We sent this letter to the Janney Montgomery Scott guy who manages our retirement investments.
We can't tell if we have any investments in Blackrock or Vanguard. We assume you're seen
Please make sure we're not supporting that. It seems borderline insane, to us, for retirement managers to hide the risks of climate destabilization from stockholders.
In fact, we don't understand why nobody in Wall Street appears to anticipate the panic which will occur in 11 years when the public realizes that we've waited so long that human beings will be powerless to stop climate chaos. By then the warming will have triggered interacting positive feedbacks, so geologic forces of physics and chemistry will escalate warming all by themselves. What happens when 7.5 billion people finally notice that they're trapped and powerless? Realize that the planet will become unliveable well before 2100, when the latest models predict a 6 or 7 degree C rise? Stock market crash? When existential despair washes over the world in less than a decade, will the stock market even continue as an institution? Can you suggest a mechanism that would support a calm public response when our 11 year window closes? Chris Hedges claims that the education of investment managers doesn't equip them to grasp the scale of our threat. If that's true for you, you probably think this paragraph makes no sense. Cognitive dissonance.
Thanks for your attention to this matter.
If you have any retirement investments, including through a group plan, I recommend you communicate a similar message. I am also contacting the PA State Employees Retirement System.
When the Kochs and others get done with this experiment they will have an America that equal to what we were in 1900. No unions and no social security. This is what they want to be able to rape the earth in any way possible.
Gold may be a good investment as it is always valuable. What I do not understand is rumors that those who have money are getting their hands on as much cash as possible in case we have a recession. What good would that do? If the economy went to hell I don't see how cash would help you as cash is always backed by the banks.
Yes, Michael, I suspect that the Koch intent is to return to 1900-style society. However, climate destabilization wasn't about to destroy the planet's habitability at that time.
If we keep delaying another 11 years, until physical and chemical feedbacks wrest control of the planet from our hands, when the public realizes climate will keep getting worse and worse, I doubt that either gold or currency will provide safety. Can you suggest ways that society would not just fall apart? I can't think of any. I just imagine lots of cults and hate-mongers,nobody willing to pay taxes. Collapse of trade, including food. Maybe a few decades of local warlords trying to fight off billions of migrants, but global war more likely.
The conservative romantic ideal takes an abundant planet and well-organized society for granted. They just don't comprehend how the planet is changing under their feet.
Ruth, I see this exactly. "Road Warriors" becomes a lifestyle and more than just a movie.
Here's the letter I'm sending to my retirement system:
The Bensalem office informs me that you are the person to speak to about investment decisions for the PA State Employee Retirement System, even though an investment service in New York handles it. I’m retired with defined benefits, and concerned about how my savings are being used.
I urge you to review the policies of the investment service being used, in light of how the unfolding existential crisis of climate destabilization is playing out. Chris Hedges advises that the education of investment managers fails to prepare them to understand the scope of the climate crisis. Not only are many financial advisors continuing to invest in fossil fuels, but pension asset managers have been blocking shareholder resolutions supported by the Climate Action 100+ coalition.
For example, BlackRock and Vanguard blocked the boards of directors of ExxonMobil, Duke Energy, General Motors, Ford, and Dominion Energy from facing accountability on climate change.
On our current trajectory, in 11 years natural processes such as permafrost melt, ocean acidification, increasing wildfires and floods will become so powerful that any possible human action will be overwhelmed. Give thought to how mankind losing control of climate destabilization will impact the stock market and global stability. The public will realize that our extinction can’t be stopped. The latest climate models predict 6 to 7 degree C rise by 2100. When we pass 4 degree C rise, the carrying capacity of the planet will have been reduced to a half billion. We’re talking about 7 billion of us dying at 4 degree C rise.
Retirement investment advisors will not have to wait decades for their life’s work to become meaningless. Because, around 11 years hence, when the public shakes off climate denial and faces the science, panic will engulf all. What I forsee is collective insanity if we wait too long to face the truth.
Good letters but i bet you are perceived to be a quack.
Most people don't have the science background to "hear" the climate scientists. However if the investment advisor gets 200 such letters, he or she might be motivated to look into the science.
I remember an incident with my first husband, when I suggested a new food, and he was totally "never!" But then after hearing about 5 or 6 ads for it, he all of a sudden was in favor. The number of times you hear a message, and the variety of sources from which it comes, does change "hearts and minds". No religious person deconverted the first time he or she heard arguments for reason, either.
Don't worry about how you're perceived, worry about what's going to happen a decade hence, Frankie. Later, then everyone will remember being for the Green New Deal. Nobody will remember thinking you were a crank. They'll remember wanting to save the Earth too.
My dad is freaky smart. My cousin began to read voraciously after his apostasy. We started a law office together. Cousin went on to become a judge. He is still reading like crazy. Without exposure to my dad he may have remained an ignorant Catholic. How many good-brained kids are mind-fucked and never approach their potential?