Last month the Wall Street Journal published an article titled “S&P Hits U.S. States With Politicized Credit Scores”. They reported that the S&P is targeting fossil fuel producers and warned that it’s not going to end just with targeting fossil fuel producers but will go even further.
I don’t know how someone can call this is a “conspiracy theory” at this point. In 2020 you could argue that maybe it’s a conspiracy theory but all of the documents are out there now. Those behind the Great Reset and ESG are openly admitting what they are pushing for. Over the last few months banks have begun to rapidly implement this system. Now the Wall Street Journal is even saying that this has begun and that states are being targeted if they rely on fossil fuels.
I have written extensively about the Great Reset and ESG scores over the last 18 months. If you aren’t up to date on ESG, click on the Great Reset tab at the top of the homepage. But to provide a really quick summary here, ESG stands for Environmental Social and Governance. This is a score that will be given to every American individual and company. You will be given a score based on what you eat, how much you drive, how much electricity you use, what you drive, how many minority/women you have on your board (regardless of qualifications), etc. If you use too much gas, eat meat, don’t have enough minorities on the board, or donate to Conservative causes, your ESG score will suffer. If your ESG score falls too low, you aren’t going to be able to get a loan.
According to the Wall Street Journal “ESG is sometimes dressed up to look objective with quantitative “metrics” and complex “analytical frameworks.” But this blurs the distinction between subjective judgments and objective financial assessments.”
Unlike a credit score rating, ESG isn’t based on if the state can afford to pay it’s debt or how diverse their economy is, but are they involved in fossil fuels or not. If it’s a state that relies heavily on fossil fuels (which are actually reliable unlike “green” technology) their ESG score is going to suffer. The goal is to push everyone into “net zero” energy, despite alternative forms of energy not being ready for prime time yet. But the people pushing this do not care if these alternative forms of technology are ready or not.
According to the WSJ “ESG metrics’ false certainty about future events, and consequent inability to keep up with unanticipated current events, causes capital to be misallocated. They create bubbles in favored industries while starving others that could be profitable.
The solutions to our most difficult challenges—such as climate change—can come only through innovation. Foisting rigid ESG factors onto the market discourages innovation by mandating conformity, penalizing creativity and punishing the industry with the greatest incentive to find alternatives—the energy sector. Fracking has reduced U.S. carbon emissions immensely, but it could cost you under S&P’s ESG metrics.”
I’m not saying that we shouldn’t explore alternative and cleaner forms of energy but the technology isn’t there yet for it to be used on a mass scale. You can’t shut down oil production and switch to something that isn’t ready, and it’s not going to be ready by 2030, which is when those behind the Great Reset want net zero production. If we continue down this path at this pace, we are going to run into massive energy problems within the next few years.
Utah is a really good example of the difference between ESG and a normal credit score and they are really leading this fight to push back against S&P’s ESG score. Utah has the highest credit score possible from every firm, but because they rely heavily on fossil fuels, they are going to be politicized and targeted for not being environmentally friendly enough. They recently wrote a letter to the President of S&P objecting to their ESG score and stated that they will not participate “in a politicization of your statutorily privileged role”. Hopefully more states soon follow and begin to push back on this authoritarian type of system.
Visit Mikulawire.com and click on the Great Reset tab at the top of the homepage. There you will find over 40 articles that I have written over the last 18 months on the Great Reset and ESG.
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