We are living at the end of an era. It is true that history is transparent; fluid, while we are living it, even for the most prescient people, and that it is difficult to understand the implications of our era looking to the future. It is more difficult to pinpoint...
How the WOKE Captains of Finance Hope to Take Over The World
Every Woke, Liberal, Progressive, and straight out Socialist will tell you that Environmental, Social, and Governance (ESG) investing is a strategy you can use to put your money to work with companies that strive to make the world a better place. Forgive my frankness, but this is absolute bullshit.
It is positively an anti-energy, anti-development, and anti-America strategy that hopes to destroy our ability to produce low-cost, reliable energy, helping the developing world to a better lifestyle.
Few knew what the initials “ESG” meant five years ago, but it is well-known today among corporate investors. One hundred and eighty left-leaning companies recently signed a statement agreeing to move away from trying to improve the investment outcome for its stockholders and instead focus on political objectives. This is actually illegal under securities law, and the Heartland Institute is fighting it state by state with success in many states already achieved through new laws. These new laws enforce fiduciary responsibility already in existing law, which requires retirement investments to focus on economic profit.
This warped concept of “woke” investment took flight with the notorious World Economic Forum whose affluent members meet annually in Davos, Switzerland, to discuss taking over the world. The leader is Klaus Schwab, author of the now-infamous book the Great Reset. It describes how these jet setters hope to accomplish this while becoming even more prosperous.
Many of my readers will recall the 1974 Employee Retirement and Security Act, known as ERISA, explicitly written to protect folks from just this sort of political tomfoolery. Because it is commonly being ignored, last year, the US Department of Labor passed an additional rule intended to protect employee savings from being invested in other than optimal investments hoping for good economic returns.
The new rule states clearly that “plan fiduciaries are not permitted to sacrifice investment return to take on additional investment risk to promote non-pecuniary benefits.” Liberal financial advisors are ignoring this rule as they accept ESG scores from third-party progressive evaluators of scores given to companies based on their environmental concerns, their social responsibility, and the way in which the companies are governed. The latter can be based on diversity and, believe it or not, their support for LBGTQ.
Such wrong-headed investment has caused the price of energy to increase. The ESG movement is starving energy companies of new investment, but more important yet is that it increases the costs of everything because almost everything requires the input of a hydrocarbon derivative. Products based on oil include the entire medical industry, the military, the airline industry, all electronics, communication, shipping, and asphalt for roads and fertilizers to grow our food.
There are no words too strong to describe the evil intent of the ESG movement unless, of course, you are Marxist, Progressive, Liberal, Socialist, or dare say Communist who sees capitalism as Dracula would see a wooden cross. The battle over ESG is for the future of capitalism. Only capitalism has generated economic growth and improved living standards among the world’s competing systems.
Banks and investment giants that are driving the ESG agenda to divest in fossil fuels have no clue what will replace these sources of by-products used in more than 6000 items in our daily lives. Or do they know well that there are no replacements, and revel in the idea that they will be in charge of rationing everything that has made life what it is today.
Investment communities are colluding to reshape economies and lifestyles.
Ronald Stein, Pulitzer Prize-nominated author, blogged recently that eliminating crude oil would reverse human progress by nearly 150 years. It has reduced infant mortality, extended life expectancy, allowed movement around the world, and all but eliminated weather-related fatalities and poverty-induced starvation. Without it, 10 percent of the world’s population will continue to live below the poverty level of $1.90 per day and not enjoy inexpensive energy and electricity. And then think about this:
Where we will get ASPHALT for 65 million miles of the world’s roads:
> TIRES for 1.4 billion automobiles
> FERTILIZERS to feed the world
> MEDICAL supplies
> 50,000 AIRCRAFT
> 53,000 MERCHANT SHIPS
> All PLASTICS
> AND perhaps surprisingly, all WIND TURBINES AND SOLAR CELLS
Rupert Darwall said in the March 23 issue of Epoch Times that ESG limiting the West’s capital to oil companies and the US sanctions against Russia and Iran, awarding them with higher prices, is threatening our own security interests.
Once a dependable source of world energy data, the International Energy Agency is now promoting a 2050 Net Zero CO2 emission strategy in favor of “ever-cheaper wind and solar,” an immense lie. It never mentions nuclear power and solves the intermittency problem of wind and solar by never mentioning it in its recent 224-page report. The Climate Action group has adopted the same position with 615 global investors with $65 Trillion in assets to invest.
Darwall says, “When making big investment decisions, investors are supposed to conduct due diligence and dig beneath the headlines. Not so with the International Energy Agency (IEA) report, which is built on a mountain of implausible propositions. Despite no new investment in oil and gas production, the IEA assumes fossil fuel prices are either in long-term decline or will remain around depressed 2020 pandemic levels.”
The ESG investors are using a report full of false assumptions to shut down the West’s oil and gas production, “inflicting immense collateral damage on the economies of the West and imperiling global recovery from the pandemic,“ Darwall says. Don’t look now, but Fascism started much like what we are beginning to experience. The ESG movement demands divestment from fossil fuels and is pushed by many of the masters of the financial universe and leading the world to what ESG really stands for, EXTREME SHORTAGES GUARANTEED.
In his commentary in the April 2020 issue of Environment and Climate News, Ron Stein says, “Banks and investment giants like Blackrock Inc and Bank of America are colluding to reshape the economy and energy structure. Their efforts to forcibly create a monolithic, regimented economic system they control are beginning to resemble the fascism of the past. The American people never voted to give banks this sort of control over our country.”
This ESG crusade is environmental nihilism morphed into an ideological fervor the world had not witnessed since the rise of National Socialism in Germany in the early 1930s when Adolph Hitler appeared on the cover of Time Magazine, January 2, 1939, having been named Man of The Year. The mainstream media has now endorsed National Socialism, and they are promoting a globally destructive green transition on all seven continents.
Stein further said in his commentary, “the problem is more fundamental than ESG. It is the existence of hundreds of state and federal regulatory agencies. It is the presumption that government must manage every aspect of market interactions.”
Fascism has no new ideas, and not even partisans like Klaus Schwab really believe it can accomplish what it sets out to do, but the similarities between ESG divestment objectives and fascism are truly frightening.
Part 3 of this series on ESG will feature the work of Justin Haskins. It will appear next week on America Out Loud. Haskins will be the guest on THE OTHER SIDE OF THE STORY the weekend of May 28/29 at 11 am and 8 pm ET.
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