November 21, 2011

Citigroup's 2006 Declaration of "Plutonomy"

Per Bill Moyers (see vidi below), the term was coined by Citgroup in 2005 to refer to "an economic system where the privileged few make sure the rich get richer, with government on their side."

The following spring, Citigroup issued a memo to their wealthy investors in which they actually stated flat out that favorable treatment by governments had allowed the "plutonomists" to take an increasing share of income and wealth over the last 20 years and that the top 10%, esp. the top 1%, have benefitted disproportionately at the relative expense of labor. See for yourself :

(Thanks, Ben!)

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