Banks Colluding Against U.S. Energy?
Major banks have joined the U.N.’s Net-Zero Banking Alliance. They promise to destroy the world’s fossil fuel companies by making it impossible for them to get credit. Resistance to that lovely idea started when state Treasurers banned the banks. We’ve now moved on to official investigations by 19 state Attorneys General.
This only matters to you if you want to eat, drive a car, or buy any product currently delivered by a truck. I suppose it also matters, if you want to be employed as a free citizen.
I’ve offered several updates about the head-on clash between banks and states, over ESG and Climate Change.
At the heart of it, the United Nations has convened “a global group of banks… representing… 40% of global banking assets.”
They call it the Net-Zero Banking Alliance.
The stated plan is to use the world’s biggest banks to enforce compliance with, well, whatever the U.N. wants. The initial commitment is to support “the global transition of the real economy to net-zero emissions.”
The benign, innocent explanation is that banks are going to strong-arm the world into saving the planet.
The darker version admits that the U.N. is largely controlled by Communist China and its friends. Net-zero schemes wouldn’t apply to them. But they would crush the United States and everything that powers this country.
Individual states have taken notice. They don’t like it.
October 27 – Alex Newman reported for The Epoch Times that the following list of banks is under an official investigation…
- Bank of America
- Wells Fargo
- Morgan Stanley
- JPMorgan Chase
- Goldman Sachs
Also, BlackRock, managing $10 trillion, is under investigation.
(Oops. Assets Under Management now $8.5 trillion.
Stock down 28% from 52 Week High.)
The bank investigation was launched by Attorneys General from these 19 states…
- Plus at least five other states that cannot be named due to state confidentiality policies.
The AGs Speak
“The banks ‘appear to be colluding with the U.N. to destroy American companies’ and undermine the nation’s best interests, one of the AGs warned in a statement e-mailed to The Epoch Times.”
“The effect of these policies, the AGs warned, would be to starve key industries of credit—especially companies in the energy and agriculture sectors that are critical to the prosperity and even the national security of the United States.”
The Epoch Times reports numerous quotes from various Attorneys General. They spoke of potential legal violations, saying the banks are accountable to United States law, not to the U.N.
If you would like to learn more, I encourage you to follow the outstanding work of The Epoch Times. They typically offer a trial subscription for a minimal fee.
I detected a slight policy reversal in Dimon’s Dilemma (OCT 24.)
It seemed JPMorgan Chase CEO Jamie Dimon is, perhaps, not seriously committed to ESG.
And now this.
The fastest solution to our economic problems depends on Oil & Gas. A lot of it.
If U.S. banks find it in their interests to get off the global domination theme, perhaps they might decide U.S. energy is a good investment.