The E.S.G. Agenda is ‘Socialism with Chinese Characteristics’
The Chinese Communist Party (CCP) has relentlessly pursued for decades its goal of taking down the United States through techniques it calls “unrestricted warfare.” Among the most important of its lines of attack in that campaign has been concerted economic warfare aimed at weakening the engine of American prosperity — the American capitalist system.
Relatively obvious manifestations of the devastation wrought by this form of warfare have included: the hollowing out of our industrial base; the annual theft of $600 billion worth of our propriety and even classified technology and information; and the diversion of, by some estimates, some $3-6 funds from our capital markets to China.
Less obvious, but no less destructive, has been the Marxist agenda known as environment, social and governance (ESG). American businesses have been forced via what amounts to a corporate scoring process akin to the CCP’s “social credit system” to embrace the radical left’s demands regarding “climate change” and “diversity, equity and inclusion.” So-called “stakeholder capitalism” has replaced the priority central to a viable free-market economy — namely, shareholder capitalism.
A prime mover in this “fundamental transformation” has been BlackRock Chairman and CEO Larry Fink. He has relentlessly used his company’s immense holdings of shares of American corporations to compel make-overs of their boards of directors, business models and priorities in ways that have harmed returns on investment, market share and profitability while embroiling such businesses in funding and otherwise supporting various initiatives that are not driven by the profit motive and may even harm their bottom line.
As it happens, Larry Fink has also been one of the most vociferous of the CCP’s “Old Friends” on Wall Street when it comes to investing other people’s money — including U.S. pension funds, 401k plans, mutual funds, index funds, exchange-traded funds, etc. — in China. Notably, at a moment last year when economic downturns there and Xi Jinping’s increasingly costly peevishness towards foreign investment and even his own country’s capitalists were flashing red lights, Fink encouraged a three-fold increase in American money flows there.
This CPDC webinar assesses the connection between the ravages of ESG in American business and the interests of the Chinese Communist Party in inflicting as much harm to this vital sector as possible, both in the person of Larry Fink and more generally.
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Easy Money Martin 