october 14 2005. Yes, they are real, and instead of being discussed on mainstream media outlets all over america and beyond, citigroup was surprisingly successful so far in suppressing these memos. The political economy of bubbles realworld economics. Yes, they are real, and instead of being discussed on mainstream media outlets all over america and beyond.
John ruskin is quoted as having referred to plutonomy as a base or bastard science. Jan 24, 2011 michael moores leaked citibank plutonomy memo. Two bombshell documents that citigroup s lawyers try to suppress, describing in detail the rule of the first 1%. Lets see if he can supervise the inventors of plutonomy as global equity strategy in his new movie, michael moore mentions the citigroup document of 2005 on plutonomy.
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. While i researched the subject, i discovered that there also exists an additional third, shorter citigroup memo. Nov 15, 20 a plutonomy is an economy powered by the wealthy and characterised by growing disparities between the top 1 % of society and the rest. In a report called the plutonomy symposium rising tides lifting yachts, ajay kapur, citigroups global strategist, says the balance sheets of the. 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. In the october 2005 note, the analysts said that plutonomies have occurred. Michael moores leaked citibank plutonomy memo econospeak.
Yes, they are real, and instead of being discussed on mainstream media outlets all over america and beyond, citigroup was surprisingly successful so far in suppressing these memos, using their lawyers to issue takedownnotices whenever these memos were. Oct 16, 2010 in one of the two memos made famous in michael moore s film capitalism. Citigroups second plutonomy report, titled revisiting plutonomy. Michael moore takes odd star turn in citigroupprivate equity battle. Leaked citigroup memo shows economic domination agenda of the top 1% wealthiest. But there is as tom hickey says a button to download the pdf file, right at the top line of the document. In one of the two memos made famous in michael moores film capitalism. 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. For a report that matthew yglesias calls a bit of a cult classic among economics writers, the systematic removal of plutonomy 2 from the internet sure hasnt gotten much press. Mar 18, 2010 these documents are referred to in michael moore s capitalism. I had a heck of a time finding a copy of this citigroup plutonomy report pdf again since the. A love story showing a secret memo put out by citigroup to its top investors telling them america has now become a. Much of the recent increase in inequality in englishspeaking. A love story, ajay kapur, then citigroup s chief global equities strategist, says this.
Back in october, we coined the term plutonomythe global investigator, plutonomy. Just a short statement and exit memo to citigroups shocked employees. Michael moore takes odd star turn in citigroupprivate equity. Those reports, since leaked, plainly discuss the power of the plutonomy in america, and how it would only strengthen, as long as the the rest us the nonplutonics could be kept in the dark about the plutonomy existence, its role, and its overarching control in the american. Internal citibank memo about the trending of the rich to get richer, the gap between rich and poor to increase and how they plan to replace our system of democracy with a plutocracy a term they coined and how they should capitalize on it. According to moore, undoubtedly exercising liberties with the truth to inflate his polemics, our work on. Plutonomy definition is political economy, economics. Thats the question people usually ask when they hear for the first time of the citigroup plutonomy memos. Plutonomy entered the language as late as the 1850s in the work of john malcolm forbes ludlow.
This time, kilpatrick townsend has asked me to remove a copy of a citigroup research report on plutonomy that was featured in michael moores documentary capitalism. I heard about it back when i was consulting at a citi department a while back, and it. Ajay kapur, global strategist at citigroup, and his research. Our whole plutonomy thesis is based on the idea that the rich will keep getting richer.
Jun 24, 2011 in september 2006 citigroup published a report which they have been trying to suppress ever since. Citigroup research is a division of citigroup global markets inc. The march 2005 plutonomy memo, quoted above, has been taken. Plutonomy definition of plutonomy by merriamwebster. The company was formed by the merger of banking giant citicorp and financial conglomerate travelers group in 1998. Maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. Plutonomy memo citigroup michael moore capitalismo una. According to moore, undoubtedly exercising liberties with the truth to inflate his polemics, our work on plutonomy at citigroup was a secret. James madisons ideas on protecting the opulent minority against the tyranny of the majority. Our plutonomy research is a bad guy in michael moores new movie. Citigroup went to great length to suppress the reports distribution on the web.
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