The Rich “And Everyone Else” – Citigroup Global Strategist

27 Jul

“The earth is being held up by the muscular arms of its entrepreneur-plutocrats, like it, or not.”

– Citigroup ‘Plutonomy’ memos, 2005

“A plutonomy is a form of capitalism that is designed to make the rich who control a nation’s government and its economy—aka, the plutocrats—even richer.”

– Rational Wiki

Here is the result of the creeping cancer of usury — the root of capital-ism — and the usurer class.

As told by one of their own — a “global strategist”, for Citigroup.

From the Wall Street Journal, 2007 (my emphasis added):

It’s well known that the rich have an outsized influence on the economy.

The nation’s top 1% of households own more than half the nation’s stocks, according to the Federal Reserve. They also control more than $16 trillion in wealth — more than the bottom 90%.

Yet a new body of research from Citigroup suggests that the rich have other, more-surprising impacts on the economy.

Ajay Kapur, global strategist at Citigroup, and his research team came up with the term “Plutonomy” in 2005 to describe a country that is defined by massive income and wealth inequality. According to their definition, the U.S. is a Plutonomy, along with the U.K., Canada and Australia.

In a series of research notes over the past year, Kapur and his team explained that Plutonomies have three basic characteristics.

1. They are all created by “disruptive technology-driven productivity gains, creative financial innovation, capitalist friendly cooperative governments, immigrants…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. There is no “average” consumer in Plutonomies. There is only the rich “and everyone else.” The rich account for a disproportionate chunk of the economy, while the non-rich account for “surprisingly small bites of the national pie.” Kapur estimates that in 2005, the richest 20% may have been responsible for 60% of total spending.

3. Plutonomies are likely to grow in the future, fed by capitalist-friendly governments, more technology-driven productivity and globalization.

Of course, Kapur says there are risks to the Plutonomy, including war, inflation, financial crises, the end of the technological revolution and populist political pressure. Yet he maintains that the “the rich are likely to keep getting even richer, and enjoy an even greater share of the wealth pie over the coming years.”

All of which means that, like it or not, inequality isn’t going away and may become even more pronounced in the coming years.

Little wonder then, that politicians who support “protectionism” of national sovereignty — Barnaby Joyce and Bob Katter spring to mind — are mocked, smeared, and pilloried in the media as “populists”.

That “immigration” is such a vexed issue — with the general public concerned about it, and politicians (despite their rhetoric) enabling it.

That “financial innovation” presses relentlessly onwards, aided and abetted by both “sides” of politics — think covered bonds (to prop up the banks’ debt-financed housing Ponzi scheme), “emissions” trading (a gigantic derivatives time bomb), and most recently, the Rudd government’s sole idea for “managing the economic transition”; to turn Australia into a “financial services centre” for the region:

Encouraging competition and efficiency would improve the range and choice of financial products available to consumers and promote increased exports of financial services.

…Labor knows that increased trade in financial services will increase Australia’s growth prospects and standard of living.

We know positioning Australia as a financial services centre in the region means that we would be able to offer increased job opportunities for a range of skilled workers in the financial sector.

For those with eyes to see, it is perfectly clear that both “sides” of Australian politics — and the Greens too — are simply puppets of the Plutonomy.

Citizens who vote for any of them are — whether they realise it or not — actually voting for their own continued enslavement, and, gradual destruction.

The following video featuring white collar criminologist William Black, is a must-watch:


Usury is the root of the plutocrats’ power.

It is their most powerful weapon.

Like cancer, it is a silent, invasive killer. One that consumes the living, healthy cells of its host.

To feed its own relentless “growth”.

Anyone talking “solutions” who is not talking about eliminating usury, is not worth listening to.

“There are a thousand hacking at the branches of evil to one striking at the root.”

– Henry David Thoreau


12 Responses to “The Rich “And Everyone Else” – Citigroup Global Strategist”

  1. Kevin Moore July 27, 2013 at 1:28 pm #

    The top 1% produce nothing!
    Barnabus chapter 9 “………wherefore it is not the command of God that they should not eat these things; but Moses in the Spirit spake unto them, …….neither says he, shalt thou eat the eagle, nor the hawk, nor the kite, nor the crow; that is thou shalt not keep company with such kind of men as know not how by their labour and sweat to get themselves food; but injuriously ravish away the things of others; and watch how to lay snares for them; when at the same time they appear to live in perfect innocence………so these birds alone seek not food for themselves, but sitting idle seek how they may eat of the flesh others have provided; being destructive through their wickedness……..”

    • The Blissful Ignoramus July 27, 2013 at 1:36 pm #

      Great quote. That’s from the Epistle of Barnabas, yes?

      • Kevin Moore July 27, 2013 at 3:09 pm #

        Yes. From “The Lost Books of The Bible” Testament Books New York.

        I just received an email concerning a book that readers may be interested in.

        “….An interesting book that you may not find in your local book shop. Available for $20.oo plus postage from Colin Uebergang 13 Alcheringa PL Robertson Queensland, 4109. Phone 07 3344 2713, fax 07 32218828 Worstpac the First Bankster
        A report of how one of Australia’s four major banks engaged in criminal behaviour with others which landed their former multi -millionaire customer in jail. He wrote this book while serving time for their crime. In the 9 months before his appeal was heard and his exoneration.
        This book in the form of a report was tabled in the Parliament of Queensland’s Legislative Assembly on the 22nd of August 2000. By an independent M.P. who had a clear and honest belief that justice should be done and seen to be done.
        Some Samples are below.
        “The United States Bankers Association magazine of August 1924 stated:
        “Capital must protect itself in every possible way, both by combination and legislation. Debts must be collected, mortgages foreclosed as rapidly as possible.
        When, through process of law the common people lose their homes, they will become more docile and more easily governed through the strong arm of government applied by a central power of wealth under leading financiers.
        These truths are well known among our principal men……………imperialism to govern the world.
        By dividing the voter through the political party system we can get them to expend their energies in …………….
        It is thus by discreet action we can secure for ourselves that which has been so well planned and so successfully accomplished.”
        This quotation was reprinted in the Idaho Leader, USA, 26 August 1924, and has been into Hansard twice: by John Evans MP, in 1926, and by M.D. Cowan MP, in Session of 1930 – 1931.
        The ancient system of usury banking which is still used throughout the developed world can be described as a legalised Ponzi System. The collapsed United States banking system recently required $490 billion virtually overnight to keep………………. Americans from national bankruptcy.
        Through the final days of 2008, hundreds of billions more was required in order to prop up the global Ponzi Systems of banking. Throughout 2009, billions more of the peoples wealth will be required and will be printed by governments and handed to the global Capital Adequacy totally depleted Ponzi banking system, which as history has shown will fail again in less than twenty years and return for another on demand Ponzi payment fiasco………..”

        • The Blissful Ignoramus July 28, 2013 at 9:28 am #

          Nice. Thanks for sharing Kevin.

          “The ancient system of usury banking which is still used throughout the developed world can be described as a legalised Ponzi System….”

          Yes. What I’ve been saying too, for some time now.

          • michael jakob July 28, 2013 at 10:53 am #

            I must say I am beginning to come around although your post seems more like an academic proposing an idealistic solution without thinking through the for and against cases well enough (sorry). I found a post whilst searching for what the Lost Books you mention are about which I found enthusing and it might be worth a read: Perhaps start (another?) post on your solution to usury as I’d be willing to put the case why I feel it would fail. It would be an interesting debate.

            • The Blissful Ignoramus July 28, 2013 at 11:15 am #

              Mick, I’ve linked to the blog of the author of that piece (Anthony Migchels) several times previously. And his blog “Real Currencies” is also linked in the BLOGROLL. The fact you’ve not noticed this suggests to me that you are still not bothering to read what I have written carefully. So forgive me, I am not going to waste my time in starting a “debate” with you about my suggested alternate currency system. Honestly, I doubt you’ve even read it all yet, much less fully understood it, and that despite my prompting you and giving you the link multiple times. As an aside, I find it amazing that you are willing to criticise (ie, “your post seems more like an academic proposing an idealistic solution without thinking through the for and against cases well enough”), without first demonstrating that you have a solid grasp of exactly what it is you are criticising.

              As I told you before, when you demonstrate that you are reading what is given here — carefully, thoroughly (all of it), and thoughtfully — then I might begin to entertain spending some of my time discussing particular points with you.

              FWIW, here’s a couple of my recent posts on Usury that you may not have read. Note that each contains a link at the end to a post on Usury at Anthony Migchel’s “Real Currencies” site, and the first one has multiple links at the end to other posts I’ve written on the topic of usury:

              Usury And The Irrelevant Complicit Church

              Looking For A Root

  2. mick July 27, 2013 at 4:29 pm #

    Agree, agree, agree.

    Ordinary citizens (us) are the cattle whilst those who pull the strings, either directly or otherwise, plunder the nation. In the end the only way out will more than likely be the same taken by other civilisations when the rich own it all, revolution. I recall the worlds of Marie Antoinette (“let them eat cake”) when poor people cried out for nothing more than food.

    I am a bit surprised that ordinary citizens (the cattle) cannot see what is happening and begin to stand up. I have been advocating NOT voting for the 3 pillars of politics for a number of years but the propaganda is so entrenched in the minds of voters that it is nigh well impossible to convince them that they are on a bad thing. A colleague once said that people should vote for Billy the Blacksmith as the public service does most of the thinking (yeah right!!) work anyway and this would shake up the bastards. But nothing changes and the same puppets keep being elected.

    I was aware that 1% of the US owns 90% of the national wealth. My annual trips there are a real eye opener and whinging Australian workers need to make the journey to see what the real working poor look like. But then the same game is in play here. Just like the US high income earners are trying to extricate themselves from the taxation system and shift the total burden to hand to mouth working Australians. What offends me the most is the attitude of the scumbag rich who think that they sustain the nation and need their own rules of privilege.

    Sadly because average Australians are so dumb and the media has vested interests which control genuine reporting we will all have to be done over. It is a matter of watch your back and try to second guess the bastards so that each one of us can avoid the carnage and enslavement which is happening.

    On a brighter note………..the sun is out today, I have enough coin to pay my bills and the love of the Lord is not corruptible by those who care not about others..

  3. Kevin Moore July 27, 2013 at 7:10 pm #

    This is a wonder – a five year old.

    Not necessarily for posting – just thought you would find it awesome as well.

    • mick July 28, 2013 at 11:18 am #

      Good link Kev. So how does the link apply to those in retirement and everyone else who is living off interest (self funded retirement) or share dividends? This text does appear to pose a moral dilemma but I can see some relevance.

      • Kevin Moore July 28, 2013 at 6:54 pm #


        If investors wish to supp with the devil then they must put up with the consequences. See the Epistle of Barnabus ch.9.

        • mick July 28, 2013 at 7:02 pm #

          True. Good call.

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