Writing for the New Economic Foundation blog, Josh Ryan-Collins encourages us to “stay angry” at the tiny group of powerful Americans CitiGroup says enjoy the special status of “plutonomy” — you know, the people who matter.
Citigroup believed that we had moved in to a new kind of macro-economy, where growth was primarily driven by the rich and enjoyed by the rich. Everyone else was fairly irrelevant, as was the global imbalance in trade between the US and everyone else and the strength of the dollar. The fact that inequality was massively widening was not seen as a big issue – the important thing was to keep the rich and their stocks, getting richer.
Ryan-Collins is referring to the content of two leaked reports that should have been more widely embarrassing for Citigroup. It probably helps that Citi’s brands/subsidiaries advertise widely in American news media, or we might have seen more from the troublingly candid document.