Biden's Fed to initiate major ESG social credit system

FPI / October 2, 2022

Is Team Biden about to unleash on Americans a social credit system parallel to the one employed by communist China?

A recent announcement by the Federal Reserve would indicate that, yes, it is.

The Fed said in a statement Thursday: “Six of the nation's largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks. Scenario analysis — in which the resilience of financial institutions is assessed under different hypothetical climate scenarios—is an emerging tool to assess climate-related financial risks, and there will be no capital or supervisory implications from the pilot.”

In other words, The Fed "is working with the big banks to monitor their ability to comply with the ruling class’s preferred enviro statist technocratic tyranny," Jordan Schachtel noted in The Dossier blog on substack.com.

Team Biden's push for an ESG (Environmental, Social, and Governance) compliant monetary network would "effectively acts as a parallel system to that of the Chinese Communist Party’s infamous social credit scoring system," Schachtel noted.

The Federal Reserve statement continues: “By considering a range of possible future climate pathways and associated economic and financial developments, scenario analysis can assist firms and supervisors in understanding how climate-related financial risks may manifest and differ from historical experience.”

The banks involved in the so-called "pilot program" are Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo.

The Fed's Thursday statement adds that the “scenario analysis can assist firms and supervisors in understanding how climate-related financial risks may manifest and differ from historical experience.”

What does it mean?

"The Fed is clearly leaning in to the climate hoax narrative, or the pseudoscientific idea that humans are catastrophically impacting the climate, but not because they somehow care about the environment. The climate narrative is the chief rhetorical facilitator for the ESG movement," Schachtel wrote.

ESG "acts as a trojan horse for the continuing centralization of the American financial system," Schachtel continued. "ESG finance, popularized by hyper political asset management behemoths like BlackRock and Vanguard, acts to prevent outsiders from challenging the regime-connected insiders on Wall Street and in Washington, under the guise of acting to manifest a healthier planet. In other words, pro-ESG institutions are committed to attacking free market principles by means of deception, preferring the CCP-style 'stakeholder capitalism' that allows for a small group of technocratic elites to make broad determinations about society."

The ESG “green transition” movement has been popularized on the Left by the World Economic Forum and assorted world governments.

"Akin to the Chinese social credit score, which is used to coerce businesses, and, by extension, individuals, into specific actions, ESG rules force individuals and businesses in America to deploy capital through the gatekeepers of the system," Schachtel noted.

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