CITI PLUTONOMY MEMO 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.

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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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Bank of America CEO Brian Moynihan’s stock bonus jumps

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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So what are we talking about? In and , several analysts at Citigroup took a very, very close look at the economic inequalities within the USA and other countries and wrote two memos which were addressed to their very wealthy customers. So Citigroup did their duty and published two explosive memos, which should have become mainstream news, but eventually did not. 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. Examples of their activities can be found all over the internet.

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