By Jack McPherrin
The second day of the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland begins with a related note.
Several environmental, social and governance (ESG) chief architects met in a session called “Global ESG for Global Resilience“And have clearly decided to double down on their goal for a new global economic order that transcends national borders and replaces free-market capitalism.
Destroy free-market capitalism in favor of a new “stakeholder” model in which global elites hold all the power, has been their goal for many years. A single ESG system brings them closer to this goal and will be significantly more effective in eroding national sovereignty, disrupting democratic processes, forcing companies to comply, and ultimately to be limited personal choice.
Early in the session, Hong Kong Stock Exchange Chairman Laura Cha was right on point. She revealed, “For the ESG disclosure to be meaningful, we need a harmonized standard… It would be great in terms of the work that the ISSB (International Sustainability Standards Board) is doing to put forward the standards. global standardization measures.”
The ISSB is a new standard setting board was developed with the sole purpose of institutionalizing this global framework.
ISSB President Emmanuel Faber confirmed that these efforts have begun, “We just a week ago… convened the first working group of jurisdictions on aligning sustainability standards. There are Chinese, Japanese, [the] UK, [the] United States and [the] EU. And that is just the beginning.”
He continued, “We cannot be on the classification levels of any one jurisdiction. Because, they are linked to a certain political consensus and they are likely to change tomorrow. So if you’re looking at the long-term, you have to go deeper than taxa”.
Reading mid-line, Faber seems to be saying that he intends to institutionalize a top-down system that would pervade all national borders and impervious to political decision-making, which would make the idea of democracy became impotent.
Much of the rest of the conversation is a lucid look at the ways that elites will threaten and force the world to comply.
Bank of America President and CEO Brian Moynihan wasted no time, immediately threatening companies to line up. When asked if he believes the war in Ukraine and COVID-19 have put efforts to expand ESG back, he replied: “No… The fact that the operating companies have made commitments, in many ways… they can’t just say “Oh, that’s inconvenient now. ‘”
He added: “I don’t know how you can bypass it, because your customers won’t let you, your employees won’t let you and your shareholders shouldn’t let you. friend. And, by the way, society won’t let you. ”
Gee, Brian, it looks like these companies really don’t do this based on free will.
Moynihan also committed to using the economic influence of his entire organization, including the funds of his individual account holders, saying, “200,000 people, a three trillion dollar balance sheet , 60 billion costs; you start aiming that gun, and you put it through all these companies, it’s big… [the companies] distribution based on indicators will receive more capital, those that do not will receive less. He even discussed implementing a training regimen for each of his loan officers, instructing them on how to talk to their clients about the benefits of ESG resilient companies.
Moynihan went on to discuss how Bank of America and other institutions will make their supply chain-related purchasing decisions based on their net zero commitments, all of which will trickle down to businesses and consumers.
He warned customers on board: “The message we send [to our customers] is this: We will stick with you, but you have to start thinking about this… We have to get the rest of the world ready to go… Don’t think this is someone else’s problem. This will be your problem.”
Brian, you are creating “problems”, just as you are creating “consent”.
Unilever CEO Alan Jope has repeated similar pledges to close supply valves to the rest of the world for his sake, which will not help solve supply chain problems. our current and related inflation crisis. “We have committed to doing business only with suppliers who are paying a living wage to their employees and making zero commitments, so we can make our impact,” he preaches. into the entire community of people who work with our company.”
Then, in one of the most interesting statements of the morning, Jope declared that for this system to work, “It has to go from the government and the regulators, into the capitalist system, the corporations. large, medium and small entities; but in reality, the ultimate way to move the market is when consumers vote with their wallets. “
First, the growing alliance between big government and big business — with little help from the media — has a significant fascism undertone.
Second, the consumer you refer to has no free choice, Alan. What you hope to do is like remove a popular candidate from an electoral vote — as they do in autocratic electoral bodies like Russia — and force people to choose between The limited option is unlikely to be their preference.
There is a reason natural markets exist for these commodities; There is consumer demand, which in turn is met by manufacturers. These people are trying to fundamentally change demand by changing consumer preferences, while fundamentally altering supply by killing off producers that are not part of their group.
Faber frames these efforts as “We don’t say anything good or bad. We just provide information for people to make decisions.”
Simply put, it was a lie.
As clearly stated by the members of this WEF board, what this elite is really doing is directing investment away from companies that don’t fit their vision for the world and cutting off relationships with firms — causing a reduction in choice for the rest of the market — have no value.
This is not about information; it is about control and power.
Jack McPherrin is a research editor at the Heartland Institute.
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