BlackRock CEO Larry Fink is trying to change the world using other people’s money
There are any number of global elites trying to change the world and destroy the West. George Soros may be the most infamous. Even Mark Zuckerberg used his considerable personal wealth to put his thumb on the scale in 2020 by funding local election offices through a non-profit. While you may detest their goals and actions, at least they use their own money to gain influence and results. BlackRock CEO Larry Fink is no less determined to change how our economy and society function. However, he uses the power amassed by managing other people’s money to achieve his political goals. …
BlackRock has at least $10 trillion in assets under its management. That would make the firm the third-largest GDP in the world if it were a sovereign nation. Fink and his management team use their considerable balance sheet to push companies to adopt green energy standards, commit to zero emissions, and adopt social justice policies. The money they manage includes the retirement savings of working-class and public employee pensioners as well as employees with 401(k)s.
All you need to do is read one of Fink’s annual letters to CEOs to see what he expects. Klaus Schwab, President of the World Economic Forum, praised Fink’s 2021 missive. The letter sounds more like a master’s thesis from Oberlin than a serious assessment of world markets and global financial strategy. But the implied threat is clear for organizations that do not align with Fink’s priorities and politics: BlackRock will not invest in your company.
There is no company whose business model won’t be profoundly affected by the transition to a net zero economy – one that emits no more carbon dioxide than it removes from the atmosphere by 2050, the scientifically-established threshold necessary to keep global warming well below 2ºC. As the transition accelerates, companies with a well-articulated long-term strategy, and a clear plan to address the transition to net zero, will distinguish themselves with their stakeholders – with customers, policymakers, employees and shareholders – by inspiring confidence that they can navigate this global transformation. But companies that are not quickly preparing themselves will see their businesses and valuations suffer, as these same stakeholders lose confidence that those companies can adapt their business models to the dramatic changes that are coming.
According to Stephen Soukup, the author of The Dictatorship of Woke Capital, organizations like BlackRock are part of a top-down, anti-democratic movement that aims to change the relationship between businesses and their customers, citizens, and the state, and to forever alter the way public policy is made. You can see Fink attempting to do this by leveraging investment for compliance. The federal government no longer needs to pass the Green New Deal; BlackRock’s investment criteria will do it for them.
Here’s what we wrote on BlackRock last year:
BlackRock manages more assets than anyone in the world: the equivalent of $8.7 trillion. Bloomberg characterizes it as the “fourth branch of government.” As the government prints money to keep the economy afloat, BlackRock is an essential partner, managing that cash.
The company has a revolving door relationship with the Obama-Biden administration. BlackRock investment executive Brian Deese was a senior adviser to President Obama. He now leads the National Economic Council under Mr. Biden. Adewale Adeyemo was Obama’s senior international economics adviser, then chief of staff to BlackRock’s chief executive and is now deputy treasury secretary for Mr. Biden. Michael Pyle who worked in the Obama administration, has become BlackRock’s global chief investment strategist and will now be chief economic adviser to Vice President Kamala Harris. More than a dozen people went from the Obama administration to BlackRock.
No business has ever had this level of influence in the United States Treasury, not even Goldman Sachs.
Even some on the left are concerned with the level of power BlackRock now has. “BlackRock needs to be broken up and regulated,” director of research at the American Economic Liberties Project Matt Stoller said. “BlackRock ceo Larry Fink knows this, so he’s been storing hack Democrats on ice so they can go into the Biden administration and make sure that doesn’t happen.”
BlackRock chairman Larry Fink is an enthusiastic Democrat. In January 2017, he sent an open letter to over 1,000 ceos urging them to “respond to broader social challenges.” He encouraged them to follow the examples of businesses that cut ties with the National Rifle Association and praised examples like Walmart and Dick’s Sporting Goods, which responded to a mass shooting by quickly announcing policies against selling guns to customers under 21.
As a business, BlackRock will support radical-left projects when it suits them. They made a big show of their plan to stop investing in any company that makes more than 25 percent of its revenue from coal. They are less proud of the fact they are the world’s largest investor in fossil fuels—due to their heavy investment in the oil industry (though, interestingly enough, not in the Keystone Pipeline).
But these close ties to government have also brought Fink great returns. Since 2004, his company has hired at least 84 former government or central bank officials. That is how you become the fourth branch of government.
And once you’re in, all kinds of doors open up. Ex-BlackRock executives are big fans of trade with China. And with Biden in office, BlackRock is readying some major deals with Beijing.
The article goes on to explain what the Bible says about all these wealthy businesses trying to abuse their power.