Leaked Citibank Memo The Plutonomy Symposium Rising Tides Lifting Yacht

[Magda Hassan]

Leaked Citibank Memo The Plutonomy Symposium Rising Tides Lifting Yacht.
Speaking honestly amongst themselves the financial advisers and managers to the wealthy state that things are looking pretty rosy and that the wealthy will get even wealthier and the importance of preserving the 'mytique' of plutonomy and that the 'political process' (voting and democracy to you and me) is the greatest threat to plutonomy.

The little drawing on the front page is instructive of their attitude too.

[David Guyatt]

http://www.investopedia.com/terms/p/plutonomy.asp

Plutonomy

What Does Plutonomy Mean?

Economic growth that is powered and consumed by the wealthiest upper class of society. Plutonomy refers to a society where the majority of the wealth is controlled by an ever-shrinking minority; as such, the economic growth of that society becomes dependent on the fortunes of that same wealthy minority.

Investopedia explains Plutonomy

This buzz word was initially coined by analysts at Citigroup in 2005 to describe the incredible growth of the U.S. economy during that period despite increasing interest rates, commodity prices and an inflated national debt. Citigroup analysts argued that as such an economy continues to grow in the face of contradictory elements, the more important the society's ultra rich become to maintaining such growth. The analysts also believed that in addition to the U.S., Canada, Great Britain and China are also becoming plutonomies.