Democrats flee, lettuce wins, a flood of extra executives, and Musk gets out the hatchet. It’s the Friday LinkSwarm!
People leaving the Democratic Party describe it as cancer:
While Democrat voters have been leaving the party for years, their reasons have become more urgent.
“When people were feeling pushed away years ago, to the point where they were starting to walk away, there was more of a casual tone about it,” former liberal Democrat Brandon Straka, founder of #WalkAway told The Epoch Times.
“People were beginning to feel the effects of leftist, communism, Marxism infiltration into our society, our culture, and our politics.”
Straka founded #WalkAway in 2018 after making his personal decision to leave the party public while inviting others to join him. Since then, thousands of exiting Democrats made social media videos explaining why they were choosing to #WalkAway, giving Straka a window into the minds of these voters.
At that time, people were just noticing changes in the party, he said. They weren’t always identifying what it meant, but they knew they didn’t like how it felt, and quietly left.
“But now, it’s akin to cancer. Cancer doesn’t stop growing and spreading just because people don’t like it. And what’s happening with the left is no different,” Straka said. “Particularly with them getting rid of Trump, installing Biden, and the Democrats taking full control of the government. This is a cancer that’s rapidly growing and spreading now. And it’s becoming not just uncomfortable, but I think intolerable, for a lot of people.”
Drugs dealers openly selling on Broadway. Thinks to mayors Bill de Blasio and Eric Adams, and the feckless actions of Soros-backed DA Alvin Bragg, Democrats have undone not only all the hard-won law-and-order gains of Rudy Giuliani’s broken windows police, but they’ve actually brought NYC back to the nadir of the crime-ridden New York of the 1970s. (Hat tip: Sarah Hoyt at Instapundit.)
Robert Francis “Beto” O’Rourke is heading to his third high-profile defeat in five years. But he and Planned Parenthood have an ace of their sleeve: registering dead voters.
A Texas firearms dealer is suing the Biden administration for weaponizing the Bureau of Alcohol, Tobacco, Firearms, and Explosives to shut down law-abiding gun retailers over paperwork errors discovered during audits.
President Joe Biden ordered the Department of Justice in June of 2021 to enforce “zero tolerance for willful violations of the law by federally licensed firearms dealers that put public safety at risk,” but after a 500 percent increase in federal firearm license revocations for retailers over the last year, it’s clear the Biden administration isn’t just going after gun sellers who intentionally violate the law.
Punishing minor slip-ups, the lawsuit argues, draws on a drastically different interpretation of the law than the definition federal courts have held based on the Gun Control Act of 1968.
The lawsuit, to which the federal government has 60 days to respond, also argues that the Biden administration’s new policy sets an unreasonably high standard that is not applied to any other industry.
That’s why Michael Cargill, owner of Central Texas Gun Works in Austin, chose to bring this case.
Those energy-hostile Democratic Party policies just keep paying dividends: “New England facing natural gas shortages, rolling blackouts this winter.”
The reality is that the normal flow of natural gas into the region is limited and has been unable to keep up with increasing demand levels over the past decade. That means that utility operators have to rely on liquid natural gas (LNG) imports to make up the difference during peak demand periods. During such times, LNG accounts for as much as one-third of the total natural gas used for heating and electricity.
But why is that? You won’t need an ace detective to figure that out. Utility companies in New York, Connecticut, and other New England states projected supply shortfalls more than a decade ago. Fortunately, New York and Pennsylvania sit on some of the richest natural gas resources in the country, found in the Marcellus shale deposits. The companies requested new, higher-volume pipelines to carry natural gas to meet the spiraling demands of New York City, particularly at the furthest end of the gas lines in Long Island. They also urged the development of local gas production to feed those lines. Similar situations were noted all across New England.
Instead of doing that, New York refused to approve new gas lines and passed a moratorium on natural gas drilling in the state. This brings us to the current situation where the same amount of natural gas is being used, but increasing amounts of it come in the form of LNG that has to be imported either from other regions of the country or from overseas. The energy crunch in Europe is eating up a lot of the available LNG, so there may not be enough for New England this winter.
A star reporter for ABC News has been missing since an April 27 FBI raid at his Arlington, Virginia apartment.
Emmy award winner James Gordon Meek – a deep-dive journalist who was also a former senior counterterrorism adviser and investigator for the House Homeland Security Committee, abruptly quit his job of 9 years and “fell off the face of the earth,” after the raid, one of his colleagues told Rolling Stone.
A recent proliferation of phony executive profiles on LinkedIn is creating something of an identity crisis for the business networking site, and for companies that rely on it to hire and screen prospective employees. The fabricated LinkedIn identities — which pair AI-generated profile photos with text lifted from legitimate accounts — are creating major headaches for corporate HR departments and for those managing invite-only LinkedIn groups.
Last week, KrebsOnSecurity examined a flood of inauthentic LinkedIn profiles all claiming Chief Information Security Officer (CISO) roles at various Fortune 500 companies, including Biogen, Chevron, ExxonMobil, and Hewlett Packard.
Since then, the response from LinkedIn users and readers has made clear that these phony profiles are showing up en masse for virtually all executive roles — but particularly for jobs and industries that are adjacent to recent global events and news trends.
Does the Federal Reserve swapping some $6 billion worth of dollars for Swiss Francs with the Swiss National Bank mean a global financial crisis is coming? Boiling down his argument: A.) The Swiss National bank has a weekly dollar auction every Wednesday. 99%+ of the time, no one shows up for them. B.) Last Wednesday, 15 parties (meaning banks) showed up for them to the tune of some $6 billion. C.) The only reason they would do that is if they don’t trust their current repo counterparties, and D.) This is what happened when Flu Manchu hit and before the Subprime Meltdown in 2008. If it’s any consolation, they first started showing up for the latter in December of 2007, so you might have nine months to buy gold, ammunition and canned goods…
“According to the latest campaign finance reports, Republican Alexandra del Moral Mealer has raised a record-setting $4.9 million dollars in support of her campaign for Harris County Judge, outraising Democratic incumbent Lina Hidalgo 4 to 1.”
Related: “Hidalgo Booed Exiting Meeting Where GOP Commissioners Continue Boycott of Tax Increase.”
Woke reporter: Are you just super excited to coach against another black coach? Tampa Bay Buccaneers coach Todd Bowles: “We don’t see color…the minute you guys stop making a big deal about it, everyone else will as well.”
Higher inflation, widespread corruption in the federal government, the Bank of England makes Liz Truss blink, and Muslims take exception to Dearborn Public School’s gay agenda. It’s the Friday LinkSwarm!
The Journal reviewed more than 31,000 financial disclosure forms and analyzed more than 850,000 financial assets and 315,000 trades to shed light on any conflicts of interest among more than 12,000 senior career bureaucrats and political appointees. Its investigation found that “thousands of officials across the U.S. government’s executive branch disclosed owning or trading stocks that stood to rise or fall with decisions their agencies made.”
“Across 50 federal agencies ranging from the Commerce Department to the Treasury Department, more than 2,600 officials reported stock investments in companies while those companies were lobbying their agencies for favorable policies, during both Republican and Democratic administrations,” the Journal reports. “When the financial holdings caused a conflict, the agencies sometimes simply waived the rules.”
The federal employees weren’t even subtle about it. Per the Journal, “More than five dozen officials at five agencies reported trading stocks of companies shortly before their departments announced enforcement actions against those companies, such as charges or settlements.”
That’s sus.
To get an understanding of how shady this behavior is, consider examples from a few specific agencies. At the Environmental Protection Agency (EPA), for example, the Journal found that “more than 200 senior officials… or nearly one in three, reported that they or their family members held investments in companies that were lobbying the agency.”
Similar corruption plagues the Department of Defense, where, per the investigation, “officials in the office of the secretary or their family members collectively owned between $1.2 million and $3.4 million of stock in aerospace and defense companies, on average, during years the Journal examined. Some owned stock in Chinese companies while the U.S. considered blacklisting the companies.”
Sometimes there’s a major story out there you don’t have time to really pay attention to, and such is the case with the UK “mini-budget”/Bank of England story. Basically, new UK PM Liz Truss and her Chancellor of the Treasury Kwasi Kwarteng went “We’re going to cut taxes despite soaring inflation” and the Bank of England (which evidently said that UK pension funds were hours from collapse last week) went “No you’re not.” Well, Truss just blinked, Kwarteng is out, and now the UK government is going to raise taxes.
Here’s a video explainer of the complexities of the Bank of England intervention in the bond market.
I’ll still trying to wrap my mind around the phrases “pension fund margin call” and “unlimited quantity” of short term repo liquidity reserves.
The Biden administration’s new technology restrictions are already causing disruptions in China as US semiconductor equipment suppliers are telling staff based in the country’s top memory chip maker to leave, according to WSJ, citing sources familiar with the matter.
State-owned Yangtze Memory Technologies Co. has seen US chip semiconductor equipment companies, including KLA Corp. and Lam Research Corp., halt business activities at the facility. This includes installing new equipment to make advanced chips and overseeing highly technical chip production.
The US suppliers have paused support of already installed equipment at YMTC in recent days and temporarily halted installation of new tools, the people said. The suppliers are also temporarily pulling out their staff based at YMTC, the people said. –WSJ
It’s hard to overemphasize how badly screwed China’s chip industry is with this latest move. Semiconductor equipment not only needs regular maintenance, but extremely specialized expertise when something goes wrong and your yields crash, wizards who can look at a wafer defect chart and determine by experience what’s gone wrong with which tool. Without support and spare parts from the western semiconductor equipment giants, expect yields to start crashing in a matter of months, if not weeks, especially if Applied Materials and Tokyo Electron join the pullout.
The IRGC may be mobilizing retired servicemembers and other affiliated officers to suppress protests in Tehran on October 15.
Protesters have killed more Iranian security personnel in the current protest wave than in any previous wave in the regime’s history according to regime statistics.
Anti-regime protests occurred in at least 11 cities in seven provinces.
Social media accounts that are representing themselves as youth groups organizing and coordinating protests called for countrywide unrest on October 15.
Snip.
Social media accounts that are representing themselves as youth groups organizing and coordinating protests called for countrywide unrest on October 15. Dozens of social media accounts are presenting themselves as provincial components of a broader youth movement aimed at overthrowing the regime. The movement does not appear to have a central headquarters or hierarchy—at least on social media—and some of these groups’ rhetoric is notably disjointed from the others. These accounts claim to have a presence in multiple Iranian cities, including Tehran, Karaj, Neyshabour, Hamedan, Shiraz, and Ahvaz. Some of these accounts called for protests in Khuzestan on October 14, which did materialize in three different cities across the province on that date. Another account claimed that it had activated “sabotage groups” to destabilize the regime on October 14. The Tehran Neighborhood Youth group currently has the most followers and has posted for the longest period of time, possibly suggesting that it inspired copycat accounts based in other cities.
Some of these groups are presenting themselves as having moved from protest organization to coordinating phase one insurgency attacks.
In private, Democratic party officeholders are super racist.
But they’ll arrest parents and take their children if you fail to bow to their transexual madness. “Virginia Democrat Bill Would Criminally Prosecute Parents Who Don’t Affirm Their Kids As Transgender. Previous attempt at the bill was co-sponsored by a senator who served jail time for having sex with a teenager.”
A Virginia Democrat lawmaker says she will introduce legislation to have parents criminally prosecuted if they do not “affirm” their child as transgender. Teachers and social workers would report parents to Child Protective Services under the bill envisioned by state Delegate Elizabeth Guzman (D-Fauquier).
Guzman told WJLA that “It could be a felony, it could be a misdemeanor, but we know that CPS charge could harm your employment, could harm their education, because nowadays many people do a CPS database search before offering employment.”
Guzman, a social worker, went public with her plans to introduce the bill a week after The Daily Wire reported that a National Association Of School Psychologists official named Amy Cannava boasted that she was working with an unnamed state delegate matching Guzman’s description to craft such legislation. “I want to see a kid in a home with food and shelter and insurance and support, but I also don’t want to lose kids to death,” Cannava said, adding that “I will not deny the fact that I have put parents in their place in my office or at school.”
Cannava is also affiliated with a group called the Pride Liberation Project that said it would pick up trans and gay teens who didn’t like their parents, and “work with other supportive adult organizations in the region to find you someone who can provide you a kind and affirming home.”
A similar bill was quietly introduced in 2020 by Guzman and four other Democrats immediately after they took control of the legislature in the 2019 elections. It redefined the term “abused or neglected child” to include one whose parent “inflicts, threatens to create or inflict, or allows to be created or inflicted upon such child a physical or mental injury on the basis of the child’s gender identity or sexual orientation.”
The sole Senate sponsor of the 2020 bill was Joe Morrissey, who served prison time for contributing to the delinquency of a minor after sleeping with his teenage secretary. He accepted a plea deal after initially being indicted on possession of child pornography and other charges.
You know who else hates rolling out the gay agenda to public schools? Muslims.
The only religious people the left is truly scared to offend are Muslims. Criticizing Muslims is completely off the table according to the left’s rules of engagement, so if Muslims are upset about something, the amount of twisting, back-bending, and acrobatics the left will perform in order not to offend them will be something to see.
So when hundreds of Muslim parents, upset at gay porn in the school libraries, showed up to a school board meeting in Dearborn, Mich., and it devolved into shouting and chaos with board members running away and gay protesters being chased to their cars, the fallout was absolutely hilarious. The headline in the Detroit Free Press after the event went haywire was “LGBTQ and Faith Communities Struggle for Unity.” BAHAHAHAHAHAHA. Can you imagine what the headline would have been if it were a Baptist church chasing gay protesters to their cars? “Fascist White Supremacist Book Burners Bash Gay Man in Parking Lot,” or “Rabid Religious Zealots Terrorize Gay Man Defending Right to Read,” or something equally terrible. I don’t know about you, but I’m enjoying this disaster.
Enjoy this thread and all the videos in it. I know I did.
Shouting between various factions as groups take over Dearborn public schools board meeting. Board members have left. Unclear if they are coming back or if meeting will restart. Heavy police presence. pic.twitter.com/XIMEqIRR1X
Problem: Too many Germans are voting for a rightwing party the left disapproves of. Solution: Ban it. Thank God banning other political parties in Germany has never had any negative consequences…
Speaking of things that could never possibly have any negative consequences, Balarus dictator and Putin toady Alexander Lukashenko decrees that all price increases are forbidden. Enjoys those coming goods shortages, Belarussians. (Hat tip: Stephen Green at Instapundit.)
Florida Surgeon General releases study showing heightened cardiac death rates for men ages 18-39 after taking the Flu Manchu mRNA vaccine. So Twitter banned him. Thou Shalt Have No Other Gods Before The Narrative. (They later reinstated him.)
Ukrainian troops shoot down a cruise missile with a MANPADS.
Alex Jones ordered to pay $965 million to Sandy Hook families. As I noted last week, Alex Jones is an unreliable loon, but that judgment seems excessive and punitive merely for running his mouth.
Russia’s invasion of Ukraine grinds on (but Ukraine launches a successful counterattack), Joe Biden said Democrats are responsible for inflation and ignoring the needs of the middle class, Rand Paul gets pissed, ESG is officially a great big fraud, more shenanigans from Soros-backed DAs, and debunking a Victorian vibrator myth.
Russia’s invasion of Ukraine is 100 days old. While Russia continues to grin forward on some fronts in Donetsk, Ukrainian forces seem to have taken back part of Severodonetsk while also making some gains in the south. Caveat for that link in that this Ukrainian guy’s shtick is tracking day-to-day map movements without a lot of tactical depth. So: Grains of salt may be in order. (Update: More successful Ukrainian counterattacks near Severodonetsk at Metolkine. Same guy, same caveats…)
In a speech on the Senate floor Friday, Rand Paul blasted efforts by Democrats to paint up all law enforcement officers and those in the military as dangerous radical racists.
Paul was addressing The Domestic Terrorism Prevention Act of 2022, blocked by Republicans in the Senate, that demands the FBI and Department of Homeland Security change the way they investigate and monitor domestic terrorism suspects.
The official summary of the bill notes that an “interagency task force” would be established in order to probe into “white supremacist and neo-Nazi infiltration of the uniformed services and federal law enforcement agencies.”
“This bill should be called by a more accurate name: the Democrat plan to brand our police and soldiers as white supremacists and neo-Nazis,” Paul proclaimed.
He continued, “How insulting,” adding “We knew that Democrats despise and want to defund the police, but now, they believe that the police, federal law enforcement, and the U.S. military are full of white supremacists and neo-Nazis?”
Referring to the now mothballed ‘Disinformation Governance Board’, Paul also noted “Those of us who still care about the Bill of Rights just got done taking down the DHS ‘Ministry of Truth,’ and a day later, Democrats want to create the DHS Thought Police. You couldn’t make it up if you tried. But they don’t stop there.”
“The bill creates two other Thought Police offices at the Department of Justice and at the FBI, which seems like a self-defeating choice, since elsewhere in the bill, we are told that federal law enforcement is shot through with white supremacists and neo-Nazis,” Paul urged.
The Senator also noted that “None of the bill makes sense. It doesn’t make sense because it was a bill that was never intended to become law. It’s a dumb, Washington talking points memo masquerading as legislation.”
“But congressional Democrats have gotten so radical, so extreme, and so out-of-touch with the American people that when they read it, they see something worthwhile,” he added.
Paul concluded that “This bill will fail today because the Democrats’ message — hate the police, defund the police, slander the military and police as racists and white supremacists — has been roundly rejected by the American people.”
The bill failed to pass, but 47 Democrats voted for it…
A bunch of kids are being murdered by some semi-human, so what do you do? Draw your weapon and put him down or die trying? Or do you sit there, doing nothing?
The same government we’re supposed to give up our guns to because they have it all under control chose Option B. It chose failure.
Tell me more about how the real problem is that we have the capacity to defend ourselves.
But the real problem, to our enemies, is not that murderers murder. The real problem, to our enemies, is the very fact that we can defend ourselves. The objective of our trash elite is not to have a country that runs well, where people are secure, and where rights are respected. The objective is to rule. And if a bunch of kids die for that, they’re fine with it. They can live with failure, but not accountability.
The clusterfark in Uvalde is just a symptom of a much bigger pathology. It is a symbol of the failure of every institution in our society. And the solution is never to revamp the institutions and eject the parasites heading them. It’s always – always – to take power from us and give it to the people who screwed up in the first place.
“The Democrats lost an election they never expected to lose. They basically lost to a reality TV show host when Hillary Clinton had all the backing of the establishment in the world. And instead of asking, what is it about our ideology that ruled the country for eight years, that drove people away from us into Donald Trump’s arms, they instead decided they were going to blame everybody else,” he said.
“The Democrats simply replaced Trump with the same ideology they governed with for 8 years under Obama that caused people to run away from them as fast as they could,” he said. “And now that people are doing that again, instead of asking ‘why is that happening’ they’re getting poised to blame the electorate for being stupid — for thinking the economy’s bad when it’s actually good.”
Haven’t had time to talk about the farce that was the Sussmann acquittal, but here’s a tweet:
TURLEY: “I mean, he is facing a jury that has three Clinton donors, an AOC donor, and a woman whose daughter is on the same sports team with Sussmann’s daughter. With the exception of randomly selecting people out of the DNC headquarters, you could not come up with a worse jury” pic.twitter.com/RHqen6AMAc
Fairfax County commonwealth’s attorney Steve Descano (D.) and Arlington County commonwealth’s attorney Parisa Dehghani-Tafti (D.) since 2020 dismissed or declined to prosecute a 25-year-old Maryland resident for nearly a dozen charges related to larceny. The looting incidents amounted to thousands of dollars in stolen merchandise and include felony offenses, including two grand larcenies and one assault on a police officer, making the offender eligible for years behind bars. The prosecutors found the looter guilty of just a few misdemeanors. No verdict levied more than a few hundred dollars in fines, and he served no time in prison.
“If Stuart Kirk’s devastating accusations are correct, in my opinion his words could be interpreted as suggesting the inputs to financial models which predict a demand for the climate investment products currently being sold are being heavily manipulated to produce a preconceived outcome. Stuart appeared to claim he is being “pressured” to add unrealistic assumptions to climate financial models, to ‘move the needle’ on predicted economic harm from climate change.” (Hat tip: Sarah Hoyt at Instapundit.)
Iranian military bases attacked by drones launched from inside Iran. Hmmmmm…
“Miracle Cures and Murder For Hire: How A Spoon-Bending Turkish Magician Built A $600 Million Nasdaq-Listed Scam Based On A Lifetime Of Lies.” You really need to read the whole thing to see how Enochian Biosciences’ co-founder Serhat Gumrukcu fled from one alleged scam to another. Here’s just one line-item: “Gumrukcu claims to have spent 12+ years earning an M.D. and multiple PhDs in Russia and Turkey. Our research indicates he made it all up. He has no medical degree and no PhDs.” Plus that pesky murder thing… (Hat tip: ZeroHedge.)
The jury in Johnny Depp’s defamation lawsuit against Amber Heard ruled Wednesday that the actress did in fact defame Depp by identifying herself as a victim of domestic abuse and awarded Depp $15 million in compensatory and punitive damages, capping a blockbuster trial that has seen immense media coverage over the last several weeks.
The jury of five men and two women reached their unanimous verdict after 13 hours of deliberations, which began on Tuesday afternoon. It also awarded Heard $2 million in damages for a countersuit against Depp for statements made by his lawyer.
Depp may be a self-indulgent hedonist with poor judgment and substance abuse issues, but he came out smelling like a rose in comparison to his extra-crazy ex.
Slogans are no substitute for facts. “Hear all women” is a pledge we should all make. “Believe all women,” however, is asking people to shut their brains off at the approach of a slogan and forget the fact that women are people, too. Sometimes they shade the truth or lie, sometimes they are the more abusive party, and sometimes they are cynical, show-business shams. The evidence at trial changed a lot of minds, all the more so the more people watched it.
A favorite theory about Victorian vibrators turns out to be made up out of whole cloth.
With the anniversary of D-Day coming up, here’s a look at Operation PLUTO, which laid gasoline pipelines underneath the English channel to help fuel the invasion.
Individuals and institutions were allowed to choose to align their investments with their values. They could sleep at night knowing that their capital was not supporting causes with which they disagreed, morally or politically. The only cost associated with this socially conscious undertaking was a hit to investment returns, which was inevitable but was accepted voluntarily as the price of peace of mind.
But these days, that’s simply not enough for the Big Sisters of Social Justice Warriorhood. Why make something voluntary when they can force it down your throat? Hence the push for Environmental Social Governance (ESG), a backdoor way to impose far-left values on corporations without having to deal with shareholders at all.
Environmental, social and governance (ESG) is the biggest trend in finance and business. Index funds focused on sustainability oversee $250 billion of assets. Corporate leaders signaled their alignment with ESG when more than 180 CEOs signed the Business Roundtable statement on business purpose.
In contrast to the older ethical investment movement, which accepted that morally constrained investment strategies incur costs, ESG proponents claim that investors following ESG precepts earn higher risk-adjusted returns because companies with high ESG scores are lower-risk. Thus, their stock price will outperform, whereas those firms with low ESG scores are higher-risk, leading them to underperform.
This supposition conflicts with finance theory. Once lower risk is incorporated into a higher stock price, the stock will be more highly valued, but investors will have to be satisfied with lower expected returns. Unsurprisingly, claims of ESG outperformance are contradicted by studies.
Claims that ESG-favored stocks outperformed during the Covid-19 market meltdown disappear once other determinants of stock performance are controlled for. ESG factors were negatively associated with stock performance during the market recovery phase in the second quarter of 2020.
The corollary of the ESG thesis—that low-ESG-rated “sin stocks” are condemned to underperform the stock market—is decisively refuted by the data. When institutional investors “went underweight” by selling down their holdings in tobacco stocks, it made them cheaper for other investors to buy and make money, especially when they subsequently outperformed the market.
The profit opportunities that ESG creates for Wall Street, however, are clear. BlackRock charges 46 cents annually for every $100 invested in its iShares Global Clean Energy ETF and just 4 cents for its iShares fund linked to the S&P 500.
The Trump Department of Labor’s controversial rule on ESG in corporate retirement plans became final in October 2020. In effect, the rule calls Wall Street’s ESG bluff: “You claim ESG investing boosts investment returns net of costs; Show us on the basis of generally accepted investment theories.” Rather than use the Congressional Review Act to nullify this rule, the Biden Department of Labor says it won’t enforce it.
ESG is supposedly about the objective assessment of investment risk. The stated purpose of the Sustainability Accounting Standards Board (SASB), a body supported and funded by Michael Bloomberg, is to provide a disclosure regime that better enables investors to assess risk, climate risk being a major one.
At the same time, the SASB aims to harness the power of capital markets for political ends. Just as the Covid pandemic was sweeping the globe, Bloomberg declared climate change the biggest threat to America and the world. “How do you replace dirty energy?” he asks. “Stop rewarding companies from making it.” ESG thus becomes politics pursued by other means.
Climate risk is primarily about the potential costs of future climate regulation, but the cookie-cutter climate disclosures required by ESG standard-setters are systematically misleading because they treat the world as a homogenous regulatory space. Climate regulations are made by states and vary from the stringent and unachievable in parts of Europe to the virtually nonexistent in many other parts of the world.
Requiring corporations to bind themselves to unilateral greenhouse-gas targets imposes a penalty in competing against companies less beholden to ESG ratings (the unlevel playing field). Forcing corporations to lose market share and shrink their operations constitutes a covert form of divestment. Shareholders lose for no climate gain.
Regulation by governments is not only more efficient but also possesses democratic legitimacy. Proponents claim that ESG is necessary to achieve inclusive capitalism, but political power wielded by a handful of billionaire Wall Street oligarchs provides a pretty good definition of insider capitalism.
The weaponization of finance by billionaire climate activists, foundations, and NGOs threatens to end capitalism as we know it by degrading its ability to function as an economic system that generates higher living standards. This usurpation of the political prerogatives of democratic government invites a populist backlash.
The Real Clear Foundation report leans heavily on the environmental end of things, but ESG also has a strong Social Justice component, as this clip from Joe Rogan’s interview of VJ/Podcaster Adam Curry discusses:
ESG is yet another attempt to impose top-down wokeness by subterfuge on people and institutions that would never voluntarily agree to it.
