Citigroup’s Plutonomy Memo: “There are rich consumers, and there are the rest”

In October 16, 2005, Citigroup came out with a brochure for investors called “Plutonomy: Buying Luxury, Explaining Global Imbalances” urging investors to put money into a “Plutonomy Basket" Here are my favorite excerpts: The World is dividing into two blocs - the Plutonomy and the rest. The U.S., UK, and Canada are the key Plutonomies - economies …

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Plato on the Evils of a “Government Resting on a Valuation of Property”

Hi. Here is a very interesting and timely exchange between Socrates and Glaucon in Plato's The Republic, ~360 BCE, Book 8:   GLAUCON: And what manner of government do you term oligarchy? SOCRATES: A government resting on a valuation of property, in which the rich have power and the poor man is deprived of it. GLAUCON: …

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Adam Smith’s Division of Labor – “stupid and ignorant as it is possible for a human creature to become”

Hi, Karl Marx wrote the Communist Manifesto in 1848. I just finished a quick analysis of the document for anyone interested. I argue that Marx's ideas were nothing new. If you wanted to know about the dangers of Capitalism, all you have to do is read from the father of Capitalism himself. Let's take a …

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The Color of Money: Black Banks and the Racial Wealth Gap

From The Real News: JAISAL NOOR: Welcome to The Real News Network. I'm Jaisal Noor in Baltimore. White House Chief of Staff John Kelly was widely condemned for recently saying, "The lack of compromise led to the Civil War." JOHN KELLY: Now it's different today but the lack of an ability to compromise led to …

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10 Principles of Concentration of Wealth and Power

Requiem for the American Dream is a timely 75-minute teach-in by Noam Chomsky, the M.I.T. linguistics professor who has been a leading leftist political analyst, critic and writer for six decades. Mr. Chomsky, already the subject of several documentaries, focuses here on an election-season theme: financial inequality in America and what he calls its corrosive …

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Pope Francis: Don’t Believe the Hype!

The hype surrounding the new Pope has to stop. There’s nothing progressive about Pope Francis. Whatever the TV or your friends are repeating is false or completely out of context. Let me walk you through some of the most talked-about points: Homosexuality We all heard the now famous line from the Pope when asked about …

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The Case for Reparations

The Case for Reparations by Ta-Nehisi Coates - The Atlantic: Two hundred fifty years of slavery. Ninety years of Jim Crow. Sixty years of separate but equal. Thirty-five years of racist housing policy. Until we reckon with our compounding moral debts, America will never be whole. Clyde Ross was born in 1923, the seventh of …

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