Last week, a group of 19 state attorneys general from Republican-leaning states sent a strongly worded letter to BlackRock CEO Larry Fink demanding an end to this agenda and a return to fulfilling its fiduciary duties, suggesting the company’s actions may even be illegal.
In fact, the alliance itself outlines on its website the vision for “all assets under management to achieve net zero emissions by 2050 or sooner".
The firm is also working to “stifle opposing viewpoints altogether” on climate issues and the U.N. Paris Agreement, the AGs said.
The coalition of chief law enforcement officers warned of potential anti-trust violations over energy-market manipulations. Among other concerns, they said that “group boycotts”, “restraining trade” and “concerted refusals to deal” all clearly run afoul of anti-trust laws.
Led by West Virginia Treasurer Riley Moore, top financial officials warned that their states would stop doing business with BlackRock and other major financial institutions unless they stopped pursuing “woke” policies such as waging war on traditional energy sources.
Last month, Moore’s office placed five leading financial institutions on his state’s “Restricted Financial Institution List”. They are now banned from banking contracts with West Virginia due to “conflicts of interest” involving attacks on energy companies.
The institutions on the list are BlackRock Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, and Wells Fargo & Co. One major bank avoided being placed on the list by ending its ban on lending to companies that deal with “fossil fuel” energy, a critical industry in West Virginia.
“They should not be worried about all of this nonsense,” said Moore, referring to what he describes as “woke” policies that are pushed exclusively by the political left. “They are playing politics with our money, trying to push their political agenda on the country.”
“Our own money is being weaponized against us,” he added.
The goal of the treasurer coalition is to have “banks act like banks”, Moore continued, calling on the institutions to “get out of the political nonsense and stop trying to kill our industries”.
“They are receiving tax dollars from the fossil-fuel industry while at the same time trying to kill the industry,” he said.
Even efforts in West Virginia to extract rare earth minerals—a critical industry sector currently dominated by the Chinese Communist Party—cannot access capital due to the banks’ “woke” policies, he said.
“We are all paying for this social experiment they’re pushing on us,” the West Virginia State Treasurer added. “They would rather have us relying on China.”
Quote:
When it comes to trade, China has now displaced the US. When this century began, China was knocking on the door of the WTO and the U.S. was the leading trading partner of most major economies. Today, China has overtaken the U.S. to become the largest trading partner for nearly every major nation. By 2018, 130 countries traded more with China than they did with the U.S.
China’s trade policies are not a matter of simply creating more wealth for China, but as with most things that China does, a way to increase China’s power and other countries’ dependency on it.
Today, the U.S. is the world’s largest debtor; China is the largest creditor.
When it comes to manufacturing, China already displaced the US a decade ago.
China is now the world’s largest manufacturer and exporter of scores of essential goods, including 90% of refined rare earth minerals, 80% of solar panels, 50% of computers, and 45% of electric vehicles.
Measured by purchasing power parity (PPP) – which compares national economies in terms of how much each nation can buy with its own currency at the prices items sell for in its market – China has already surpassed the US to become the world’s largest economy.
Yes, China is giving us the rope to hang ourselves with. It leads me to wonder if this pushback by the states against Blackrock is too little resistance, too late. Does China already have too much power for our resistance to matter?
Could Larry have a better last name…
Beck stated yesterday that Blackrock has placed an “advisor” in every single department of the Biden Administration.
I don’t know if Blackrock can be easily disposed from its roll as number one money group in the world. I would guess that is why many conservative pundits have been calling for the establishment of a separate economy within the US.
One such is Ramaswamy (author of Woke.Inc) who has established an investment thingie called DRLL to invest in oil companies that are or want to drill.
Thanks for that, Jeanne! Very interesting, this initiative.
Yes, I am going to move all of my stocks there. 
Well I guess some good news I’ve heard is that China’s economy is imploding, so if we get Trump back and rebuild ours, we might can defeat them that way.
Or that will encourage China to start a war, because wars always improve economies; they are the Great Resetter.
True. Well so much for that silver lining!
Yes, Trump could save us, Liz. I really do think he could.