BlackRock — the largest asset manager in the WORLD — lost an unprecedented 17 BILLION DOLLARS over the last 6 months. BlackRock’s losses are in part due to the overall market downturn, Vivek Ramaswamy tells Glenn. BUT the policies BlackRock continues to push, like ESG, are responsible for today's struggling market. Ramaswamy, author of ‘Nation of Victims,’ describes just how toxic ESG policies are to America, to our economy, and most recently, to energy companies and oil supplies around the WORLD. And, thanks to BlackRock, it’s only getting worse. Plus, he explains how YOUR money could be helping BlackRock push ESG and other far-left initiatives and plans…
Below is a rush transcript that may contain errors
GLENN: Vivek, my friend, how are you, sir?
VIVEK: Good to talk to you, Glenn. How are you?
GLENN: Very, very good. You are a guy, who I think -- one of the few that actually really gets ESG and the Great Reset. Believes and understands how dangerous it is, and is working to educate people, and also help us beat it. Let me -- let me start with what's happening with ESG and BlackRock.
Is -- is BlackRock's downturn in their profits, is this something that is caused by ESG? Or is this just the downturn of the market, that everybody is feeling?
VIVEK: Well, the answer to that question, Glenn, is it is both of those things. In part, because BlackRock is contributing to the downturn in the market that everyone is feeling because of ESG.
So I'll explain to you how that works. Where, this is the largest asset manager in the world, managing over $10 trillion. $10 trillion.
About half the U.S. GDP in the hands of one firm. And if you add Vanguard and State Street to the list, the top three, they manage more than the U.S. do. And what they do, they're aggregating the money of everyday citizens -- probably most people listening to this program, actually. Probably you and me included. Which, we don't know it, through our 401(k) accounts, through pension fund accounts, et cetera. And what they do, is they use that money to advocate for these ESG policies in corporate America. Climate change plans. Emissions caps. Diversity, equity, inclusion quota systems for race and gender on board, et cetera. They use our money to advocate for those principles in corporate America, that makes companies less successful. And as we've seen this year, has actually contributed to stock market declines, as well, in my opinion. And the ESG specific funds, this year, Glenn. Have underperformed the broader market as a whole. Even though the broader market as a whole, have done badly enough. And I think a big reason why the broader market has done badly. Is because of these demands of these ESG-linked asset managers. But the ESG-specific funds have done even worse. So the answer to your question, is there a downturn because of the broader market? Or is it because of the failures of ESG?
The answer is both. Because part of the reason the broader market is turning down, is exactly because of some of these toxic policies, that cause companies to focus on these social agendas.
GLENN: So let me ask you if -- because this -- I'm -- I'm not an investor guy. I really -- I mean, I should never be around money. I'm horrible at investing. However, it's -- it would be my feeling, that if you are in a place, to where oil is as scarce as it is, if we didn't have ESG, wouldn't the -- the energy market be the place to put your money, or is that just a Glenn Beck, you know, thought?
VIVEK: You know what, it's not just Glenn Beck. It's Warren Buffett, quietly starting to behave this way too, Glenn. So you might give yourself a little bit more credit, than you just did.
But actually, if you think about it, you know, this is -- the potential moment for U.S. energy to really shine, and rise to the occasion. Not just as an investment proposition. But as a proposition to meet the needs of Americans, at a time when there's a massive supply/demand imbalance, right? You remember, as recently as 2018, the U.S. was the world's largest producer of energy. How quickly things have changed now, with the U.S. president groveling in front of foreign dictators around the world, begging them to produce more oil, that the U.S. could be producing instead.
And now, I know the Biden administration is trying to walk this back. I think a lot of ESG managers like BlackRock are trying to walk this back, and say, well, we didn't really want to end fossil fuel production. Actually, he's making good on a campaign promise. In September of 2019, on the campaign trail, I'm quoting him exactly. Here's what President Biden. Then candidate Biden said, I guarantee you, we're going to end fossil fuels, end quote.
That was a campaign promise, that he's now delivering on. But he has multiple tools to deliver on it. Because normally the way constitutionally, you would deliver on that campaign projects. You would get a law passed through Congress. Well, he doesn't have the political support to do that.
American people haven't given Congress the political support to do that. Joe Manchin won't even stand in the way of doing -- won't even allow that to happen. And so what are they doing now?
They're resorting to other means, like executive action. Through the climate change emergency. We'll see -- we'll hear more about what that means. They're doing it through the private sector.
Deputizing the cronies like BlackRock, many of whose alumni, by the way, work in the Biden administration. But large private sector actors, they do favors for them, in return for those private actors, doing it through the back door, what government could not get done through the front door through Congress, the constitutionally ordained way for actually passing laws.
So he's delivering on that campaign promise, but doing it through the back door in ways that I think will make our Founding Fathers shun her, if they actually knew the way the government was -- was treating big -- private sector and using the invisible fist of government, instead of the invisible hand of the market to actually reach these outcomes.
GLENN: So one more -- one more question on -- on food now. Would food be the same thing? Because we have -- we have the ability. We have the property. The land. We have the farmers. We have the history of being the world's breadbasket. If it wasn't for ESG, wouldn't this be the time that farming would be the best kind of investment, where you would -- we would be selling our wheat and our food, all over the world. We would literally be feeding the world. If it wasn't for ESG. Am I wrong on that?
VIVEK: And at a time when there's real demand and need for it as well.
VIVEK: So, Glenn, these are all part of the same categories. Because energy is upstream of food production as well. Right?
It takes energy to transport food, to be able to export food, to be able to produce food, to be able to put the ingredients together. So I agree with you. I kind of look at energy as even more fundamental. Because it's upstream of nearly every other sector and nearly every other production means. But the thing for people to understand here, is that this is -- this is damage that's been done in the last few years, by the merger of public power and private power. So that's what makes it so hard to find the source. Because the one hand, Biden can say, this is not my fault. This is just the decisions of the private sector, that stop drilling for oil. That stop fracking for a natural gas. We didn't do that. There's no policy that you could point to. But, actually, the reason why they're doing it is because of the ESG movement in the private sector, that this administration, and the modern left, supports through the back door.
So that's kind of how they're able to really trick the public, through this Jiu Jitsu move, saying that, oh, this isn't the private -- this isn't us passing laws to do this. We're just seeing the private sector under investigation. Oil and gas. That's why they feel gas prices are high. When, in fact, they're responsible for causing it. And that's what people need to wake up to.
GLENN: Okay. So they are -- they are not talking to the American people about this. They're blaming the private sector. And that usually means the investors and the companies. But the investors are not necessarily a part of this. A lot of us are invested in these companies. Through our 401(k) et cetera, et cetera.
And we're not telling the companies to do this. Do the companies want to do this, or is it based just on the pressure from places like BlackRock who have a lot of those shares, because we've -- we run our money through BlackRock for our 401(k)s.
VIVEK: It's really the latter, Glenn. So the U.S. energy sector. The potential of U.S. energy to be able to supply not only America's needs, but the global needs is staggering. And this isn't just a policy failure. It's an American travesty, when those same countries have been hamstrung from being able to do their jobs. Now, most people choose -- choose (cut out). Production. This is the travesty, and then. It's the fraud of our time. When Americans are paying for $5 a gallon at the pump on the one hand. Want knowing that their own 401(k) accounts, and brokerage accounts are actually subsidizing the very ESG agenda that gives them 5-dollar gas in the first place. And I think that once people start to see that with clear eyes, the good news, is we find our way to a better way forward. To say, we're not going to let somebody else abuse my money. Abuse my savings. To be able to send messages to the U.S. energy industry, that I absolutely don't want to be delivering to the U.S. energy industry. I want them to make great products.
That's actually what I think accepting this battle looks like.
GLENN: Well, we have a ton of states now, that are looking to move their money. And, you know, all of the pension funds and everything else.
We have a lot of states that want to do that. We have a lot of people that want to do that. But I'm assuming, this is what you're working on. You -- I think you told us, last time you were on. That you were going to start something, and go right after BlackRock. And is that -- is that happening?
VIVEK: I started to strive earlier this year. Creating a firm. To compete head-on versus BlackRock. These are problems, Glenn, created in the market, that need to be solved through the market. So that's where I started to strive. And we'll take these guys. And I've learned a lot over the last few months, even. About how broken that pension fund system, at the state level really is.
And this isn't even a Republican or a Democrat issue. You know, we talk about -- you want to talk about the Deep State and the federal government. I think it exists at the state level. I think it exists at the corporate level.
These are institutionalized, bureaucratized actors. That you know BlackRock and State Street and Vanguard, they've mastered this system over the last ten to 20 years. And it's an ossified system, that in absence of everyday citizens speaking up and demanding change. You'll have a mid-level bureaucrat, who will happily sit and collect his paycheck, without wanting to be board. That's going to say, well, this is what I've done. And I'm not going to pay any more if I serve my citizens or not, so leave me alone. You know, I'm overstating the case. But only by a little bit. Which is exactly how many of these mid-level bureaucrats at the state level think, or even communicate. And I think at the end of the day, the right answer is going to come from everyday citizens demanding change. Kind of what you saw on a small scale, the school boards last year. Parents taking educational control back into their own hands, not leaving it to some sort of bureaucratized school board and saying, that it's your job to educate my children. No, they're my children. And I have a say in how do you they're educated. It's the equivalent. I think bottom-up. You know, sort of a positive revolution of sorts, that we need to see.
VIVEK: To say, this is my hard-earned savings. I want to take control. Just like, it's my kids, it's my money. It's not your money. It's definitely not your money, BlackRock. That's what we're going to need to say.
GLENN: Yeah. I -- I -- I think the same thing could be said, for what we saw with Afghanistan.
I mean, just this audience, raised almost $50 million, in -- in like three weeks. To go and save and rescue people. From the Afghanistan debacle.
We flew the last plane. This was the deal we had to make with the State Department. That we could get our people out, if our first plane, that flew out, would carry our special forces. We're the ones that paid for that.
I mean, it's incredible. But it's also a great -- a great example of what a group of people can do, if they really set their mind for it.
Vivek, hang on just for one minute, I have one more question for you. But first I have to tell you about the Tuttle Twins. They have a powerful, powerful new book. It's called American history. 1215 to 1776. It is a history book. It's a storybook. It's not about the dates and the -- and the memorization of names. It's about the ideas.
Because that's what history is supposed to teach us. What idea replaced the old idea? And how did we get there? And what did we learn from it? If you learn from history, and not the names and the dates, if you learn from the story, you'll be able to apply that to our future. And that's what's missing right now. We don't know our own history. We're not teaching why fascism. How it came about. Why it happened. And how bad it was. We're not teaching -- we're teaching more that than of communism.
We're not even teaching what worked here in America. And what set us apart. The Tuttle Twins book, does it. They have an amazing deal right now. They're throwing in 200 pages of companion curriculum, and activities. An audiobook version. Videos to help the lessons from the book to come alive. It's like 250 pages itself. Your kids will love it. You will love it. I think every American home, needs to have a copy of American history. By the Tuttle Twins, in their home. TuttleTwinsBeck.com. TuttleTwinsBeck.com. You can preview a free sample of the chapter, and you can see for yourself, why it's, I think crucial to own. It's TuttleTwinsBeck.com. Ten-second station ID.
Vivek, earlier this week, I came back from vacation, and I -- I said, the most important story, since I've been gone, was the Sri Lanka, overthrow of the government. And kicking out of the president. Because, the World Economic Forum said, this is the motto. And there was a story up at WEF.org. That said, the headline was, how we're going to make Sri Lanka rich by 2025. So they implemented all of this stuff. They did everything the World Economic Forum said to do. And I talked about it, and read that story, on the air. By the time I got off the air, the World Economic Forum had taken that story off of their website.
But do you agree that Sri Lanka is the example that we should all be looking at, saying, they're the ones who did it. And look how it turned out.
VIVEK: I think it's a great example, unfortunately, Glenn, I would like to see it is the example. Unfortunately, we're seeing more and more examples by the day. Look at what's happening in Ghana. Look at what's happening in the Netherlands. Look at what's happening in the United States and Canada, at a smaller scale.
We have an energy supply shortage that we just talked about in this country. But you're right, Sri Lanka is a great example, to see what happens when these toxic philosophies are taken to their logical extent.
And, you know, I think this is a trans national issue, Glenn. It's a trans partisan issue. Goes beyond partisan boundaries, national boundaries. It is a global monarchy. And it's going to take a revolution to fight it.
GLENN: I agree. I agree. You're exactly right. Vivek, thank you so much. Be a part of that revolution. Because we're in one, whether you like it or not. And we don't need to pick up our guns. We need to inform ourselves and inform our neighbors. Knowledge, knowledge is power.