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When the United States moved off of the gold standard in 1971, it allowed the government to print as much money as it wanted. When gold was the standard, they could only issue as much money as they had gold or assets to back it. It affixed a value. We operate on a fiat money system now, which means the market forces dictate the value of the currency. Those values can be easily manipulated. A day of reckoning will be coming.
Today’s guest is an expert on what's been called the “Great Reset.” Professor Michael Rectenwald is the author of 11 books, including titles such as “Thought Criminal,” “Google Archipelago,” and more. He was a professor at New York University for 11 years. He’s a champion of free speech against all forms of authoritarianism, totalitarianism, and political correctness. In this episode of Upthinking Finance™, we discuss what the great reset is and how it’s impacting the globe.
You will want to hear this episode if you are interested in...
- [5:26] What does the term “great reset” mean?
- [8:53] Are companies abusing their responsibilities to their shareholders?
- [11:55] Why “Environmental, Social, and Governance” (ESG) initiatives are problematic
- [16:52] How did we get to a point where we are $30 trillion in debt?
- [18:54] Why the stakeholder capitalism movement is an actual threat
- [23:11] Other organizations and institutions that are involved
- [26:16] When are we going to see a tipping point? Where will things end?
- [30:45] The impact the great reset will have on the market and society
- [33:36] What you can do to oppose the stakeholder capitalism movement
What does the term “great reset” mean?
The great reset is a package of plans that refers to the World Economic Forum’s agenda to reset capitalism from shareholder capitalism to stakeholder capitalism. Stakeholder capitalism is a system that not only considers shareholders in the operations of corporations but also stakeholders—customers, workers, communities, and society at large.
Klaus Schwab—the founder of the World Economic Forum (WEF)—believes that we should no longer operate on a free market and that we must counter neoliberalism and replace it with stakeholder capitalism.
Some argue that the “great” reset is a means by which the elite recoup their debt by starving certain populations from consumption patterns and standards of living. It also stems from the climate industrial complex and the green movement that has been in play since 1971. Climate catastrophists have been making their way into corporations, banks, and asset managers. They have a firm grip on economic levers.
Is stakeholder capitalism a way to subvert the will of the people?
Corporations, rather than voters, are impacting the decisions of the government. Michael points out that this is a pre-governmental arrangement. Instead of passing legislation to enforce climate policies, corporations, banks, and asset managers are leading the way. They’re not precluding legislation—they’re getting in front of it. They’re pushing the agenda so legislation will follow and they’ll be compliant. It’s an undemocratic process for employees, customers, and society. Why? Because costs will continue to increase for the people. It represents a tax on everyone.
What is “Environmental, Social, and Governance” (ESG) criteria?
The ESG index is the mechanism by which stakeholder capitalism is being implemented. The environmental score is determined by how well a company abides by sustainability measures.
- Do they have a net zero plan?
- Are they looking at reducing their carbon footprint?
- Are they environmentally sound?
Social refers to it as a social justice index that focuses on how well your company is represented by all minorities. They score companies on diversity, equity, and inclusion metrics. It’s affirmative action being implemented through the stock exchange.
Governance refers to human rights and how well they abide by state dictates. How well do they enforce or parrot state narratives?
You might think this actually sounds good, right? So what’s the problem? It represents a monopoly scheme whereby compliant companies are fed capital whereas the non-compliant are starved of capital. It’s a way of establishing what Michael calls the “Woke cartel” because it represents how well they abide by woke dictates.
It’s authoritarian and totalitarian because it aggregates property rights and demands that you can’t do what you want with your company—you must conform. If you don’t, you won’t get loans or capital investment.
It’s a scheme to starve the “un-woke” out of capital investments and effectively monopolize the market to drive competitors out of the system.
Why the stakeholder capitalism movement is an actual threat
Look at the WEF’s website and their list of corporate partners who are pledged to “the mission.” It’s a who’s who of corporate domination. The production and distribution of goods will be controlled by a “woke” cartel that will own everything. It’s about driving off competitors. They want the advantage of being on the frontlines. It’s collected enormous momentum that’s near unstoppable.
The UN is also a huge player. Their “Principles for Responsible Investment” are completely about ESG. There are 4,700 signatures who abide by these principles—major asset holders, managers, service managers, and more.
What does it mean for the everyday man? We are going to continue to see incremental price increases in energy. The price of meat will become exorbitant because cattle are “greenhouse gas” producers. It will lead to food shortages and exorbitant costs.
What other organizations are involved in this global scheme that might shock you? When are we going to see a tipping point? Listen to the episode for a fascinating discussion on the not-so-great reset and how it might impact you.
The opinions expressed in this material do not necessarily reflect the views of LPL Financial.
Michael Rectenwald is not affiliated with or endorsed by LPL Financial or Capital Investment Advisers.
Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.
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Resources & People Mentioned
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