Citibank Says the USA is a Plutonomy, Not a Democracy
The findings of a study by Citigroup was leaked in a memo in 2006. The memo argued that we no longer have a democracy. Instead we have a plutonomy — rule for the rich. The wealthy are the “new aristocracy.” Even so, it said it’s possible that the bottom 99% of us can revolt by voting against them. Lucky for the rich, many of us refuse to revolt because we hope to one day be rich too. I expect that the reason that we have a plutonomy is because the wealthy buy our politicians.
This was discussed by Michael Moore in his movie Capitalism a Love Story: