THE CENTRAL BANKERS’ LONG COVID: AN INCURABLE CONDITION • Philosophical Salon

Source: Philosophical Salon

Sheep spend their entire lives being afraid of the wolf, but end up eaten by the shepherd. (Popular proverb)

By now it should be clear that COVID-19 is, essentially, a symptom of financial capital running amok. More broadly, it is a symptom of a world that is no longer able to reproduce itself by profiting from human labour, thus relying on a compensatory logic of perpetual monetary doping. While the structural shrinking of the work-based economy inflates the financial sector, the latter’s volatility can only be contained through global emergencies, mass propaganda, and tyranny by biosecurity. How can we break out of this vicious cycle?

Since the third industrial revolution (microelectronics in the 1980s), automated capitalism has been engaged in abolishing wage labour as its own substance. We have now passed the point of no return. Due to escalating technological advance, capital is increasingly impotent vis-a-vis its mission of squeezing surplus-value out of labour-power. With the unleashing of artificial intelligence this truly becomes mission impossible – game over.

This means that the foundations of our world no longer reside in the socially necessary labour contained in commodities such as cars, telephones, or toothpaste. Rather, they reside in highly flammable debt-leveraged speculations on financial assets like stocks, bonds, futures, and especially derivatives, whose value is securitised indefinitely. Only the religious belief that the mass of these assets produces value prevents us from seeing the yawning abyss beneath our feet. And when our faith dwindles, divine providence intervenes by sending us into collective hypnosis through apocalyptic tales of contagion and attendant narratives of salvation.

Yet, reality is stubborn, and keeps knocking on our door. As the financial tumour spreads through the social body, capital opts to unleash its Leviathanic doppelganger, a vampire that feeds on global emergencies and business models anchored in digital technology with the potential to securitize the entirety of life on earth. The writing is on the wall, a ‘soft dictatorship’ is already staring at us. Today, resisting the tide means defending the inviolable dimension of human dignity, a non-negotiable starting point for the construction of an alternative social project. There is still time, but we need critical awareness, courage, and collective awakening.

Pandexit in the land of unicorns

How close are we to Pandexit? The following excerpt from a recent Bloomberg piece has the most likely answer: “For anyone hoping to see light at the end of the Covid-19 tunnel over the next three to six months, scientists have some bad news: brace for more of what we’ve already been through.” To unpack this statement, let us surmise that our future is characterised by the following events: 1. Central banks will continue to create inordinate amounts of money, mostly destined to inflate financial markets; 2. The contagion narrative (or similar) will continue to hypnotise entire populations, at least until Digital Health Passports are fully rolled out; 3. Liberal democracies will be dismantled, and eventually replaced by regimes based on a digitised panopticon, a Metaverse of control technologies legitimised by deafening emergency noise.

Too dark? Not if we consider how the health crisis rollercoaster (lockdowns followed by partial openings alternating with new closures caused by mini-waves) looks increasingly like a global role-play, where actors pass the buck to make sure the emergency ghost continues to circulate, albeit in a weakened capacity. The reason for this depressive scenario is simple: without Virus justifying monetary stimulus, the debt-leveraged financial sector would collapse overnight. At the same time, however, rising inflation coupled with supply-chain bottlenecks (especially microchips) threatens a devastating recession.

This catch-22 appears impossible to overcome, which is why the elites cannot let go of the emergency narrative. From their perspective, the only way out would seem to imply the controlled demolition of the real economy and its liberal infrastructure, while financial assets continue to be artificially inflated. The latter comprises cynical tricks of financial greenwashing such as investment in ESG securities, an environmentally disguised loophole to legitimise further debt expansion. With all due respect to the Greta Thunbergs in our midst, this has nothing to do with saving the planet.

Rather, we are witnessing the accelerating dissolution of liberal capitalism, which is now obsolete. The outlook is objectively depressing. Global financial and geopolitical interests will be secured by mass data harvesting, blockchain ledgers, and slavery by digital app peddled as empowering innovation. At the heart of our predicament lies the ruthless evolutionary logic of a socioeconomic system that, to survive, is ready to sacrifice its democratic framework and embrace a monetary regime supported by corporate-owned science & technology, media propaganda, and disaster narratives accompanied by nauseating pseudo-humanitarian philanthro-capitalism.

By appealing to our personal sense of guilt for ‘destroying the planet’, the coming climate lockdowns are the ideal continuation of Covid restrictions. If Virus was the scary appetiser, a generous portion of carbon-footprint-mixed-with-energy-scarcity ideology is already being served as main meal. One by one we are being persuaded that our negative impact on the planet deserves to be punished. First terrified and regimented by Virus and now shamed for harming Mother Earth, we have already internalised the environmental command: our natural right to live must be earned through compliance with ecological diktats imposed by the International Monetary Fund or the World Bank, and ratified by technocratic governments with their police. This is capitalist realism at its most cynical.

The introduction of Digital Health Passports (only a year ago ridiculed as conspiracy theory!) represents a critical juncture. The tagging of the masses is crucial if the elites are to gain our trust in an increasingly centralised power structure sold as an opportunity for emancipation. After crossing the digital-ID Rubicon, the crackdown is likely to continue smoothly and gradually, as in Noam Chomsky’s famous anecdote: if we throw a frog into a pot of boiling water, it will immediately come out with a prodigious leap; if, on the other hand, we immerse it in lukewarm water and slowly raise the temperature, the frog will not notice anything, even enjoying it; until, weakened and unable to react, it will end up boiled to death.

The above prediction, however, needs to be contextualised within a conflictual and deeply uncertain scenario. Firstly, there is now evidence (however heavily censored) of genuine popular resistance to the pandemic psy-op and the Great Reset more widely. Secondly, the elites appear deadlocked and therefore confused as to how to proceed, as demonstrated by several countries opting to de-escalate the health emergency. It is worth reiterating that the conundrum is, fundamentally, of economic nature: how to manage extreme financial volatility while holding on to capitals and privileges. The global financial system is a huge Ponzi scheme. If those who run it were to lose control of liquidity creation, the ensuing explosion would nuke the entire socio-economic fabric below. Simultaneously, a recession would deprive politicians of any credibility. This is why the elites’ only viable plan would seem to lie in synchronizing the controlled demolition of the economy (collapse of global supply-chain resulting in an ‘everything shortage’), with the rolling out of a global digital infrastructure for technocratic takeover. Timing is of the essence.

Emergency addiction

With regard to a potential recession, financial analyst Mauro Bottarelli summarised the communicating-vessels logic of the pand-economy as follows: “a state of semi-permanent health emergency is preferable to a vertical market crash that would turn the memory of 2008 into a walk in the park.” As I tried to reconstruct in a recent article, the ‘pandemic’ was a lifeboat launched to a drowning economy. Strictly speaking, it is a monetary event aimed at prolonging the lifespan of our finance-driven and terminally ill mode of production. With the help of Virus, capitalism attempts to reproduce itself by simulating conditions that are no longer available.

Here is a summary of Covid’s economic rationale. The September 2019 bailout of the financial sector – which, after eleven blissful years of Quantitative Easing, was again on the verge of a nervous breakdown – involved an unprecedented expansion of monetary stimulus: the creation of trillions of dollars with the magic wand of the Federal Reserve. The injection of this inordinate amount of money into Wall Street was only possible by turning the engine of Main Street off. From the point of view of the short-sighted capitalist mole, there was no alternative. Computer money created as digital bytes cannot be allowed to cascade onto economic cycles on the ground, as this would cause an inflationary tsunami à la Weimar 1920s (which ushered in the Third Reich), only much more catastrophic for a stagnant and globally interconnected economy.

Inevitably, the (cautious) reopening of credit-based transactions in the real economy has caused inflation to rise, hence further impoverishment on the ground. The purchasing power of salaries has been dented, along with revenues and savings. It is worth recalling that commercial banks are positioned at the interface between the magical world of Central Banks digital money, and the emergency-swept wasteland inhabited by most mortals. Thus, any wild expansion of Central Bank reserves (money created out of thin air) triggers price inflation as soon as commercial banks leak cash (i.e. debt) into society.

The purpose of the ‘pandemic’ was to accelerate the pre-existing macrotrend of monetary expansion, while postponing inflationary damage. Following the Federal Reserve, the world’s central bankers have created oceans of liquidity, thus devaluing their currencies to the detriment of populations. While this continues, the transnational turbo-capital of the elites keeps expanding in the financial orbit, absorbing those small and medium size businesses it has depressed and destroyed. In other words, there is no such thing as a free lunch (for us). The Central Bank’s money-printer works only for the 0.0001% – with the help of Virus, or a global threat of equal traction.

At present, it looks as if central bankers are indulging in the noble art of procrastination. The Fed’s board will convene again in early November 2021, with taper (reduction of monetary stimulus) announced to start in December. However, with the Covid bubble deflating, how will the elites deal with zero interest rates and direct deficit financing? In more explicit terms: what new ‘contingent event’ or ‘divine intervention’ will get them out of trouble? Will it be aliens? A cyber-terrorist attack on the banking system? A tsunami in the Atlantic? War games in Southeast Asia? A new War on Terror? The shopping list is long.

In the meantime, ordinary people are caught in a suffocating double bind. If credit needs to be made available to businesses, Central Banks must keep a lid on inflation, which they can do only… by draining credit! Runaway inflation can be avoided only by containing the disruptive effects of excessive money creation; that is, by bringing work-based societies to their knees. Most of us end up squashed between price inflation of essential goods, and deflationary liquidity drainage via loss of income and erosion of savings. And in a stagnant economy with inflation off the chart, each suppressed business transaction is channeled into financial assets.

A tool preventing liquidity from reaching the real economy is the Federal Reserve’s Overnight Reverse Repo facility (RRP). While continuing to flood financial markets with freshly printed money, thanks to reverse repos the Fed mops up any excess of that very cash it pumps into Wall Street. Effectively, a zero-sum game of give and take: at night, financial operators deposit their excess liquidity with the Federal Reserve, which delivers as collateral the same Treasuries and Mortgage-Backed Securities it drains from the market during the day as part of its QE purchases. In August 2021, the Fed’s usage of RRP topped $1 trillion, which led the Federal Open Market Committee (FOMC) to double the RRP limit to $160 billion, starting from 23 September 2021.

Here, then, is the elephant in the room: how will the Fed’s taper square with reverse repos of this astronomical magnitude? Is the much-anticipated reduction of monetary stimulus even possible with a global financial bubble fuelled by zero-interest-rate leveraging and structural borrowing? But, at the same time, how can central bankers continue to expand their balance sheet, when the double whammy of stagnation and rising inflation (stagflation) is just around the corner?

The logic of this monetary mechanism is perverse. The solipsistic ‘mad dance’ of financial capital has spun out of control well beyond its customary madness, and the day of reckoning is fast approaching. Can a devastating recession be avoided? Today’s political answer would seem to mobilise the ancient wisdom that ‘extreme times call for extreme measures’, which translates as: no crime against humanity can be ruled out when systemic implosion is so stubbornly denied. Is this not what history has always taught us?

The crisis we are experiencing is not epidemiological. In the first instance, it is meant to take care of the potentially cataclysmic financial exposure to toxic risk and the associated management of inflation. Suffice it to note that central bankers do not succeed in increasing interest rates to 2%, when in the 1970s they were brought up to 20% to combat inflation. However, as Covid reminds us, financial acrobatics of the current magnitude only work under emergency cover: blockades, lockdowns, restrictions, etc. The purpose of the cover-up is twofold: 1. To conceal the sinking of the Titanic (finance-driven ‘work society’); 2. To coordinate the implementation of a colossal monetary reset based on economic depression and centralised control of people’s lives.

Digital fascism

The consequences of emergency capitalism are emphatically biopolitical. They concern the administration of a human surplus that is growing superfluous for a largely automated, highly financialised, and implosive reproductive model. This is why Virus, Vaccine and Covid Pass are the Holy Trinity of social engineering. ‘Virus passports’ are meant to train the multitudes in the use of electronic wallets controlling access to public services and personal livelihood. The dispossessed and redundant masses, together with the non-compliant, are the first in line to be disciplined by digitalised poverty management systems directly overseen by monopoly capital. The plan is to tokenise human behaviour and place it on blockchain ledgers run by algorithms. And the spreading of global fear is the perfect ideological stick to herd us toward this outcome.

As public debates are silenced by censorship and intimidation, we are being escorted to a bio-techno-capitalist dystopia whose hellish character is likely to manifest itself fully with the next global crisis. This would justify the rolling out of Central Bank Digital Currencies (CBDCs), which, in the words of Agustin Carstens (general manager of the Bank for International Settlements), will grant “absolute control on the rules and regulations that will determine the use of that Central Bank liability [i.e., money], and we will have the technology to enforce that.” Digital cash linked to digital identity is shorthand for hi-tech monetary serfdom, which will be extended to the unemployed first (e.g., UBI recipients), and potentially to most of us. When Larry Fink (BlackRock CEO) says that “markets prefer totalitarian governments to democracies,” we should better believe him.

Separating the population on the basis of vaccination status is an epoch-making achievement typical of totalitarian regimes. If resistance is quashed, a compulsory digital ID will be introduced to record the ‘virtuousness’ of our behaviour and regulate our access to society. Covid was the ideal Trojan horse for this breakthrough. A global system of digital identification based on blockchain technology has long been planned by the ID2020 Alliance, backed by such giants as Accenture, Microsoft, the Rockefeller Foundation, MasterCard, IBM, Facebook, and Bill Gates’ ubiquitous GAVI. From here, the transition to monetary control is likely to be relatively smooth. CBDCs would allow central bankers not only to track every transaction, but especially to turn off access to liquidity for any reason deemed legitimate. The ‘digitisation of life’ project also includes an ‘Internet passport’ which, subject to periodic review, would exclude from the web anyone considered undeserving. Should the social credit score fall below a certain level, finding a job, traveling, or obtaining loans would depend on willing subjection to ‘rehabilitation programmes’. Presumably, there will be a black market for the outcasts.

A cornerstone of historical fascism was industry controlled by government while remaining privately owned. It is quite astonishing that, despite the overwhelming evidence of systematic revolving doors between public and private sector, most public intellectuals have not yet realized that this is where we are heading. Italian writer Ennio Flaiano once said that the fascist movement is made of two groups: the fascists, and the anti-fascists. Today, when most self-proclaimed anti-fascists are quietly or enthusiastically supporting the medically driven authoritarian turn, this paradox is more relevant than ever.

From conspiracy theory to successful paranoia

The epistemology of conspiracy theory drives much of today’s propaganda as a rhetoric of exclusion. The a priori rejection of ‘paranoid thinking’ leaves the official narrative as the sole bearer of truth, irrespective of empirical verification. Therefore, as argued by Ole Bjerg, “the real pathology emerges on the side of the mainstream reactions to so-called conspiracy theorists […] in the form of an epistemic state of exception, which threatens to undermine the functioning of public debate and intellectual critique.”[i] In other words, paranoia qualifies the position of those modern-day Torquemadas whose inquisition tribunals silence any ‘heretical’ thinking that dares to depart from the dogmas of emergency capitalism. The blanket accusation levelled at ‘paranoid Covid-deniers’ and ‘anti-vaxxers’ is symptomatic not only of the dissolution of the democratic bond, but especially of a top-down contagion of ideological sickness never experienced before on such a global scale.

As Jacques Lacan argued in the 1960s, capitalist power works by vanishing, by making itself secret and invisible, thereby dissimulating not only its authority but also its impotence. Everything seems to function spontaneously in capitalism, as if no-one was giving or obeying orders, but just following their spontaneous desires: “What is striking, and what no one seems to see, is that by virtue of the fact that the clouds of impotence have been aired, the master signifier only appears even more unassailable […] Where is it? How can it be named? How can it be located—other than through its murderous effects, of course.”[ii] Should this prompt us to enlist Lacan in the army of wacky conspiracy theorists? While the traditional master relies on symbolic authority, the capitalist master delegates authority to the intangible objectivity of its modus operandi. As made abundantly clear by neoliberalism, mastery is officially relinquished but simultaneously reasserted in its relinquished form, for example as ‘leadership’. And Lacan’s point is that this stratagem opens the space for deeper, more insidious forms of manipulation.

Just like corporate-owned mainstream media, today many Lacanians love to ridicule ‘conspiracy theorists’. Typically, they do so by citing Lacan’s motto that “there is no such thing as a big Other” – so, ultimately, no-one can possibly be plotting behind the curtains. Or, to quote from a recent piece by Slavoj Žižek, “there is no need to invent pandemics and weather catastrophes, since the system produces them by itself.” But these arguments miss the target, for they overlook how power functions precisely by occupying the ontological inconsistency of the big Other, manipulating it in its favour. Differently stated: if there is an unconscious, conspiracy and manipulation are inevitable. The success of any power-structure depends on its ability to weaponise the self-contradictory status of its universe of sense against the neurotic masses.

For all his Hegelianism, here Žižek misses the speculative character of (capitalist) power: systemic contradictions are the very foundation and lifeblood of any power edifice. The elementary speculative ruse of power is that it turns ontological inconsistency into condition of possibility. This is clearly visible in the ‘authoritarian turn’ of contemporary capitalism as predicated upon the ideological use of emergencies. Ultimately, these emergencies are real only insofar as they are capitalist emergencies, deployed at the right time to further the interests of capital. The assumption that they will escape or subvert the existing power structure ignores the extent to which they already function for capitalist power. My reading of Covid as a product of financial volatility is consistent with this speculative stance: pandemic contingency is capitalist necessity, and as such it was supported from the start by a formidable ideological apparatus.

The rhetoric of exclusion that animates the public discourse on Covid can be described through what Lacan, borrowing from Freud, named “successful paranoia”, which “might just as well seem to constitute the closure of science.”[iii] Essentially, “closure” refers to the positivistic belief in scientific objectivity, which is built on the rejection (foreclosure) of the ‘subject of the unconscious’ as source of questioning, doubt, and error. In the context of Lacan’s discourse theory, successful paranoia aligns with a hyper-efficient belief-system secured by the “curious copulation between capitalism and science”.[iv] The power of what today is unilaterally promoted as ‘real science’ (so real that it bans doubt, prohibits debate, and promotes censorship) is akin to the power of a new religion, as Lacan cautioned in 1974: “Science is in the process of substituting itself for religion, and it is even more despotic, obtuse and obscurantist”.[v] And capitalism banks on science & technology just as it capitalizes on health, one of the most profitable businesses in the world.

The ‘science’ we are ordered to follow is hijacked by the financial elites and their political cronies, thus working as a barrier against the awareness that ‘our world’ is crumbling. Real science, which continues to operate behind the thick curtain of censorship, would never impose dictatorial mandates like those still in place in democratic countries around the world. Blind faith in ‘Covid science’, then, betrays a desperate desire to hang on to capitalist power, inclusive of its authoritarian mutation. Yet the history of scientific progress shows that science is, fundamentally, a discourse emphatically centred on what it lacks. All major scientific advances are based on a principle of insufficiency: the awareness that truth as cause of knowledge is ontologically lacking. Or, to quote Lacan: “Il n’y a de cause que de ce qui cloche” (“There is cause only in what doesn’t work”).[vi] This is the science worth fighting for.

While the system’s driving presuppositions (the value-creating relation between capital and labour) have stopped working, the Covid decoy allows capitalism, once again, to suspend any serious enquiry into its structural sickness and ongoing transformation. The clinic of neurosis shows us the extent to which the average neurotic wants a master, whose role is to reassure them that their world lies on solid foundations. Neurotics are often so desperately attached to their power-structure that they turn into perverts to secure its functioning – like a masochist eagerly handing the whip to his dominatrix. Perversion works as a command to enjoy the power relation, and contemporary subjects often readily submit to power in a desperate bid to consolidate it. Unfortunately, the conservative structures of neurosis and perversion are often shared by ‘progressive minds’ (including liberal and radical leftists) whose commitment stops at virtue-signaling or participation in conspiracy theory shame games.

And yet, not all is lost. Despite the unstoppable convergence of science and capitalism in establishing a watertight belief-system that excludes dissent, our successfully paranoid universe will fail to totalise its structure. Paradoxically, the current crackdown on humanity may be the best chance yet for radical opposition to the coming regime of capitalist accumulation and its relentless emergency blackmail.

Notes:

[i] Ole Bjerg, “Conspiracy Theory: Truth Claim or Language Game?”, Theory, Culture & Society, 2016, pp. 1-23 (6).

[ii] Jacques Lacan, The Seminar of Jacques Lacan, book 17, The Other Side of Psychoanalysis, trans. Russell Grigg (New York: Norton, 2007), pp. 177-78.

[iii] Jacques Lacan, Écrits. The First Complete English Edition, trans. Bruce Fink (New York: W. W. Norton, 2006), p. 742.

[iv] Lacan, 2007, p. 110.

[v] Jacques Lacan, Freud Forever: An Interview with Panorama, trans. Philip Dravers, Hurly Burly 12, 2015, pp. 13-21 (18).

[vi] Jacques Lacan, The Seminar of Jacques Lacan, Book 11, The Four Fundamental Concepts of Psychoanalysis, trans. Alan Sheridan (New York: W. W. Norton, 1998), p. 22.

There is More to BlackRock Than You Might Imagine — Desultory Heroics

By F. William Engdahl Source: New Eastern Outlook A virtually unregulated investment firm today exercises more political and financial influence than the Federal Reserve and most governments on this planet. The firm, BlackRock Inc., the world’s largest asset manager, invests a staggering $9 trillion in client funds worldwide, a sum more than double the annual […]

There is More to BlackRock Than You Might Imagine — Desultory Heroics

Post #2 – Modern Globalists behind Agenda 2030 / Great Reset – Larry Fink and BlackRock

Larry Fink

  • Chairman and CEO of BlackRock
  • Board of Directors/Trustees of:
    • World Economic Forum
    • Council on Foreign Relations

In my previous post, I covered the obvious roles of the World Economic Forum and Council on Foreign Relations in the Great Reset/Agenda 2030/17 SDGs, so I want to focus on Larry Fink and BlackRock.

From the website:

BlackRock is one of the world’s leading providers of investment, advisory and risk management solutions.

BlackRock offers a range of solutions — from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world’s capital markets. Our clients can access our investment solutions through a variety of product structures, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares® ETFs.

The foundation of BlackRock’s business is our belief that our clients’ needs are of paramount importance. Our commitment to investment excellence is anchored in a shared culture that always places a client’s interests first, from individual investors to the world’s largest institutions. We act always as a fiduciary for our clients, never trading as a principal on our own behalf.

BlackRock’s investment approach is based on our conviction that we can combine our market insights, our global reach and scale, our proprietary technology, our culture of information sharing and our unwavering focus on risk management into an ability to deliver performance in all market environments. BlackRock is committed to providing a broad set of investment solutions for our clients, striving to achieve the best balance between risk and opportunity.

BlackRock is a truly global firm that combines the benefits of worldwide reach with local service and relationships. We manage assets for clients in North and South America, Europe, Asia, Australia, the Middle East and Africa. The firm employs approximately 13,000 talented professionals and maintains offices in more than 30 countries around the world. Our client base includes corporate, public, union and industry pension plans; governments; insurance companies; third-party mutual funds; endowments; foundations; charities; corporations; official institutions; sovereign wealth funds; banks; financial professionals; and individuals worldwide.

As of June 30, 2019, BlackRock’s assets under management total US$6.84 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. Through BlackRock Solutions® — the natural evolution of our long-standing investment in developing sophisticated and highly integrated systems — we offer risk management, strategic advisory and enterprise investment system services to a broad base of clients.

Our firm’s ownership structure is designed to maintain the independence we believe is necessary to retain our commitments to client focus and investment excellence. BlackRock, Inc. (NYSE: BLK) has no single majority stockholder and has a majority of independent directors.

BlackRock – instituting a new methodology for the guidance of their investment products.

Noteworthy Clients
  • AIG
  • UBS
  • Bank of Greece
  • Her Majesty’s Treasury
  • Central Bank of Ireland
  • Federal Reserve Bank of NY
Strategic Partnerships
  • ING
  • AT&T
  • HSBC
  • Google
  • MetLife
  • Freddie Mac
  • Merrill Lynch
  • Morgan Stanley

Since the onset of the pandemic, a lot of BlackRock’s public releases include how they are crafting their business model for Sustainable Investing around this type of Cause/Effect scheme:

Shifting Economic Power

  • The political sphere of influence could shift from Washington to Beijing
  • Businesses could become more powerful than countries
  • We’re all going to need to talk Mandarin

Climate Change and Resource Scarcity

  • Western diets will become increasingly plant-based
  • Renewable energy will fully replace fossil fuels
  • Technological advancement will yield man-made materials

Demographics and Social Change

  • Substantial healthcare spending will create huge opportunity in this sector
  • Robots will replace people to plug the labour gap
  • People will need more money to fund a lengthy retirement

Rapid Urbanisation

  • A whole new city infrastructure could be required
  • Car ownership will become obsolete as autonomous, summon-able cars become mainstream
  • The healthcare system will need to change to cope with demand

All as a result of:

Technological Breakthrough

  • Traditional consumer goods produced by technology companies
  • The global economy should grow as the world becomes more productive
  • Technology will enable solutions to climate change and population problems

Muunyayo SPECULATION: The above five areas foreshadow the elements we see within the Great Reset, namely:

  • China becoming the world’s economic center of power.
  • Diets consisting of plant-based foods (and BUGS!)
  • Phasing out fossil fuels (highly unrealistic).
  • Automation decimating what’s left of the working class.
  • The coming UN Smart Cities program.
  • Again, the meme’ing together of climate change and population growth. That is, migration as a human right. This is embedded within the UN’s policies for the past decade.

Measuring Sustainability

Prior to the pandemic, BlackRock adapted “Sustainability” as their catechism for Investing.

February 2020 – Big Announcement:

Notable Takeaways:

“A framework for incorporating sustainable investing in portfolio construction”

“Sustainability effects and societal attitudes will impact all assets and therefore the whole portfolio. The direct impacts of climate change and the coming capital reallocation will reshape economic fundamentals, expected returns and assessments of risk.”

MUUNYAYO SPECULATION:

  • Climate change is the unifier, combating climate change – as it has been appointed the boogeyman since Agenda 21 was first unveiled in 1992. Climate change/action is ubiquitous – it was on Biden’s platform, it is part of thousands of corporate MD&A disclosures in official SEC filings, the foundations, the think-tanks, public education, public health, local news, national news…it is safe to say that Climate Change is the underlying threat used by all entities entangled within the decision making capacity of the Great Reset which will ultimately drive the people of planet earth into the arms of Communitarianism and a One World Order.
  • Reshape Economic Fundamentals – this is a generic term for the coming Stakeholder Capitalism that is baked into every facet of the Great Reset. BlackRock has $8.676 Trillion USD in Assets Under Management. They are a leader in the Exchange Traded Funds (ETF) realm. Larry Fink, Founder, Chairman and CEO, is on the Board of the World Economic Forum. Make no mistake – BlackRock is a crucial driving force behind the execution of the Great Reset.

Check out the fear porn:

May 2020 – Progress Report on the Valuation Metrics Considered in Sustainable Investments:

Key takeaway from the following document:

“The concept of sustainable investing can mean different things. Asset owners and asset managers often operate with multiple definitions, messages and motivations. BlackRock operates from a simple definition of sustainable investing: Combining traditional investing with environmental, social, and governance-related (ESG) insights to improve long-term outcomes for our clients. Our view: Companies with strong profiles on material sustainability issues have potential to outperform those with poor profiles. In particular, we believe companies managed with a focus on sustainability should be better positioned versus their less sustainable peers to weather adverse conditions while still benefiting from positive market environments.”

“In order to account for this heterogeneity by sectors, descriptors need to be weighted appropriately by their relative importance in each sector before they are summed up to form the final score under
our research framework. For example, the score of a company in the Financial sector – which would not be a comparatively significant carbon emitter or consumer – is weighed heavily in favor of social and governance issues, and marginally on environmental issues. Such a weighting scheme has been described by the Sustainability Accounting Standards Board (SASB) as a Materiality Map. Our
framework relies on the views expressed in the SASB Materiality Map® but also augments them by overlaying additional data.”

December 2020 – BlackRock ESG Integration Statement (updated from 2018)

Environmental, Social and Corporate Governance metrics (ESGs)

ESG– Environmental, Social, and Corporate Governance refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business.

Take a close look at the subject matter contained within the three metrics. The criteria ties directly to the 17 Sustainable Development Goals set forward by UN Agenda 2030 which has been launched by the World Economic Forum’s Great Reset – of which BlackRock is a major player.

In essence, the ESGs are the implementation of the SDGs in the sphere of industry, markets and commerce. Multinational corporations will carry out their ESGs which will concurrently create the structural changes called for in the Great Reset. BlackRock is at the heart of this.

Takeaway from the Document:

BlackRock’s approach to ESG integration At BlackRock, we have always focused on helping our clients try to reach their long-term investment goals by providing resilient and well-constructed portfolios. Our investment conviction is that sustainability-and climate-integrated portfolios can provide better risk-adjusted returns to investors over the long-term, and that sustainability-related data provides an increasingly important set of tools to identify unpriced risks and opportunities within portfolios. BlackRock’s active investors are responsible for integrating material sustainability-related insights, consistent with their existing investment process, with the objective of improving long-term risk-adjusted returns. BlackRock’s firm-wide investment process is structured to identify ESG risks and opportunities alongside traditional measures within our active investment processes. ESG integration is part of both our active investment process and index investment processes and oversight. BlackRock has a consistent framework for ESG integration that also permits a diversity of approaches across different investment teams and strategies. ESG considerations that are material will vary by client objectives, investment style, sector, and market trends. Sustainability measures help inform the due diligence, portfolio construction, and monitoring processes of our active and alternatives platforms, as well as our approach to risk management. In our index investments business, we work with index providers to expand and improve the universe of sustainable indexes, and our investment stewardship processes encourage the companies in which our clients are invested to manage and disclose material sustainability risks effectively.”

MUUNYAYO’S ANALYSIS: I worked as a CPA for 20 years and audited companies within the same size and scope as BlackRock. This is all a load of horseshit….BlackRock’s fossil fuels investments look something like this:

For Fink and BlackRock, they benefit by participating in the rollout of the “The Great Reset” because for them, outside of their physical holdings in fossil fuels – Exchange-Traded Funds ARE a HUGE SCAM to use CLIMATE CHANGE ACTION as a method to erase the MASSIVE ENOURMOUS REAL FINANCIAL BLACK HOLE OF NOTHINGNESS THAT EXISTS IN THE WORLD OF ETFs.

There is more funk with Fink that we can get into another time. This man makes me sick. I am not a professional researcher, nor journalist, nor author, nor any of that shit. I just want to make blog posts that are informative. And give some insight into the people and entities that are making the Great Reset a reality.

In a very distant past…the fuckery that is the Globalist-Zionist-Supra-Technocratic Regime, a more bold response would be in high order….sword time…wolf time…..war time….

BlackRock – the New Vampire Squid

Original Article Here

BlackRock is a global financial giant with customers in 100 countries and its tentacles in major asset classes all over the world; and it now manages the spigots to trillions of bailout dollars from the Federal Reserve. The fate of a large portion of the country’s corporations has been put in the hands of a megalithic private entity with the private capitalist mandate to make as much money as possible for its owners and investors; and that is what it has proceeded to do.

To most people, if they are familiar with it at all, BlackRock is an asset manager that helps pension funds and retirees manage their savings through “passive” investments that track the stock market. But working behind the scenes, it is much more than that. BlackRock has been called “the most powerful institution in the financial system,” “the most powerful company in the world” and the “secret power.” It is the world’s largest asset manager and “shadow bank,” larger than the world’s largest bank (which is in China), with over $7 trillion in assets under direct management and another $20 trillion managed through its Aladdin risk-monitoring software.

BlackRock has also been called “the fourth branch of government” and “almost a shadow government”, but no part of it actually belongs to the government. Despite its size and global power, BlackRock is not even regulated as a “Systemically Important Financial Institution” under the Dodd-Frank Act, thanks to pressure from its CEO Larry Fink, who has long had “cozy” relationships with government officials.

BlackRock’s strategic importance and political weight were evident when four BlackRock executives, led by former Swiss National Bank head Philipp Hildebrand, presented a proposal at the annual meeting of central bankers in Jackson Hole, Wyoming, in August 2019 for an economic reset that was actually put into effect in March 2020. Acknowledging that central bankers were running out of ammunition for controlling the money supply and the economy, the BlackRock group argued that it was time for the central bank to abandon its long-vaunted independence and join monetary policy (the usual province of the central bank) with fiscal policy (the usual province of the legislature). They proposed that the central bank maintain a “Standing Emergency Fiscal Facility” that would be activated when interest rate manipulation was no longer working to avoid deflation. The Facility would be deployed by an “independent expert” appointed by the central bank.

The COVID-19 crisis presented the perfect opportunity to execute this proposal in the US, with BlackRock itself appointed to administer it. In March 2020, it was awarded a no-bid contract under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to deploy a $454 billion slush fund established by the Treasury in partnership with the Federal Reserve. This fund in turn could be leveraged to provide over $4 trillion in Federal Reserve credit. While the public was distracted with protests, riots and lockdowns, BlackRock suddenly emerged from the shadows to become the “fourth branch of government,” managing the controls to the central bank’s print-on-demand fiat money. How did that happen and what are the implications?

Rising from the Shadows: BlackRock was founded in 1988 in partnership with the Blackstone Group, a multinational private equity management firm that would become notorious after the 2008-09 banking crisis for snatching up foreclosed homes at firesale prices and renting them at inflated prices. BlackRock first grew its balance sheet in the 1990s and 2000s by promoting the mortgage-backed securities (MBS) that brought down the economy in 2008. Knowing the MBS business from the inside, it was then put in charge of the Federal Reserve’s “Maiden Lane” facilities. Called “special purpose vehicles,” these were used to buy “toxic” assets (largely unmarketable MBS) from Bear Stearns and American Insurance Group (AIG), something the Fed was not legally allowed to do itself.BlackRock really made its fortunes, however, in “exchange traded funds” (ETFs). It gained trillions in investable assets after it acquired the iShares series of ETFs in a takeover of Barclays Global Investors in 2009. By 2020, the wildly successful iShares series included over 800 funds and $1.9 trillion in assets under management.Exchange traded funds are bought and sold like shares but operate as index-tracking funds, passively following specific indices such as the S&P 500, the benchmark index of America’s largest corporations and the index in which most people invest. Today the fast-growing ETF sector controls nearly half of all investments in US stocks, and it is highly concentrated. The sector is dominated by just three giant American asset managers – BlackRock, Vanguard and State Street, the “Big Three” – with BlackRock the clear global leader.

By 2017, the Big Three together had become the largest shareholder in almost 90% of S&P 500 firms, including Apple, Microsoft, ExxonMobil, General Electric and Coca-Cola. BlackRock also owns major interests in nearly every mega-bank and in major media.

In March 2020, based on its expertise with the Maiden Lane facilities and its sophisticated Aladdin risk-monitoring software, BlackRock got the job of dispensing Federal Reserve funds through eleven “special purpose vehicles” authorized under the CARES Act. Like the Maiden Lane facilities, these vehicles were designed to allow the Fed, which is legally limited to purchasing safe federally-guaranteed assets, to finance the purchase of riskier assets in the market.Blackrock Bails Itself OutThe national lockdown left states, cities and local businesses in desperate need of federal government aid. But according to David Dayen in The American Prospect, as of May 30 (the Fed’s last monthly report), the only purchases made under the Fed’s new BlackRock-administered SPVs were ETFs, mainly owned by BlackRock itself. Between May 14 and May 20, about $1.58 billion in ETFs were bought through the Secondary Market Corporate Credit Facility (SMCCF), of which $746 million or about 47% came from BlackRock ETFs. The Fed continued to buy more ETFs after May 20, and investors piled in behind, resulting in huge inflows into BlackRock’s corporate bond ETFs.In fact, these ETFs needed a bailout; and BlackRock used its very favorable position with the government to get one. The complicated mechanisms and risks underlying ETFs are explained in an April 3 article by business law professor Ryan Clements, who begins his post:Exchange-Traded Funds (ETFs) are at the heart of the COVID-19 financial crisis. Over forty percent of the trading volume during the mid-March selloff was in ETFs ….The ETFs were trading well below the value of their underlying bonds, which were dropping like a rock. Some ETFs were failing altogether. The problem was something critics had long warned of: while ETFs are very liquid, trading on demand like stocks, the assets that make up their portfolios are not. When the market drops and investors flee, the ETFs can have trouble coming up with the funds to settle up without trading at a deep discount; and that is what was happening in March.According to a May 3 article in The National, “The sector was ultimately saved by the US Federal Reserve’s pledge on March 23 to buy investment-grade credit and certain ETFs. This provided the liquidity needed to rescue bonds that had been floundering in a market with no buyers.”Prof. Clements states that if the Fed had not stepped in, “a ‘doom loop’ could have materialized where continued selling pressure in the ETF market exacerbated a fire-sale in the underlying [bonds], and again vice-versa, in a procyclical pile-on with devastating consequences.” He observes:

There’s an unsettling form of market alchemy that takes place when illiquid, over-the-counter bonds are transformed into instantly liquid ETFs. ETF “liquidity transformation” is now being supported by the government, just like liquidity transformation in mortgage backed securities and shadow banking was supported in 2008.

BlackRock got a bailout with no debate in Congress, no “penalty” interest rate of the sort imposed on states and cities borrowing in the Fed’s Municipal Liquidity Facility, no complicated paperwork or waiting in line for scarce Small Business Administration loans, no strings attached. It just quietly bailed itself out.It might be argued that this bailout was good and necessary, since the market was saved from a disastrous “doom loop,” and so were the pension funds and the savings of millions of investors. Although BlackRock has a controlling interest in all the major corporations in the S&P 500, it professes not to “own” the funds. It just acts as a kind of “custodian” for its investors — or so it claims. But BlackRock and the other Big 3 ETFs vote the corporations’ shares; so from the point of view of management, they are the owners. And as observed in a 2017 article from the University of Amsterdam titled “These Three Firms Own Corporate America,” they vote 90% of the time in favor of management. That means they tend to vote against shareholder initiatives, against labor, and against the public interest. BlackRock is not actually working for us, although we the American people have now become its largest client base.

In a 2018 review titled “Blackrock – The Company That Owns the World”, a multinational research group called Investigate Europe concluded that BlackRock “undermines competition through owning shares in competing companies, blurs boundaries between private capital and government affairs by working closely with regulators, and advocates for privatization of pension schemes in order to channel savings capital into its own funds.”Daniela Gabor, Professor of Macroeconomics at the University of Western England in Bristol, concluded after following a number of regulatory debates in Brussels that it was no longer the banks that wielded the financial power; it was the asset managers. She said:We are often told that a manager is there to invest our money for our old age. But it’s much more than that. In my opinion, BlackRock reflects the renunciation of the welfare state. Its rise in power goes hand-in-hand with ongoing structural changes; in finance, but also in the nature of the social contract that unites the citizen and the state.

That these structural changes are planned and deliberate is evident in BlackRock’s August 2019 white paper laying out an economic reset that has now been implemented with BlackRock at the helm.Public policy is made today in ways that favor the stock market, which is considered the barometer of the economy, although it has little to do with the strength of the real, productive economy. Giant pension and other investment funds largely control the stock market, and the asset managers control the funds. That effectively puts BlackRock, the largest and most influential asset manager, in the driver’s seat in controlling the economy.As Peter Ewart notes in a May 14 article on BlackRock titled “Foxes in the Henhouse,” today the economic system “is not classical capitalism but rather state monopoly capitalism, where giant enterprises are regularly backstopped with public funds and the boundaries between the state and the financial oligarchy are virtually non-existent.”

If the corporate oligarchs are too big and strategically important to be broken up under the antitrust laws, rather than bailing them out they should be nationalized and put directly into the service of the public. At the very least, BlackRock should be regulated as a too-big-to-fail Systemically Important Financial Institution. Better yet would be to regulate it as a public utility. No private, unelected entity should have the power over the economy that BlackRock has, without a legally enforceable fiduciary duty to wield it in the public interest.