As reported by investigative journalist Jordan Schachtel on his Substack, the Fed “has taken a major step in the direction of facilitating an ESG compliant monetary network that effectively acts as a parallel system to that of the Chinese Communist Party’s infamous social credit scoring system.”
ESG — which stands for Environment, Social, and Governance in investing — “refers to a set of standards for a company’s behavior used by socially conscious investors to screen potential investments,” according to Investopedia. What that means in practice, of course, is that regardless of the potential for earning profits for shareholders, which banks and corporations are beholden by law to always strive for, these institutions instead only invest in “politically correct” industries and sectors. No fossil fuels, for instance, as oil and gas are so early 2000s; no big tobacco; and nothing that has anything to do with Israel, just to name a few (because the hard left is comprised of true bigots and racists).
“Six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks,” the Fed noted in a statement last week. “Scenario analysis—in which the resilience of financial institutions is assessed under different hypothetical climate scenarios—is an emerging tool to assess climate-related financial risks, and there will be no capital or supervisory implications from the pilot.”
Poster Comment:
This is just a test project for now.