https://internationalman.com/articles/doug-casey-on-the-rise-of-blackrock-and-fascism-in-the-us/
International Man: BlackRock has been the biggest and most influential player pushing ESG in the corporate world. If it weren’t for BlackRock, ESG would not be as prominent today.
Recently, the SEC announced it would impose ESG standards on publicly-traded companies—a development that will no doubt please BlackRock.
What is your take on BlackRock’s dominant role in promoting ESG?
Doug Casey: It’s quite a problem. When a giant institution owns a substantial portion of the shares of any publicly traded company, they’re in a position to put in the kind of company directors they want. And today, many or most are diversity hires.
Running a company according to the principles of ESG is courting disaster. It’s part of a whole complex of collectivist ideas which have washed over the world like a wave of raw sewage.
It’s not just a matter of BlackRock making a lot of money on what are effectively royalties on the stock market as a whole. The problem is that BlackRock, in particular, has especially toxic values. They’ve long been leaders in promoting ESG and DIE, using their share stewardship to elect the kind of board members and management teams that are guaranteed to run companies into the ground. It’s part of why companies like Shell and BP say they want to get out of the oil business and why Disney is making unwatchable movies with values antithetical to those of traditionally oriented Americans. The acceptance of ESG and DIE gives immense power to people with anticapitalist mentalities. It’s quite perverse.
International Man: BlackRock has been the biggest and most influential player pushing ESG in the corporate world. If it weren’t for BlackRock, ESG would not be as prominent today.
Recently, the SEC announced it would impose ESG standards on publicly-traded companies—a development that will no doubt please BlackRock.
What is your take on BlackRock’s dominant role in promoting ESG?
Doug Casey: It’s quite a problem. When a giant institution owns a substantial portion of the shares of any publicly traded company, they’re in a position to put in the kind of company directors they want. And today, many or most are diversity hires.
Running a company according to the principles of ESG is courting disaster. It’s part of a whole complex of collectivist ideas which have washed over the world like a wave of raw sewage.
It’s not just a matter of BlackRock making a lot of money on what are effectively royalties on the stock market as a whole. The problem is that BlackRock, in particular, has especially toxic values. They’ve long been leaders in promoting ESG and DIE, using their share stewardship to elect the kind of board members and management teams that are guaranteed to run companies into the ground. It’s part of why companies like Shell and BP say they want to get out of the oil business and why Disney is making unwatchable movies with values antithetical to those of traditionally oriented Americans. The acceptance of ESG and DIE gives immense power to people with anticapitalist mentalities. It’s quite perverse.
