FIREMAN SAM DESTROYS THE WORLD

FIREMAN SAM DESTROYS THE WORLD

According to a 2019 Department of Defense report, roughly 7.3% of the nearly 800,000 members of the United States military reserve – more than 57,000 men and women – live in California.  A great many of these dedicated Reservists also work in civilian professions – law enforcement, education, fire safety, nursing and allied healthcare, etc. – in which they are public employees.  In turn, that means that they are ACTIVELY, if unwittingly, aggravating the conditions that could necessitate their transition to active duty.  They are aggravating the conditions that could cause their defeat and even their own deaths in combat.  Indeed, they are, ultimately, aggravating the conditions that could lead to the destruction of their families, their state, their country, and even humanity itself.

Think that’s hyperbolic?  Think it’s unfair?  Think it’s a weird thing to write?

Well…let us explain.

As you well know, CalPERS – the California Public Employees Retirement System – is the largest public pension fund in the country, with nearly a half-trillion dollars in assets under management.  It is a MONSTER – by which we mean a MASSIVE operation.

Unfortunately, at the same time, it is also a MONSTER – by which we mean a vile, vicious, destructive creature.  The following, from The Dictatorship of Woke Capital, provides the monstrous details:

In 2000, during the aforementioned IPO for PetroChina, a group of conservative and liberal activists pushed hard to convince asset managers not to participate. CalPERS was one of the biggest and best-known firms to state publicly that it would not participate. And yet, today, CalPERS has more than $3 billion invested in China, including some investments that have stirred up national security concerns. In March 2020, Trump administration National Security Advisor Robert O’Brien stated that “Some of the CalPERS investment policies are incredibly concerning.” That same month, The Washington Post reported that “holdings include Chinese mili­tary contractors such as China Shipbuilding Industry Corp. and companies currently sanctioned by the Commerce Department for building surveil­lance and internment camps in Xinjiang, such as Hikvision,” and that “Ben Meng, CalPERS’s chief investment officer and a U.S. citizen who grew up in China, once was connected to a Chinese Communist Party recruitment effort called the Thousand Talents Program . . . [and] admitted his past con­nection to Thousand Talents” in February 2020.


In short, CalPERS is up to its eyeballs in Chinese companies, including Chinese military companies.  That means that the guy in Sacramento who is an Army Reservist and a firefighter; and the lady in San Diego who is a Naval Reservist and a police officer; and everyone else in the state who is a public employee and a reservist (or in the National Guard) is up to his/her eyeballs in Chinese companies, including Chinese military companies.  And that means that they’re fully invested in their own potential destruction.  Oh.  And world destruction:

China tested a nuclear-capable hypersonic missile in August that circled the globe before speeding towards its target, demonstrating an advanced space capability that caught US intelligence by surprise.

Five people familiar with the test said the Chinese military launched a rocket that carried a hypersonic glide vehicle which flew through low-orbit space before cruising down towards its target….

The test has raised new questions about why the US often underestimated China’s military modernisation.

“We have no idea how they did this,” said a fourth person.

The US, Russia and China are all developing hypersonic weapons, including glide vehicles that are launched into space on a rocket but orbit the earth under their own momentum. They fly at five times the speed of sound, slower than a ballistic missile. But they do not follow the fixed parabolic trajectory of a ballistic missile and are manoeuvrable, making them harder to track.

Taylor Fravel, an expert on Chinese nuclear weapons policy who was unaware of the test, said a hypersonic glide vehicle armed with a nuclear warhead could help China “negate” US missile defence systems which are designed to destroy incoming ballistic missiles.

“Hypersonic glide vehicles . . . fly at lower trajectories and can manoeuvre in flight, which makes them hard to track and destroy,” said Fravel, a professor at the Massachusetts Institute of Technology.

Fravel added that it would be “destabilising” if China fully developed and deployed such a weapon….


Thanks for that, Fireman Sam and Police Officer Mary.  You couldn’t just have sacrificed a little bit of ROI do NOT fund global destruction?

What’s that?  Oh.  I guess you couldn’t have, since you were already sacrificing ROI to prevent “global destruction,” (note the use of the scare quotes):

CalPERS is the largest public pension fund in the country. It is also one of the most aggressively activist and aggressively “green” public pension funds, despite having some $150 billion in unfunded liabilities.

According to a December 2017 report from the American Council for Capital Formation (ACCF), “One key factor behind this consistently poor performance, according to the ACCF report, is the tendency on the part of CalPERS management to make investment decisions based on political, social and environmental causes rather than factors that boost returns and maximize fund performance.”19 The report also noted “that four of the nine worst performing funds in the CalPERS portfolio as of March 31, 2017, focused on supporting Environment, Social and Governance (ESG) ventures. None of the system’s 25 top-performing funds was ESG-focused.”


Oh.

Obviously, the issue here is NOT CalPERS specifically and not CalPERS alone.  The issue is that all of this is garbage is interconnected.  As we have noted in these pages countless times before, for a variety of reasons, ESG and “woke” investment strategies not only harm American corporations but also aid, in a relative sense, Chinese corporations, which, almost by definition, are state-affiliated organizations.

Anyone who invests heavily in China and does account for the fact that Chinese companies are state-supported, are exempt from American audit rules, and will be exempt from American ESG disclosure rules is doing a massive disservice to his clients and his reputation.  If, for example, you happen to be the world’s largest asset manager and the world’s largest “woke” asset manager, and you compensate for your actions to destroy Exxon by being the single-largest shareholder of PetroChina, you may look like something of a hypocrite, if not a full-blown assh*le.  Or, if you happen to be the world’s largest asset manager and the world’s largest “woke” asset manager, and you tell your clients to triple their investments in China, even as you get burned badly by Luckin Coffee and Evergrande, you may look like something of a grifter, if not a full-blown idiot.

Woke capital/ESG is marketed as the means to “make the world a better place.”  It’s not, obviously, and it wouldn’t be even the People’s Republic of China weren’t a part of the equation.  But it is, a BIG part.  And after this weekend’s big news story about Chinese military modernization, one might fairly infer that the ESG/woke world’s obsession with Chinese investments actually makes the world a far, far WORSE place.

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