F. William Engdahl - Obedience Beats Business Sense
April 3, 2021
(Mark Carney, Governor of the Bank of England 2008-2020)
Major League Baseball just pulled their All Star game from Atlanta because Georgia passed a law to ensure election integrity. Delta and Coke piled on.
In the NWO, businesses will be valued according to their adherence to Satanist shibboleths designed to undermine society i.e. political correctness.
Similarly, culture (art, film, literature) is no longer an expression of the human spirit. Art must echo Communist truisms, see agitprop.
The top-down reorganization of the world economy --the so-called Great Reset or UN Agenda 2030--is well into actualization as the world remains in insane lockdown for a virus with a 00.25% mortality rate. The hottest investment area since onset of the coronavirus global lockdowns is something called ESG "Environmental, Social, Governance" investing.
The Great Reset is Here: Follow the Money
By F. William Engdahl
(abridged by henrymakow.com)
As Governor of the Bank of England Carney played a key role getting world central banks behind the Green Agenda of the UN 2030 scheme. The major central banks of the world, through their umbrella Bank for International Settlements (BIS) in Basle, created a key part of the growing global infrastructure that is steering investment flows to "sustainable" companies and away from those like oil and gas companies it deems "unsustainable."
When then-Bank of England Governor Mark Carney was head of the BIS' Financial Stability Board (FSB) he established something called Task-force on Climate-related Financial Disclosure (TCFD) in 2015.
The central bankers of the FSB nominated 31 people to form the TCFD. Chaired by billionaire Michael Bloomberg, it included in addition to BlackRock, JP MorganChase; Barclays Bank; HSBC; Swiss Re, the world's second largest reinsurance; China's ICBC bank; Tata Steel, ENI oil, Dow Chemical, mining giant BHP and David Blood of Al Gore's Generation Investment LLC.
Anne Finucane, the Vice Chair of the Bank of America, a member of both the PCAF and the TCFD, noted, "we are committed to ensuring that climate-related risks and opportunities are properly managed within our business and that we are working with governments and markets to accelerate the changes required... climate change presents risks to the business community, and it is important for companies to articulate how these risks are being managed."
The Bank of America vice chair describes how they assess risks in its real estate loan portfolio by assessing, "acute physical risk analysis on a sample portfolio of Bank of America residential mortgages across the US Each property was given a score based on the level of risk associated with 12 potential hazards: tornado, earthquake, tropical cyclone, hailstorm, wildfire, river flood, flash flood, coastal flood, lightning, tsunami, volcano, and winter storm."
As well, the banks' investment "risk" in oil and gas as well as other industrial sectors is reviewed using the criteria of Carney's TCFD. All risks are defined as related to CO2, despite the fact there is no conclusive scientific proof that manmade CO2 emission is about to destroy our planet by global warming. Rather evidence of solar activity suggests we are entering an unstable cooling period, Grand Solar Minimum. That's of no concern to the financial interests who stand to reap trillions in the coming decade.
Another key part of the financial preparation for the Great Reset, the fundamental transformation from a high-energy intensity economy to a low and economically inefficient one, is the Sustainability Accounting Standards Board (SASB). SASB says it "provides a clear set of standards for reporting sustainability information across a wide range of issues... " This sounds reassuring until we look at who makes up the members of the SASB that will give the Climate-friendly Imprimatur. Members include, in addition to the world's largest fund manager, BlackRock (more than $7 trillion under management), also Vanguard Funds, Fidelity Investments, Goldman Sachs, State Street Global, Carlyle Group, Rockefeller Capital Management, and numerous major banks such as Bank of America and UBS. Many of these are responsible for the 2008 global financial collapse. What is this framework group doing? According to their website, "Since 2011, we have has been working towards an ambitious goal of developing and maintaining sustainability accounting standards for 77 industries."
Where this is all going is to create a web of globally-based financial entities who control combined wealth including insurance and pension funds into what they claim to be worth $100 trillion. They are setting the rules and will define a company or even a country by the degree of carbon emission they create. If you are clean and green, you potentially get investment. If you are deemed a carbon polluter as the oil, gas and coal industries are deemed today, the global capital flows will disinvest or avoid funding you. The immediate target of this financial cabal is the backbone of the world economy, the oil and gas industry along with coal.
Hydrocarbons Under Attack
The immediate target of this financial cartel is the backbone of the world economy, the oil, coal and natural gas sector. Oil industry analysts predict that over the next five years or less investment flows into the world's largest energy sector will fall dramatically. "Given how central the energy transition will be to every company's growth prospects, we are asking companies to disclose a plan for how their business model will be compatible with a net zero economy," BlackRock's chairman and CEO Larry Fink wrote in his 2021 letter to CEOs. Blackrock is the world's largest investment group with over $7 trillion to invest. Another BlackRock officer told a recent energy conference, "where BlackRock goes, others will follow."
"To continue to attract capital, portfolios have to be built around core advantaged assets - low-cost, long-life, low carbon-intensive barrels," said Andrew Latham, Vice President, Global Exploration at WoodMac, an energy consultancy.
The Biden Administration is already making good on his pledge to phase out oil and gas by banning new leases in Federal lands and offshore and the Keystone XL oil pipeline. The oil and gas sector and its derivatives such as petrochemicals are at the heart of the world economy. The 50 largest oil and gas companies in the world, including both state-owned and publicly traded companies, recorded revenues of about $5.4 trillion in 2015.
As a new Biden Administration pushes their ideological opposition to so-called fossil fuels, the world will see a precipitous decline in oil and gas investment. The role of the Davos globalists and the ESG financial players are out to guarantee that. And the losers will be us. Energy prices will skyrocket as they did during the recent Texas blizzards. The cost of electricity in industrial countries will become prohibitive for manufacturing industry. But rest well. This is all part of the ongoing Great Reset and its new doctrine of ESG investing.
In 2010 the head of Working Group 3 of the UN Intergovernmental Panel on Climate Change, Dr Otmar Edenhofer, told an interviewer, "...one must say clearly that we redistribute de facto the world's wealth by climate policy. One has to free oneself from the illusion that international climate policy is environmental policy. This has almost nothing to do with environmental policy anymore..." The WEF Great Reset is not simply a big idea of Klaus Schwab reflecting on the economic devastation of the coronavirus. It has been long planned by the money masters.