Summary of Jack McPherrin: ESG—Freedom vs Slavery | Tom Nelson Pod #145

00:00:00 - 00:45:00

In this section, Jack McPherrin, a research fellow at the Heartland Institute, discusses the potential legislative sessions in various states where ESG (Environmental, Social, and Governance) or anti-ESG policy has been proposed. He mentions the challenges of educating legislators and following up on the issue within a short timeframe. McPherrin also mentions their efforts in outreach and preparation for the 2024 sessions.

• 00:00:00 In this section, Jack McPherrin, a research fellow at the Heartland Institute, provides a comprehensive definition of ESG (Environmental, Social, and Governance). He describes it as a social credit scoring system developed by ideologically aligned elites and regulatory authorities to reshape the global financial system and society. ESG evaluates businesses and investment risk based on subjective and difficult-to-quantify social and environmental goals rather than objective measures like return on investment or consumer demand. Entities with low ESG scores, such as those involved in hydrocarbon extraction or firearm manufacturing, are being excluded from financial markets, while those with high scores receive massive investments and financial services. McPherrin also shares an example of how ESG affects businesses, mentioning the case of Tesla and its low ESG rating despite their commitment to electric vehicles. He also highlights the normative aspect of ESG, emphasizing its role in centralizing power and control in the hands of a small group of elites. Lastly, he discusses a real-life incident in which Bud Brigham was unable to secure a loan due to his poor ESG score, demonstrating how ESG implementation can negatively impact individuals and businesses.
• 00:05:00 In this section, the speaker discusses an example of how ESG agendas can influence companies' decisions. Bud Light's decision to hire a transgender influencer for an advertising campaign is seen as a calculated move to increase their ESG score and attract more investment. However, this decision resulted in a backlash and the loss of their position as the world's top-selling beer. The speaker explains that ESG scores are calculated based on various metrics, but there is currently no standardized measure. Efforts are being made to create a standardized framework, but for now, companies often rely on the system promoted by the World Economic Forum and the International Business Council, which includes 55 different metrics.
• 00:10:00 In this section, the speaker discusses the metrics and scoring system used in ESG (Environmental, Social, and Governance) investing. They explain how these metrics are inherently discriminatory and give immense power to those who control them. The speaker highlights how certain metrics can result in downgrading companies based on factors such as ethnic composition or gender representation. They argue that it is absurd and illegal to discriminate based on race and gender. The speaker also mentions the pushback against ESG, with the Trump administration introducing a rule for fair access to financial services. They highlight the work being done by their team at Heartland and their collaboration with legislators to fight against ESG mandates. The speaker expresses particular satisfaction with the pushback in Florida, which includes policies on pension divestment from ESG-focused investment funds.
• 00:15:00 In this section, the speaker discusses three key elements of ESG legislation: contract prohibitions, anti-discrimination regulations, and fair access to financial services. They mention that Florida has implemented comprehensive ESG legislation and other states may follow suit. The speaker also explains that ESG scores can be given to various entities such as sovereign countries, states, companies, and even individuals. Concerns are raised about the potential for individual ESG scores to restrict access to financial services based on personal choices, like meat consumption. The integration of ESG with Central Bank Digital Currencies (CBDCs) is seen as a potential approach to track and control individual behavior, which the speaker argues leads to totalitarianism. The speaker acknowledges the attractiveness of cryptocurrencies like Bitcoin as an alternative to CBDCs due to their decentralized nature and anonymity features.
• 00:20:00 In this section, the guest speaker discusses the opposition to cryptocurrency based on its energy consumption. He argues that while energy usage may be a concern for some, it is not the primary reason for the demonization of crypto. He mentions how Sri Lanka's embrace of ESG led to a ban on chemical fertilizers, which resulted in a significant reduction in crop production and societal upheaval. This example highlights the short-sightedness of certain ESG measures and their detrimental effects on communities. The guest also mentions that the pushback against ESG, including the decision by BlackRock to distance themselves from the term, is due to public scrutiny and the financial losses associated with ESG investments. He suggests that a new name for ESG may emerge in the future, potentially using terms like "sustainable investment."
• 00:25:00 In this section, the speaker discusses the concept of ESG (Environmental, Social, and Governance) and its implications. They mention that ESG focuses on emissions reductions, including in industries such as agriculture, which are considered major emitters. The speaker also talks about the possibility of companies getting a better ESG score for producing fake meat. They mention a scheme involving cutting down trees and burying them, which may receive an ESG bonus. The speaker refers to ESG as a form of corporatism that undermines free markets, destroys national sovereignties, democratic institutions, and individual rights. They highlight their work on ESG at stopping socialism.com and provide contact information for anyone seeking further information or assistance. The speaker also briefly discusses the definition of fascism as the collaboration between government, corporations, and social institutions to strengthen the state.
• 00:30:00 In this section, the speaker discusses how ESG (Environmental, Social, and Corporate Governance) is a form of international corporatism that erodes national sovereignty. They explain the difference between shareholder capitalism and stakeholder capitalism, with the latter being used to undermine traditional capitalism. They mention that people are making pension investing decisions based on woke reasons rather than solid financial reasons, and there is already some pushback against this. They also recommend following the work of Glenn Beck, the Ramas Swami, and reading books like "The Great Reset" and "Dark Future" to learn more about ESG and its implications. The speaker is not active on social media but is involved in writing papers and managing websites. They mention that they are currently working on a book titled "Socialism at a Glance."
• 00:35:00 In this section, the speaker discusses the need for educational initiatives aimed at high school students to educate them about the dangers of socialism. They also mention the influence of ESG (Environmental, Social, and Governance) practices, specifically how large asset management firms like BlackRock, State Street Global Advisors, and Vanguard wield power by controlling trillions of dollars in assets and shareholder votes. They provide examples of instances where these firms push for climate activism and influence decision-making at companies like ExxonMobil. The speaker also notes how the banking industry plays a significant role in promoting ESG practices, with major banks screening lending practices based on ESG criteria. They highlight Bank of America's CEO, Brian Moynihan, as a central figure in the ESG movement.
• 00:40:00 In this section, the conversation revolves around the impact of ESG (Environmental, Social, and Governance) initiatives on financial institutions and companies. The discussion highlights instances where individuals and companies have been "debanked" or faced consequences due to their skepticism or opposition towards certain ESG-related views or practices. The focus then shifts to BlackRock's investment in Exxon and the possible motives behind replacing board members with climate alarmists. It is suggested that BlackRock, along with other companies heavily invested in green energy and the transition away from fossil fuels, may stand to gain more power and financial benefits from pushing for these shifts. The discussion briefly touches on Berkshire Hathaway's stance on ESG, with some divisions apparent within the company. Looking ahead, the conversation anticipates continued battles and policy developments at the state level regarding ESG, with some states already enacting anti-G policy.
• 00:45:00 In this section, Jack McPherrin discusses the potential legislative sessions in various states, including New Hampshire, Iowa, Nebraska, Idaho, and Montana, where ESG or anti-guh policy has been proposed. He mentions that these proposals are either stalled in committee or on hold until the next legislative session, which poses a challenge in terms of educating legislators and having them follow up on the issue within a short amount of time. McPherrin also mentions their efforts in outreach and preparation for the 2024 sessions. Overall, they feel that they have covered a lot of ground in the discussion.