Leaked Citigroup Memo shows economic domination agenda of the Top 1% wealthiest, page 1
Pages: <<  1    2  >>
ATS Members have flagged this thread 3 times
Topic started on 31-10-2009 @ 11:50 PM by IgnoranceIsntBlisss
A blast from 2005, I can't believe a search here at ATS turned up no results. Being directed to the top wealthiest, this document calling 'our' system a "Plutocracy" could arguably be viewed as more official than a White House press release.

The irony that the most noise about
this memo has come from Michael Moore's new socialism propaganda smut piece, but this is straight from the mouth of the Ruling Elite.

"A Love Story" mentions in particular their wording that the top 1% have more Net Worth than the bottom 95% combined:

It gets better (or worse, depending on your political stripe) - the top 1% of households account for 40% of financial net worth, more than the bottom 95% of households put together. This is data for 2000, from the Survey of Consumer Finances (and adjusted by academic Edward Wolff). Since 2000 was the peak year in equities, and the top 1% of households have a lot more equities in their net worth than the rest of the population who tend to have more real estate, these data might exaggerate the U.S. plutonomy a wee bit.


Moving on, its a rather long document (with second and third companion memo's). Some random quotes:

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.


With the exception of the boom in the Roaring 1920s, this super-rich group kept losing out its share of incomes in WWI, the Great Depression and WWII, and till the early eighties. Why? The answers are unclear,
...
The rich in the U.S. went from coupon-clipping, dividend-receiving rentiers to a Managerial Aristocracy indulged by their shareholders.



Pre-Plutonomy
Income Savings rate Savings
Top 20% $20 10% $2
Next 20% $20 10% $2
Third 20% $20 10% $2
Fourth 20% $20 10% $2
Poorest 20% $20 10% $2
Total $100 10% $10

Plutonomy Emerges:
Income New savings rate Savings
Top 20% $60 5% or 8% or 9% $3 or $4.8 or $5.4
Next 20% $10 11% $1.1
Next 20% $10 11% $1.1
Next 20% $10 11% $1.1
Poorest $10 11% $1.1
Total $100 7.4% or 9.2% or 9.8% $7.4 or $9.2 or $9.8
Source: Citigroup Investment Research


Again, plutonomies like the U.S., Canada, and the UK have lower household savings rates than the more egalitarian countries like France, the Netherlands, Switzerland, Spain, and Japan.


At the heart of plutonomy, is income inequality. Societies that are willing to
tolerate/endorse income inequality, are willing to tolerate/endorse plutonomy.
Earlier, we postulated a number of key tenets for the creation of plutonomy. As a
reminder, these were: 1) an ongoing technology/biotechnology revolution, 2) capitalistfriendly governments and tax regimes, 3) globalization that re-arranges global supply chains with mobile well-capitalized elites and immigrants, 4) greater financial complexity and innovation, 5) the rule of law, and 6) patent protection.
We make the assumption that the technology revolution, and financial innovation, are likely to continue. So an examination of what might disrupt Plutonomy - or worse, reverse it - falls to societal analysis: will electorates continue to endorse it, or will they end it, and why.
Organized societies have two ways of expropriating wealth - through the revocation of property rights or through the tax system.


And this says a lot, so true:

A third threat comes from the potential social backlash. To use Rawls-ian analysis, the invisible hand stops working. Perhaps one reason that societies allow plutonomy, is because enough of the electorate believe they have a chance of becoming a Plutoparticipant. Why kill it off, if you can join it? In a sense this is the embodiment of the “American dream”.[/quote


reply posted on 1-11-2009 @ 03:20 AM by ANOK
Originally posted by Janky Red
Well people who work hard should not be punished for working hard.\


No the problem is your interpretation of 'hard work'.

If hard work is what makes people wealthy then what happened to the slaves?

It's not about punishing anyone for 'hard work', if I worked really hard at killing people would it be wrong to punish me for my 'hard work'?

Your outlook is pretty naive, or extremely biased. I don't care how 'hard' you work if you're stealing from the rest of the world then you're wrong, period. Wealth is not 'created', it is re-distributed. Always re-distributed upwards. That is why the wealthy keep getting wealthier, not because they keep working harder but just by the very nature of the system. Wealth creates wealth, if you have none to start with the odds are stacked against you, and the odds keep rising against you as the rich become richer and poor become poorer. Many, many people 'work hard' all their lives and end up with nothing but a cheap gold watch and a barely livable pension.

You must live in a bubble, you have never been in the real world.

Socialism is not about getting things for free, it's about a society based on the needs of a SOCIETY, not the greed of 1% of that society.
This amount of wealth distrusted in a very small percentage of society is what is creating our societal problems. It's a vast amount of money that no one person could ever need in a thousand lifetimes, that could be put to use to help SOCIETY. You all complain about schools and infrastructure, and bad police, and closure and no jobs, and this and that, but fail to see where the problems stem from. All the wealth created by society is being distributed ever upwards, creating more wealth for private individuals and letting society fall behind due to a lack of funding.

The problem lies in this mindset of society not being important, it's a selfish outlook that is destroying your society, and when society falls apart no matter how wealthy you are it's not a place you'd want to live.
Your society will become a cesspool of crime and corruption. Oh wait it already has...

[edit on 11/1/2009 by ANOK]


reply posted on 1-11-2009 @ 03:45 AM by Janky Red
Originally posted by ANOK
Originally posted by Janky Red
Well people who work hard should not be punished for working hard.\


No the problem is your interpretation of 'hard work'.

If hard work is what makes people wealthy then what happened to the slaves?

It's not about punishing anyone for 'hard work', if I worked really hard at killing people would it be wrong to punish me for my 'hard work'?

Your outlook is pretty naive, or extremely biased. I don't care how 'hard' you work if you're stealing from the rest of the world then you're wrong, period. Wealth is not 'created', it is re-distributed. Always re-distributed upwards. That is why the wealthy keep getting wealthier, not because they keep working harder but just by the very nature of the system. Wealth creates wealth, if you have none to start with the odds are stacked against you, and the odds keep rising against you as the rich become richer and poor become poorer. Many, many people 'work hard' all their lives and end up with nothing but a cheap gold watch and a barely livable pension.

You must live in a bubble, you have never been in the real world.

Socialism is not about getting things for free, it's about a society based on the needs of a SOCIETY, not the greed of 1% of that society.
This amount of wealth distrusted in a very small percentage of society is what is creating our societal problems. It's a vast amount of money that no one person could ever need in a thousand lifetimes, that could be put to use to help SOCIETY. You all complain about schools and infrastructure, and bad police, and closure and no jobs, and this and that, but fail to see where the problems stem from. All the wealth created by society is being distributed ever upwards, creating more wealth for private individuals and letting society fall behind due to a lack of funding.

The problem lies in this mindset of society not being important, it's a selfish outlook that is destroying your society, and when society falls apart no matter how wealthy you are it's not a place you'd want to live.
Your society will become a cesspool of crime and corruption. Oh wait it already has...

[edit on 11/1/2009 by ANOK]


You should read Ayn Rand and Join a Tea Party and see what real America is about.
Its not about socialism, its about working hard and not punishing hard work, because then the hard working people will stop working because they are being punished.
NExt thing you know you won't have anything that is made with hard work.
If people want healthcare they should wok hard for it, even if it takes two jobs.
The founding fathers didn't expect free healthcare, why should we? Our just be healthy.


reply posted on 1-11-2009 @ 04:52 AM by St Udio
reply to post by IgnoranceIsntBlisss





i think ther old document was intended as a macro view of western business practices...an abstraction of the vehicle that can be sold,
& to whom marketing these products should be focused on.

in a very general way, the document is is an academic analysis
& not intended as a policy in the corporate culture....



but IF some execs' can cultivate business transactions using this narrowed view, and playing on the hubris of the client with a pocket full of cash that can be spent on Citigroup products......then that's butter on their bread


[edit on 1-11-2009 by St Udio]


reply posted on 1-11-2009 @ 02:56 PM by ANOK
Originally posted by Janky Red
You should read Ayn Rand and Join a Tea Party and see what real America is about.
Its not about socialism, its about working hard and not punishing hard work, because then the hard working people will stop working because they are being punished.
NExt thing you know you won't have anything that is made with hard work.
If people want healthcare they should wok hard for it, even if it takes two jobs.
The founding fathers didn't expect free healthcare, why should we? Our just be healthy.


What you need to do is stop listening to OTHER PEOPLES biased ideas and opinions, read some history and get some perspective on what is happening in the real world, not the biased fantasy world of people like Ayn Rand.

Why should someone work two jobs to pay for health care? That is the most ridiculous idea I've ever heard of. You think it's fair to exploit the sick, and make as much money off their misfortune as possible?
I guess that's the American way isn't it, money and profit before people? Who's side are you on, the unfortunate who get sick, or the very few who are benefiting from this for profit system?

What's more important to you, people or money?

And it's NOT about socialism, that is a totally different subject. Free health care is NOT socialism, even though under socialism it would be free. Socialism is 'the workers ownership of the means of production'. A society that benefits the majority, not the minority rich.

Your idea of 'hard work' is a myth and you completely missed my points on this. As I said the rich are not the only ones who work hard and wealth is not a good indicator of how hard you worked. If I could take a million $ and invest in something and get a good return, what 'hard work' did I really do? Now when I was in the Navy I worked 7 day 12 hour shifts on the flight deck, THAT was hard work, so where are my millions? Do you see my point? Hard work is not rewarded fairly as you are claiming.

Most of the wealth America enjoys was created during the slave trade years and is passed down wealth, that is why most of the wealth is still in the same group of families. It's not your hard work, but black slaves hard work that created most of the wealth America now enjoys.
It takes money to make money, and your money was made from slavery, and exploitation of third world resources. You don't work hard for the wealth, sweat shops in third world countries do, most of the wealth now comes from consumerism not 'hard work'. That is why your economy is going to crap, money has been spent on products putting profits into the hands of corporations etc., but no money is being replaced by production. You are not a producing country anymore, you are living off of old money that is running out fast. America has spent years shuffling money around, taking loans, etc., to cover that fact that it's broke, and all it's wealth is in the hands of a minority leaving the rest of us in deep crap.


reply posted on 1-11-2009 @ 06:48 PM by IgnoranceIsntBlisss
Originally posted by ANOK
Originally posted by dawnstar
ummm.....appears by the amount of obesity in this nation, there's not that many working hard!!!


Capitalism tends to make people lazy, especially if you have money. It's easier to pay some than do it yourself.


Huh? A big nanny state that takes care of you would make you lazy. Compare that to the idea that the harder you work, and more creative you are the more you can prosper. Practice makes perfect, and not even all the talent one could have matters without practice. But why practice when all you can look forward to is the same amount of rations from your loving central planners?

Instead, TV propaganda... Welfare handouts... A sense of entitlement... Lack of incentives... Being spoiled... Knowing the tax gestapo government is going to steal half your money... Knowing lazy people will get some of that money... A lack of ambition since ambition would be pointless... Lack of creativity from lack of there being any point... makes one lazy. Any objections?

And it's NOT about socialism, that is a totally different subject. Free health care is NOT socialism, even though under socialism it would be free. Socialism is 'the workers ownership of the means of production'. A society that benefits the majority, not the minority rich.


First of all, nothing is "free". Immediately, when health care is mandatory since I'll be taxed anyways, the freedom to save the money for health whatever, perhaps to invest in my future prosperity, is finished. Your so called "free" healthcare instantly eliminates a freedom I exercize. And the part about it NOT being "free" should go without saying from even an elementary level understanding of economics.

"Ownership": Please explain a model where it doesnt involve a Big Government to be the ones to ration things out. A government monopoly. In Moore's new film, he shows an example of a co-op run manufacturing company. That would be the model, that in fact a couple-fews years ago I argued for in an old blog as Ideal: You have individual companies who still compete with their competitors (drive down consumer costs, etc), but the workers 'are in control' etc. Explain how to do this in a total national health care system without a government monopoly.

If hard work is what makes people wealthy then what happened to the slaves?


They weren't free. They had no access to the profits their hard work created. But regardless the harder they worked the more their slave masters did make, which could explain their foul treatment, and ours today. Today its not much different. But none the less your example here is deeply unsound for what youre arguing for. Like Moore does in his last 2 films: apparently your answer to the criminally corrupt system we live under is "socialism" (aka government monopoly which hands total control to our controllers). Hand over freedom to those who already squander and even attack it the most.


[edit on 1-11-2009 by IgnoranceIsntBlisss]


reply posted on 1-11-2009 @ 08:58 PM by ANOK
reply to post by IgnoranceIsntBlisss



Sorry but you have a very skewed idea of what socialism is, and are making mass assumptions about my thinking.

Who said anything about a nanny state?

Socialists are ANTI state. It's conservatives who want to maintain the state because without it their capitalism, and the control of the many by the few, would not be possible to maintain.

A socialist system is one in which the workers own the means of production, in other words instead of a private owner who takes the profits and then pays the workers an hourly wage, the workers themselves (you and me) would receive the profits directly. The private owner is just an unnecessary middle-man, and controls the workers right to resources for their survival. It has nothing to do with getting anything for free, or anything that is now called 'socialised', or 'socialized' for those using simplified English.

What has any of that got to do with a 'nanny state'? You have to stop listening to what the state system is telling you, through it's school and media, about 'isms'. They are using 'isms' to create reactions, not to educate you on what they really mean. All it's doing is creating confusion, so that society has no real idea what's going on, or what it supports. Look at Nazi Germany as a good lesson on how the state can lead a population in any direction it wants. Socialists cannot support a state system, as that is in contradiction to it's opposition of private ownership of resources.

Learn what socialism really is, and capitalism for that matter, and not the hysteria fueled crap the politicians and the media feeds us.
Pages: <<  1    2  >>    ^^TOP^^



USDA Forces Whole Foods To Accept Monsanto
  Posted 5 days ago with 98 member flags
Greece wipes out Citizens Debt!! Tells Bankers to suck it
  Posted 6 days ago with 78 member flags
The Collapse of The American Dream Explained in Animation
  Posted 13 days ago with 53 member flags
Obama on the verge of a deal with the banks
  Posted 11 days ago with 23 member flags
EU financial dictatorship agreed to by EU ministers last night
  Posted 13 days ago with 17 member flags
Bankers requesting that Greece become their debt slaves
  Posted 9 days ago with 15 member flags