Citigroup Plutocracy memos

[passiveporcupine]

If this has already been posted, mods, please delete. I scanned the first page of GD and didn't see it.

politicalgates.blogspot.com has a story about the citigroup memos that are scattered over the internet, but citigroup attorneys keep "disappearing" them. This story is about those memos.

This is from the first memo titled:
"Plutonomy: Buying Luxury, Explaining Global Imbalances"

1) the world is dividing into two blocs - the plutonomies, where economic growth is powered by and largely consumed by the wealthy few, and the rest.

Plutonomies have occurred before in sixteenth century Spain, in seventeenth century Holland, the Gilded Age and the Roaring Twenties in the U.S. What are the common drivers of Plutonomy?

Disruptive technology-driven productivity gains, creative financial innovation, capitalist- friendly cooperative governments, an international dimension of immigrants and overseas conquests invigorating wealth creation, the rule of law, and patenting inventions. Often these wealth waves involve great complexity, exploited best by the rich and educated of the time.

2) We project that the plutonomies (the U.S., UK, and Canada) will likely see even more income inequality, disproportionately feeding off a further rise in the profit share in their economies, capitalist-friendly governments, more technology-driven productivity, and globalization.

The second memo is titled:
Revisiting Plutonomy; The Rich Getting Richer.
In this memo they discuss the irrelevance of the little people (non-rich).

I don't know why I've not heard of these memos before...they are all over the web, in spite of Cititgroup's attempt to "disappear" them.

link:http://politicalgates.blogspot.com/2011/12/citigroup-plutonomy-memos-two-bombshell.html

I am outraged, but not the least surprised.

[jakeXT]

1. 4 years ago "The Plutonomy Symposium Rising Tides Lifting Yachts"

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6694962

[passiveporcupine]

2. You can download or read the memos here

http://pissedoffwoman.wordpress.com/2012/04/12/the-plutonomy-reports-download/

Thanks Kpete. I knew this was old. I don't know why I'd never heard of it before.

[mindwalker_i]

3. This deserves an ass-load of recs!!!!

The plutocrats know that there are limits to what they can do before people revolt. They are trying to find ways to allow the trend to keep going without the backlash, but I think that's just not possible. Yeah, they managed to (mostly) squash Occupy, but the feelings of resentment are still out there and will persist.

the main reason to innovate and provide cheaper stuff is to keep the masses thinking that they can still get things and be part of the economy. So buy another iPhone, get a bigger TV, and watch Friends 5 days a week instead of getting angry. It's a lot easier. The American Dream is actually just a carrot that will be forever just out of reach.

I seriously wonder whether the almost daily shootings at malls or schools is in part (or mostly) driven by a seething desperation that people don't quite know they're feeling. I think the plutocrats prefer that than to allow Occupy to put a name on it and direct the rage to where it need to go, namely them.

[passiveporcupine]

4. Look at all the people who know what Wal-Mart is doing to the economy

And still shop there. I'm guilty of that as well. I live in a small town where Wal-Mart is the only affordable option for many things and the only source for many things (like small appliances and adult clothing that is not designer sports gear). I also am low income and depend on WM's low prescription prices. Without them, I don't know what I would do. We really need some government health care and prescription price controls so many of us are not dependent on mega corps like Wal-Mart that are bad for the local economy.

[markpkessinger]

5. Michael Moore mentions these memos in "Capitalism: A Love Story" n/t

[Wilms]

6. ^