The Silicon Valley Bank was woke and went broke. It was obsessed with arbitrary equity and diversity in its people, not so much its portfolio. A message that has not landed on deaf ears.
[The Bank of England’s] obsession with climate change, promoted and pushed through by its former governor, Mark Carney, in tandem with government ministers, has for years distracted it from its main responsibilities. Instead, it has been enforcing ESG disclosure guidelines, carbon-testing balance sheets, and promoting Net Zero policies. …
According to reports, the bank’s climate programmes will be downgraded so that officials can return to work on its main remit, namely the nation’s financial stability.
The rise of new no ESG banking, alongside threats of litigation by States Attorneys General over discriminator ESG lending practices, had caused some pause in what appeared to be an accelerating snowball of ESG policy adoptions by lending institutions.
Last week Silicon Valley Bank, about as Woke a bank as you could get that almost no one outside the woke tech sector had heard of, collapsed and, despite promises by the Feds to print all the money needed to insure deposits, exponentially decreasing its value along the way, the aftershocks have folks jittery.
The Biden economy was already on thin ice and, in some places, had broken through and was treading water. They redefined recession last year to shore up lagging confidence, and that lie worked for a while. But the reality was always there. The dollar is weak, inflation is high, the jab market is not strong, layoffs are numerous, and we still have sectors struggling with supply chain issues from two years ago.
And I’m not saying they care about your savings because they don’t. They do care about theirs and the influence it buys, so while being woke can do six shows a week when the curtain drops, there’s no there there.
The Bank of England is no small concern. This decision could send a message. That there’s no point in saving the physical world – real problem or not – if the banking world suffers an apocalypse to get it done.
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