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04-10-11 Plutonomy

04-10-11 Plutonomy

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Published by William J Greenberg
In a report called "The Plutonomy Symposium Rising Tides Lifting Yachts," Ajay Kapur, Citigroup's global strategist, says the balance sheets of the rich are "in great shape, and will get much better," which is why he recommends going out and buying stocks of companies that cater to that very select market. Spending by the uber-rich overwhelms that of the average consumer and helps explain why the U.S. economy has continued to do well and the U.S. dollar hasn't collapsed...
In a report called "The Plutonomy Symposium Rising Tides Lifting Yachts," Ajay Kapur, Citigroup's global strategist, says the balance sheets of the rich are "in great shape, and will get much better," which is why he recommends going out and buying stocks of companies that cater to that very select market. Spending by the uber-rich overwhelms that of the average consumer and helps explain why the U.S. economy has continued to do well and the U.S. dollar hasn't collapsed...

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Published by: William J Greenberg on Oct 24, 2011
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03/08/2013

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In a report called "
The Plutonomy Symposium Rising Tides Lifting Yachts
," AjayKapur, Citigroup's global strategist, says the balance sheets of 
 
the rich are "in great shape,and will get much better," 
 
 
which is why he recommends going out and buying stocks of companies that cater to that very select market.
Spending by the uber-rich overwhelms that of the average consumer and helpsexplain why the U.S. economy has continued to do well and the U.S. dollar hasn'tcollapsed
even in the face of the current federal budget deficit, a negative savings rate,global imbalances and high energy prices, he says.
The United States is one of theplutonomy countries countries whose economies are powered by a relatively smallnumber of rich people.
 - Angela Barnes, "Want wealth? Invest in the uber-rich," The Globe and Mail, October 2,2006
Citigroup Plutonomy Report Part 1
 Oct 16, 2005-
The World is dividing into two blocs - the Plutonomy and the rest
.The U.S., UK, and Canada are the key Plutonomies - economies powered by the wealthy.Continental Europe (ex-Italy) and Japan are in the egalitarian bloc.- Equity risk premium embedded in "global imbalances" are unwarranted.
In plutonomies the rich absorb a disproportionate chunk of the economy and havea massive impact
on reported aggregate numbers like savings rates, current accountdeficits, consumption levels, etc.
This imbalance in inequality expresses itself 
in the standard scary "
global imbalances
".We worry less.- There is no "average consumer" in a Plutonomy.[...]Indeed, traditional thinking is likely to have issues with most of it. We will posit that:
1.
the world is dividing into two blocs - the plutonomies, where
economic growth ispowered by and largely consumed by the wealthy few
, and the rest.
Plutonomies have occurred before
in sixteenth century Spain, in seventeenth centuryHolland,
the Gilded Age and the Roaring Twenties
in the U.S.What are the common drivers of Plutonomy?Disruptive technology-driven productivity gains,creative financial innovation,
capitalist-friendly cooperative governments
,an international dimension of immigrants andoverseas conquests invigorating wealth creation,the rule of law, andpatenting inventions.Often these wealth waves involve great complexity, exploited best by the rich and educatedof the time.

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