"I've never understood why it is "greed" to want to keep the money you've earned, but not greed to want to take somebody else's money." -- Thomas Sowell
"I go to bed every night and dream of another recession. Our job is to make money from it." Alessio Rastani Capitalism as it is right now can no longer exist. We've moved on from exploiting and enslaving human beings. We are now moving toward a society where everybody can be happy. We basically want everyone to be the 1%.
The problem is with the definition of "what have you earned" and "what is yours". When corporations make billions in profits while denying people living wages, that's not money they've earned earnestly and it's the responsibility of government to stop that. I hope you now understand.
Klaus Schwab, A child of wealth and privilege and a fool. "When you have a full stomach it's so easy to turn down another plate of food" Communism and Socialism sapp the individuals from innovation and creativity.
@@domcizek It may be hot for big corporations because they see PROFIT in it. Its virtue signalling on a grand scale. Many people are starting to see through this veneer of virtue and are boycotting those goods or services.
0:46 Oil companies aren't just for gas or those other types... We get plastics and polymers from oil... Nearly three quarters of a car is now plastic, even a Tesla
Once again we treat plastic as disposable as cardboard & paper however it can last drastically longer in the landfills even form the cheapest standard. Ain’t like we can’t go back to classic glass
@@Ajourneyofknowing I know glass is heavier than plastic and so consumes more fuel to transport, but I don't for a second believe plastic is recycled well and think most of it ends up as trash even if it is recycled, practically only once or twice, as far as I know. I prefer glass, metal, and whatever cartons are made of for my food and drink containers because I don't want to produce more plastic trash and want to minimize my consumption of whatever plastic leeches into my food from plastic containers. I think it's significant, though, these are choices I make with less than perfect, perhaps even good information, and are not choices left to me by regulations, which also are not always well informed.
Sounds like a social credit scoring system that I just knew American progressives were going to glom onto when we started hearing about social credit systems in China.
Leftist’s preach inclusion while practicing the most ruthless type of exclusion. Preventing those who do not bend the knee to their system, from being able to participate.
@@BenMJay all that stuff they vomit about diversity, inclusion, and equity is just that...vomit. They don't actually mean any of it. They're total hypocrites and mean the exact opposite of everything they preach. And they know this. They just want everyone else to believe it long enough for them to seize power.
@@DB-kj7mv they are completely deluded, imagining themselves to be gods when they are worms crawling through manure. They simply do not conceive of the disaster they are bringing on themselves by making themselves equal to God in their hearts. That has never worked out well for any being.
ESG is when money managers use their clients money to fund their own social agendas.
ESG stands for Environmental, Social & Governance. The problem is with the 'G', Governance.
Why do large corporations operating in free markets want MORE governance? - The governance comes from themselves; control over clients, buddying up with government and regulators, increasing barriers to entry on competitors & CSR marketing ploys.
It's the biggest crock since "Fair Trade Coffee" - A fair price for the consumer doesn't necessarily mean a fair price for the producer.
If you are being sold ESG without personally requesting such investments, take extreme caution.
In a true free market environment, capitalism will focus on profits first & the consumer will command the social change, never the investor.
Government-enforced 'equality' = equality in dirt and is communism/global socialism. With the blood of well over 130,000,000 men, women, and children on it's corrupt hands.
@@kquaye it's a meme about a reporter that falsely claimed that a crowd was chanting "Let's go Brandon!" when in fact they were chanting "F*** Joe Biden!". Edit: ua-cam.com/video/9suQV0olw38/v-deo.htmlm53s Here's a link, it should start at 3 minutes and 53 seconds
"Socialism of any type and shade leads to a total destruction of the human spirit and to a leveling of mankind into death." ~ Alexander Solzhenitsyn, 'A World Split Apart' address, Harvard University, July 8th, 1978
@@Ajourneyofknowing taxes is one of the vehicles for instalation of Socialism. It is the enslavement of the common people, the working class, under a sociopolitical elite that goes above the rules they make. Higher taxed country is closer to socialism and communism because taxes are imposed thorugh the use of force and violence, ie police and incarceration
@Fennerex V What nations are you talking about? What evidence do you bring? I can bring the highest taxed nations that run socialism/ government that has brought their economies to disaster Argentina Venezuela Nicaragua Bolivia Cuba North Korea Vietnam Maoist China Soviet Russia and the USSR Want more?
But that would take a little virtue called piety. Our modern society is sorely lacking in piety, which is why we don't care about stripping away the statues our ancestors built and the holidays they started.
YES, AMERICA HAD IT GOOD THE LAST 60 YEARS AND NOW LIVING STANDARDS WILL BE GOING DOWN ACROSS THE WORLD, HIGHER FOOD COST, HIGHER HOUSING COST, ETC, THE GOOD TIMES ARE OVER
We see the outcome of overemphasizing ESG very clearly in the energy sector. Too rapid divestment in companies involved in energy has exacerbated the shortages we're seeing this winter and will lead to still-higher energy prices, increased reliance on OPEC (oil) and Russia (gas) and general inflation and job loss as manufacturing struggles for energy supplies.
@@Ajourneyofknowing Democrat policies are why utility bills in California are unaffordable and why gas costs $4.75 per gallon. If they actually believed global warming was going to wreck the planet, they would build nuclear power plants. Democrat policies are doing great harm.
@@PathfinderHistoryTravel - They actually can’t due to the public fear of nuclear meltdowns. It was one of Obama’s environmental goals however the Fukushima disaster killed that vision on the spot. Now people just want to put the age of nuclear energy to rest Also they don’t really control gas prices as opposed to the cooperations, my red state is at $4.1
Entrepreneurs! We must be building parallel economy of people with ethics who do not support corrupt and woke politics and tyrannical mandates. The only way to stop this is to not give them our money. Starve the schools as well and take your kids out of public school!
sure, but when they arrest you for lemonades stands, or explicitly tell you you cant flip vehicles for profit, you have to be a criminal to start out unless you are well off or get loans...
The world economic forum is already a step ahead of that. This is why the Biden administration wants to start monitoring any transactions that are $600 or more. We have churches that have started their own banks, and other entities, like Gab, who operate independently. They loan money to a small gun dealer, then the IRS will show up demanding to look at the books. Anyone who has ever dealt with the IRS knows that they can keep you on the hook making demands until they bankrupt you. Some have turned to bit coin to conduct transactions, and this is why Biden and others are going after digital currency and trying to tax those transactions.
You said, and I quote, "smart Canadian politicians". Those words in any context do not go together in any sentence. You are better than that. Let me remind you of 3 of the most incompetent and corrupt Canadians ever involved in politics in the history of Canada. (1) Sock Puppet (just put the money in my foundation) Turdeau. (2) Pocket Troll (Yes puppet) Freeland. (3) Climate Barbie (absolutely useless) McKenna. (4) Slimeball (I can change laws to benefit my family company) Morneau. (5) Douchebag (My buddy Turd hired me because I'm a climate hack and need to sponge money from Canadians) Butts. Sorry, got to 3 and couldn't stop.
No, but the whole point of the video is that incentives matter. If you think solar and wind are good developments, you have profit motive to thank for that. Nobody would have worked on the technology without those subsidies making the profit potential attractive. I think they’re a waste and that the government shouldn’t be subsidizing at all, but that’s a different discussion. Incentives matter.
@@Gouka07 Yeah, incentives matter but the government isn't the only one that can create incentives. For example, new technology could be promising enough to suffer losses or the environment can create an incentive.
Subsidies are stupid, want to know why high fructose corn syrup is in everything? It's cause field corn, which is basically just starch, is government subsidized. Field corn is basically useless outside of making flour. It can serve as poor feed for cows (even cows need antibiotic help to live on field corn), pretty bad gasoline, a pretty bad sweetener, or flour which is useful.
@@dboygamer8184 it came from a recent event in NASCAR. While a reporter was interviewing the winning racer, the crowd was chanting "F*ck U, Biden!". When the racer turned his head to see what the crowd was chanting, the reporter jokingly replied that they were saying "Let's go, Brandon (the racer's name)" And that's how the legend began. "Let's go, Brandon" becomes a shorthand for "F*ck U, Biden", being widely used without fear of censorship (bc technically, you're not saying anything offensive)
"Is there some society [or economic system] that does not run on Greed? Do you think Russia does not run on greed? You think China does not run on greed? What is Greed? Of course it is never us who is greedy, it is always the other fellow." ~Milton Friedman
@@Ajourneyofknowing we run because a complex chemical system that rewards us for doing what it perceives as positive. People work hard because they see that hard work will reap benefits in the future, if one is told that it doesn't matter how hard you work you'll get the same amount as someone who sat on their butt all day you'd have no incentive to continue working hard.
@@andrewgreeb916 - Not like that way. Generally power to a plushy & comfortable lifestyle wether it be safely playing on the computer at night or sailing away on a yacht
STEP 1. Start a self proclaimed ESG Watchdog Organization. STEP 2. Secretly invest in certain companies. STEP 3. Make claims through Watchdog Organization that they are the BEST MOST WOKEST EVAR. STEP 4. Wait for morons... I mean socially conscience investors to invest. STEP 5. Sell for big PROFITS!
Every day I feel more and more alone in seeing that the emperor isn't wearing clothes: Are these corporations so lacking in self-awareness, so divorced from reality and the human experience, that they don't understand how creepy it is when a corporation mistakes themselves for a government? Let's ignore the question of just how valid the pseudo-moral values behind E, S and G are -- why is it a corporation's job to reshape the world? Isn't that exactly the sort of dystopia that liberals said would happen if corpos weren't reined in, because *it's a bad thing*?
Don't feel alone. The communists use this tactic of trying to make us FEEL isolated. They do this on purpose to try and demoralize you and us. They work through subterfuge and lies. Do not fall for it, you are not alone.
It's not necessarily the corporations but the investors operating through the board of directors who mandate the focus on ESG. Large institutional investors and banks operate at the behest of their own investors. So when huge pension plans, university endowments, and others pull their cash from funds that invest in non-ESG companies, the capitalists listen. Look no further than Exxon and Engine No. 1 for an example.
The whole point of having a business is to specialise. It takes a lot of focus to make a product or a service good. If you do not work on your speciality, then why are you needed at all? Everybody can be the same and do “social good” - and everybody will loose real products and services that require actual expertise and care. “Woke to broke” is perfect title for this idiocy.
What if the Right could hope for no more than fleeting electoral victories? What if, in the long run, it was doomed to lose the ideological war? If you are asking yourself “Why are we losing ?” you should read "The Promethean Right: Why the Right is losing the battle of ideas”
@@FR-yr2lo Thr main reason why it looks like we're losing is because all of our media is left leaning. If we were actually losing, things would be far worse already. Reading a book isn't gonna help anyone, standing up and fighting back no matter how small, will.
@@Zathren The main reason we seem to be losing is because ideologically possessed of all ages are being pumped out of the identity marxist Indoctrination and training institutions we call schools, which we mostly ignored for a few generations.
10000% agree Andy - well said!! The only one who profits from this is the consultant who dreamed up this asinine idea in the first place, and the people who market it...
Im so grateful to find this channel when I was 17, with 24 now, I don't have the words to express how greatiful Iam, many thanks to good intended real people at PragerU
WELL, YOUR WISING ON A STAR, GET REAL, CLIMATE CHANGE IS NOW NUMBER ON NOW, TRILLIONS TO BE MADE ON SOLAR AND WIND AND NUCLEAR AND HYDROGEN IN THE FUTURE,
You must have noticed the three most important things are not taught in public schools. One, capitalism we live in a capitalistic reality and yet we don't teach it to our children. two, the immense power the Constitution bestows upon us, you and me. Three, history, detailed correct history, we are doomed to repeat mistakes. Peace brother!.
I usually like Prager’s videos, but this one seems incomplete. Corporations often implement permanent policies that damage public good in the pursuit of profit. Profit does not inherently inspire moral practices that benefit the moral good. That is obvious. Yes, the free market has produced A LOT of good for humanity, but it’s plain as day that corporations often act like psychopaths. I’m certain that ESG is a bad way to correct this problem, but Prager U is just wrong here about corporations.
Fundamentalist free-market types like to keep things simple in their heads. They will repeat, reuse and recycle the simple AynRandish, MiltonFriedmanist phraseology, formulae, tonics and packaged frozen philosophy all the way to the grave, stroking themselves the whole while about their economic knowledge. I bet half of them run KFC franchises. They are utterly hopeless.
Maybe this is true for some corporations, but I'd certainly like to know where you are seeing that it's "obvious" that corporations often implement policies that damage public goods or as you put it; act like psychopaths. I'm not really sure how you came to that conclusion. I will say that perhaps the choice in wording could have been a bit different in this video, but to put it in a more refined description, this is what it should be; 'The desire to contribute to society motivates innovation which leads to investment that results in profit and leads to expansion of services or products'. ESG is certainly a bad way to try and 'correct' any system that is not inherently broken. By no means is capitalism perfect, I do not believe such a system can exist, but capitalism is what drives most societies around the world.
@@GilbertCarrizales thanks for the thoughtful reply. Boy, where do I start with the examples of corporations acting against public good? I suppose if I list companies, you’ll likely be able to recall the bad behavior I might call acting like psychopaths. Phillip Morris, R.J. Reynolds, British Petroleum, Enron, Monsanto, etc. I’m sure that even Dennis Prager himself would agree that Facebook and google’s algorithms and censorship are causing severe social instability. CNN, MSNBC, Fox News all tel bald faced lies to the American public regularly. This has countless, horrible effects on our society and yet they will continue to do this as long as it is profitable. THAT is something a psychopath would do. I agree with your suggested revision.
I like Prager U videos alot, but this is severely oversimplified and not taking the many points to light. This video dances around the point of where we are in capitalism today. Businesses that have alot of money can starve out other businesses that are making innovations, while the company that has alot of money can just continue to make no innovations and literally stagnate. The way internet is today in the states is a great example of this.
I agree that this video absolutely oversimplifies capitalism and its current state. Things that he has mentioned regarding labor rights and such were independent of what constitutes the bottom line. There were even cases where automobile companies put a price on whether to include seatbelts because it effected the companies bottom line. We take many things for granted. What we need is balance. Not absolute capitalism. I think its very fair to say that we have seen money and late stage capitalism do much damage to humanity. The video assumes that people are all good. We are not. I am a capitalist but do believe regulations can further guide the system for the betterment of all. PragerU I usually like your videos.. but this one was closer to propaganda than anything else. Try again please.
If you think not all people are good, how does your regulating body--made of people--do any better when they have no accountability, no money, no blood in the game. It becomes even worse than investors and customers calling the shots. They paid for it.
@@BizSoft I disagree with the notion that large companies can prevent innovation etc. Yahoo < Google, Ebay < Amazon, investment companies < Robinhood, iTunes < Pandora < Spotify are some that come to mind. I agree that companies like Facebook, Google & Amazon have gotten so far ahead and so dominant that it seems like they cannot be toppled however cracks are showing at Google. You only get promotions @Google when you develop and release products. This is a toxic because unlike a startup the motivation to employees is simply to get iffy products greenlit-produced and then abandoned. That cycle has them throwing away alot of money. Google also has no punishment for bad or failed products. Also more Google censors and filters their results to get the outcomes they want the more customers they push away. Like many large corporations they stop valuing their clients seeing ones they disagree with as worthless.
In Pericles history of the war between Athens and Sparta written 2,000 years ago he commented that wars happen every 30 years because those promoting them were too young to remember the horror of the last one. It's like that with socialism. It's only ever promoted by people who haven't experienced it.
So true, people emigrating from socialist countries can't understand the mentality. Thousands of protestors in Hong Kong could be seen waving British and American flags. In the U.S. the Left stomps on and burns American flags. Very telling.
The Fed has pumped so much money into the system, it's hard to determine who is even profitable. ESG is an arbitrary measure of success, when the entire system is in failure.
I got out of stocks entirely, the valuations are to high and people drive companies that haven't made a profit in years to insane valuations, at some point the bubble is gonna pop hard
People have been saying that the last ten years. Stock market will continue to be propped up by central bank money printing. And if it does correct 20% they’ll just flood it with liquidity like they did in 2008 and in 2020. The consequences if they dont are too dire: interest rates rise making the interest payments on the national debt untenable and causing all government services and infrastructure to halt. The bond market would also crash causing pension plans to fail and many banks. The whole house of cards rapidly deteriorates into a deflationary spiral and complete system unwind. Money and wealth vanish into thin air, people loose thier homes, jobs and supply chains and economies grind to a halt. After a few days grocery stores and gas stations run dry and within a week roiling masses would be rioting in the streets. No way that’s happening on any Fed chair or presidents watch. Instead they will continue to print money and debase the currency. Check out Ray Dalios long term debt cycle thesis for more details.
Still in the stock market. You can make money and you can do it no matter which direction it all goes. Just be smart and keep emotions out of it. I have been selling puts and calls... In another 6 months all the money I put in will be repaid at the rate I am going. Which means now I will be in the market at zero cost soon. The only thing it going up or down will mean now is how much I make. I will be past the point of any loss.
Im in Real Estate and every time I hear BlackRock. All I can think of is Invitation Homes a company they created, that buys homes by the thousands. They go after the homes that most first time home buyers are trying to purchase. I remember in 2012 I had about 10 listings and all but one had an offer from Invitation Homes which kept causing actual first time home buyers to move towards new construction homes because they had no way to compete against them.
2:35 In a free enterprise system you absolutely can make money with out providing a social good. Cheap product + cheap labor (over seas) + good advertising = profits (drop shipping, via Amazon)
Profits should never be second period. 3:06 A corp doesn’t last with out profits. (It’s a balance) A Corp (that has rights like a person) should stand up on two legs like a person (profit = people). A Corp should have a Conscience (of environment) and not be a psychopath (to making money) The profits of a Corp should be on an equal footing to the employees they directly employee and the people around where they source their products/materials. The profits of a Corp should NOT be psychopathic towards making money. Turn and burn cheap labor, taking land, dumping waste (contaminating water), etc.
This is such nonsense! Companies doing ESG enhance their profits versus those that don’t! ESG doesn’t reduce potential profit, quite the opposite! This is the height of FOOLISHNESS & SO IRRESPONSIBLE!!!
Lego just released a diversity Everyone-Is-Awesome rainbow set for pride month & they’re stationed in Denmark ranked as one of the best & happiest countries in the world
Spot on! I work in the IT department of a large law firm and the lawyers are licking their lips advising their clients on ESG. Its completely NUTS because they are the only winners.
I want to reiterate what was said here: - Profit is- for investment purposes- a KPI of success in a mission (optimal delivery of goods and services to those who want / need it). - environmental and social goals would be included in these optimized goods/services rendered (as alluded to in video, profit more adequately shows whether the proper balance of keeping people from freezing in winter is balanced with green initiatives.). ESG runs risk of playing favorites in the market and hurting or killing people en masse. Big tech may carbon neutrally store/move information around, but they can't put food on your table. Lastly, this whole trend is really more about the battle of global, monopolistic control vs. local control and responsibilities/direction of culture being shared at all levels of institutions and people. "you will own nothing and you will be happy" is where this is intentionally leading even if some involved in its promotion are 'useful idiots'.
That part about the “you won’t get a loan” is very very true. I seen it happen at one of the biggest banks in the world. They are basically telling their clients what to do and where to invest their money.
I'm a die hard Conservative Republican, but the one statement I would argue with is the idea that, "In a Capitalist Society you can't make money without providing a social good." That's pure hogwash.
That's the whole point. Just like the climate change accords, the oligarchs want to protect their power and influence and crush other companies with excessive regulations.
Even WORSE: ESG will see to it that society becomes EXTREMELY stratified! There won't be a Middle Class anymore! Instead, EVERYONE will be either an ultra-wealthy multi-billionaire or an absolutely destitute slave!
My employer is switching over to an ESG company for payroll, etc. The company touts an app with various features including a system of "employees being able to connect with coworkers and send employee recognitions". (Paylocity). Here I thought I was just clocking in and out, now it's going to be a social media app. Social credit in the making?
He makes some good points, but we have to be wary of making making money our God. We also have to recognize that even some conservative and libertarian economists like Milton Friedman and Thomas Sowell make allowances for environmental protection, because no one person is paying enough of the cost of dirty air and water to prevent them from doing what might be harmful to humanity in general, if I remember correctly.
My concern is that politically/legally forced investments into ESG products will mechanically lift the prices of ESG-based assets through capital flows to the detriment of "traditional" investments. I don't like ESG but how can I avoid it in a dictatorial globall market?
I agree to a point. There is a need for environmental regulations. I lived through the 70's when pollution was just crazy. Filthy water. Filthy Air. People throwing their trash on the street. But, this new environmentalism is taking us too far the other way. It's crazy also. Give us something in the middle.
@@jimwerther Communist hellholes .. lol .. you mean they are growing economies - like America and the UK 50/100 years ago. You get angry on ESG integration, yet also happy to critique china around their emissions - bunch of idiots
@@YT-jn3vs No, I think he means communist hellholes, as in those places where individuals have little agency and opportunity to grow to point where they could apply the same efforts those "richest countries with the cleanest environments" have developed after that period of "growing" their economies 50/100 years ago. You know, in spite of the state behaving like America/UK from 50/100 years ago instead of America/UK today. Welcome to the idiots club, idiot.
We need an app. Conservatives need to start their own scoring system. We could call it the FAIL score. A score based on Freedom, Autonomy, Independence and Liberty. A high score representing businesses, banks and people which aren't tied to government, racism or compliance with a liberal "social contract". A low score would lead us away from businesses and banks which support or take part in anti-capitalism, anti-family policies, anti-American activities, Civil Rights infringement or affirmative action practices. We can beat them at their own game and we should.
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2:15 I disagree about this part. We all know that there are some abusive practices against employees, like the case of Amazon, that has been often denounced for disallowing toilet breaks. On paper, it is right that in a free market employees should have meaningful incentives so they want to have their jobs, but trying to save and earn as much as possible is a reasonable idea that it's too often tainted by greed.
BS. If Amazon is so bad to its employees, then why do people work there? Find another job.
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@Jim Werther For many is not that easy. Many people are in urgent need of a job and can't risk being unable to pay their bills and provide for their families. That situation can be, and is, exploited by some employers. That doesn't mean that the whole video is wrong, I mostly agree with it. But it's a fact that employees' needs can be leveraged by employers to give them worse conditions. If workers were scarce, the law of supply and demand says that employers would compete for them, offering better conditions. Instead, in an over-abundance of workers, their value decreases as they are easily replaceable. Lastly, you don't need to be a bleeding-heart type of guy to be empathetic.
@ The leftist mindset has affected you more than you realize. This country was established based upon free market capitalism. Every time government regulates companies, it's one more step towards socialism.
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@@jimwerther I never spoke of government regulations. What I believe is that we should encourage each other to honor our fellow man and take care of each other. I'm all for getting profit and having a free, self-regulated market. But I also see the need to intentionally pursue a positive work ethic and to encourage businessmen to be careful to not cross the line between profiting from your employees and exploiting them.
@@Rajaat99 Yes, providing good products + services can be a great social good but if a company is focused primarily on profit they could very well focus on shutting down competition
@@scuter8700 Yes, let me reiterate. If a company cannot make the best product, or service, attacking the competition works. Although it generally works for larger companies best, because small companie are too busy trying to make the best product or service.
Because civility/morality appears to be a core rule of the current game, and these "stupid people" have elevated themselves to positions that allow them to institute new rules regardless of our opposition, and so we would have to violate that civility/morality to violently remove these "stupid people" from the game so they may never change the rules of the game again, in which case, violating the rule of civility/morality means we have changed the rules and become no better than the "stupid people". Or did you see some other means of not letting the stupid people change the rules?
I went shopping to Eatons Center in Downtown Toronto. I seen a line up at only two stores, the Apple Store and "Black Owned Toronto." Guess what the second one had the longer line up.
My first thought was, "What the heck is ESG?" As soon as I heard ESG stood for Environmental Social Governance, I figured out, "Oh, leftism." Ideologues don't make money, but waste other people's money.
4:37 I would expand on this by saying that the companies preaching ESG are normally big corporations at the top of their industry's food chain. They had to focus on profit to get where they are, but now they are enlightened and focus on ESG, and shame their competitors who focus on profit. That works out for the big corporation, because then competitors won't be able to focus on profit and beat them out while getting shamed by their industry. It is a new "barrier to entry", and it's one that requires considerable control over media, social media and government. It's pretty scary actually, and turns us more into an oligarchy or corportacrasy and gets us away from constitutional republic.
Lefties and ESG proponents: “This is right wing propaganda.” Me: “What specifically did he state that was untrue and you’d like to refute?” ESG: “…uh…uh…well it comes from Prager so it MUST be false.” 😂
It's worth mentioning that if someone else is doing ESG investing, and understand, risks with it, and that they will get slightly lower returns that is okay. There are enough normal investors that even some large investors switching to ESG investing will not break the market. It will however create some good opportunities for a non-ESG investor to buy stocks when an ESG investor is dumping them.
I just looked her up on the google too, turns out this trader has a quite a lot of experience in trading and the CEO of pampered Chief under Warren Buffet
I noticed you emphasized the importance of "...treating your customers well...", but not treating your employees well, aside from offering them a competitive wage and a safe working environment. Just another greedy, heartless & unethical capitalist😉
One of the neat features of Capitalism is that one can choose to not work for another person, and go it alone. The opportunity to have a small one-man business exists, unlike in a Communist system, where the central committee controls everything.
Decades ago when I was studying for my MBA, I subscribed to the then promoted, logical stakeholder theory of business where the considerations of shareholders, suppliers, employees, customers, etc., were valued and worthy of review in order to optimize the efficiency and profitability of your company. Ideally, the more each area was satisfied, the better all functioned to produce quality products at fair price while building profit and reputation. ESG coopts and corrupts this philosophy, costing every stakeholder through an artificial, superfluous, subjective, politically motivated "standard" that immediately looses any credibility since the "standard" is nebulous and open to radical change at any given time. Russ Comstock
It's one thing to have a fund that claims it is doing an ESG thing. I can avoid that, and I will avoid that kind of fund. However, when the ESG investing creeps into a fund that doesn't come out and say it is an ESG-centric fund, how do I know? How would I ever be sure that what appears to be an index fund isn't tilted towards the ESG side of investing?
This video is making ESG sound like some political leftist thing. It isn't. It is about incorporating environmental, social and governance standards & impact into a business. It is NOT abandoning the pursuit of profit, it is managing profit & impact, treating them as important as each other. That's why it's called sustainability, it's not just creating sustainable profit, but also a sustainable society & environment. It's not the end of capitalism but an evolution to capitalism 2.0.
"I've never understood why it is "greed" to want to keep the money you've earned, but not greed to want to take somebody else's money."
-- Thomas Sowell
"I go to bed every night and dream of another recession. Our job is to make money from it." Alessio Rastani
Capitalism as it is right now can no longer exist. We've moved on from exploiting and enslaving human beings. We are now moving toward a society where everybody can be happy. We basically want everyone to be the 1%.
Wanting human needs fulfilled through socially responsible governance is not greed.
The problem is with the definition of "what have you earned" and "what is yours". When corporations make billions in profits while denying people living wages, that's not money they've earned earnestly and it's the responsibility of government to stop that. I hope you now understand.
@Magnulus76 your a problem
I wish Sowell felt the same about wage theft.
Klaus Schwab, A child of wealth and privilege and a fool. "When you have a full stomach it's so easy to turn down another plate of food"
Communism and Socialism
sapp the individuals from innovation and creativity.
Strip innovation and creativity from the individuals and all that's left is pure hate.
Well said!
SORRY, ESG IS HOT NOW, CLIMAT CHANGE DEMANDS SUSTAINABILITY, IT'S THE FUTURE
@@domcizek ESG is a black poisonous fungus.
@@domcizek It may be hot for big corporations because they see PROFIT in it. Its virtue signalling on a grand scale. Many people are starting to see through this veneer of virtue and are boycotting those goods or services.
No matter how you paint it, Get Woke, Go Broke, is still true!
The only ones who profited are the BLM founders living in big mansions.
Vote with your $ dollar !
Not with bailouts and other govt money. Your voting with your dollar is small change. They dont need your money.
@@hexahexametermeter it's a huge change if government weren't married to the market right now.
SORRY, YOU UNEDUCATED, ON THE SUBJECT, ESG IS SUSTAINABILITY, SOLAR, WIND, NUCLEAR, AND HYDROGEN, GET USED TO IT, IT IS THE FUTURE
I love ESG, it tells me companies that I will avoid investing in.
OMG that's brilliant. Start an exchange traded fund family of companies with low ESG scores.
U got that right
True. But what happens when (not 'if') this crappy ESG becomes mandatory by law? The democRATS are in power, right?
Look up Timothy Fund
People like in the ESG makes me lose hope in humanity wisdom, but then people like you still make me hopeful
0:46
Oil companies aren't just for gas or those other types... We get plastics and polymers from oil... Nearly three quarters of a car is now plastic, even a Tesla
Plastic is still bad for the environment unless you recycle. Plastic last forever. Maybe the pyramids should have been built by them.
Once again we treat plastic as disposable as cardboard & paper however it can last drastically longer in the landfills even form the cheapest standard. Ain’t like we can’t go back to classic glass
You are right about cars being plastic. I work in an auto plant and besides the body itself everything is plastic.
@@Ajourneyofknowing I know glass is heavier than plastic and so consumes more fuel to transport, but I don't for a second believe plastic is recycled well and think most of it ends up as trash even if it is recycled, practically only once or twice, as far as I know. I prefer glass, metal, and whatever cartons are made of for my food and drink containers because I don't want to produce more plastic trash and want to minimize my consumption of whatever plastic leeches into my food from plastic containers. I think it's significant, though, these are choices I make with less than perfect, perhaps even good information, and are not choices left to me by regulations, which also are not always well informed.
@@Ajourneyofknowing What is wrong with landfills?
Sounds like a social credit scoring system that I just knew American progressives were going to glom onto when we started hearing about social credit systems in China.
Scary stuff ey?
Leftist’s preach inclusion while practicing the most ruthless type of exclusion. Preventing those who do not bend the knee to their system, from being able to participate.
@@BenMJay all that stuff they vomit about diversity, inclusion, and equity is just that...vomit. They don't actually mean any of it. They're total hypocrites and mean the exact opposite of everything they preach. And they know this. They just want everyone else to believe it long enough for them to seize power.
@@highlightning6693 and they will not stop til America is a remnant of her former self.
@@DB-kj7mv they are completely deluded, imagining themselves to be gods when they are worms crawling through manure. They simply do not conceive of the disaster they are bringing on themselves by making themselves equal to God in their hearts. That has never worked out well for any being.
ESG is being pushed hard in the UK. Funds won't invest in UK arms manufacturing as unethical for example but have no problem dealing with China!
Boy this is exactly right. No more talk of “equity.” It sounds all warm and fuzzy but it’s an evil concept. Good work Prageru
ESG is when money managers use their clients money to fund their own social agendas.
ESG stands for Environmental, Social & Governance. The problem is with the 'G', Governance.
Why do large corporations operating in free markets want MORE governance? - The governance comes from themselves; control over clients, buddying up with government and regulators, increasing barriers to entry on competitors & CSR marketing ploys.
It's the biggest crock since "Fair Trade Coffee" - A fair price for the consumer doesn't necessarily mean a fair price for the producer.
If you are being sold ESG without personally requesting such investments, take extreme caution.
In a true free market environment, capitalism will focus on profits first & the consumer will command the social change, never the investor.
Government-enforced 'equality' = equality in dirt and is communism/global socialism.
With the blood of well over 130,000,000 men, women, and children on it's corrupt hands.
Equity sounds like communism to me, all get the same thing no matter the input or output. Nothing fuzzy about that at all.
@@TheRadioAteMyTV it sounds warm and fuzzy to a young or naive mind, I probably should’ve specified
If you think equity and caring about society is evil... you might be a conservative.
Let's go Brandon!
Let's go Brandon
Ok forgive me, but who is Brandon?
@@kquaye Doesn’t matter he just needs to get gone. So we cheer him to get going.
@@kquaye it's a meme about a reporter that falsely claimed that a crowd was chanting "Let's go Brandon!" when in fact they were chanting "F*** Joe Biden!".
Edit:
ua-cam.com/video/9suQV0olw38/v-deo.htmlm53s
Here's a link, it should start at 3 minutes and 53 seconds
It'll be on his grave 🪦😭😭😭😭
"Socialism of any type and shade leads to a total destruction of the human spirit and to a leveling of mankind into death."
~ Alexander Solzhenitsyn, 'A World Split Apart' address, Harvard University, July 8th, 1978
What about Taxes
@@Ajourneyofknowing taxes is one of the vehicles for instalation of Socialism. It is the enslavement of the common people, the working class, under a sociopolitical elite that goes above the rules they make.
Higher taxed country is closer to socialism and communism because taxes are imposed thorugh the use of force and violence, ie police and incarceration
What do you define socialism as?
@@marcosmelendez09 - How else would a national government or democracy run?
@Fennerex V What nations are you talking about?
What evidence do you bring?
I can bring the highest taxed nations that run socialism/ government that has brought their economies to disaster
Argentina
Venezuela
Nicaragua
Bolivia
Cuba
North Korea
Vietnam
Maoist China
Soviet Russia and the USSR
Want more?
You could never build all of the things that you have. Appreciate the civilization that has provided you with so much.
As Milton Friedman brilliantly describes using the example of a simple pencil in "Free to Choose".
But that would take a little virtue called piety. Our modern society is sorely lacking in piety, which is why we don't care about stripping away the statues our ancestors built and the holidays they started.
@@RanMouri82 and honesty, and humility, imho.
And support the truckers who bring those things to us.
YES, AMERICA HAD IT GOOD THE LAST 60 YEARS AND NOW LIVING STANDARDS WILL BE GOING DOWN ACROSS THE WORLD, HIGHER FOOD COST, HIGHER HOUSING COST, ETC, THE GOOD TIMES ARE OVER
We see the outcome of overemphasizing ESG very clearly in the energy sector. Too rapid divestment in companies involved in energy has exacerbated the shortages we're seeing this winter and will lead to still-higher energy prices, increased reliance on OPEC (oil) and Russia (gas) and general inflation and job loss as manufacturing struggles for energy supplies.
Never vote for a Democrat
@@PathfinderHistoryTravel - Why?
@@Ajourneyofknowing Democrat policies are why utility bills in California are unaffordable and why gas costs $4.75 per gallon. If they actually believed global warming was going to wreck the planet, they would build nuclear power plants. Democrat policies are doing great harm.
@@PathfinderHistoryTravel - They actually can’t due to the public fear of nuclear meltdowns. It was one of Obama’s environmental goals however the Fukushima disaster killed that vision on the spot. Now people just want to put the age of nuclear energy to rest
Also they don’t really control gas prices as opposed to the cooperations, my red state is at $4.1
@@Ajourneyofknowing Such garbage. Everything you said was wrong.
Entrepreneurs! We must be building parallel economy of people with ethics who do not support corrupt and woke politics and tyrannical mandates. The only way to stop this is to not give them our money. Starve the schools as well and take your kids out of public school!
sure, but when they arrest you for lemonades stands, or explicitly tell you you cant flip vehicles for profit, you have to be a criminal to start out unless you are well off or get loans...
@Janet M I completely agree.
@哒dadada and what does a court of law have to do with the fact that simply doing these things is illegal? i would be found guilty and fined...
The world economic forum is already a step ahead of that. This is why the Biden administration wants to start monitoring any transactions that are $600 or more. We have churches that have started their own banks, and other entities, like Gab, who operate independently. They loan money to a small gun dealer, then the IRS will show up demanding to look at the books. Anyone who has ever dealt with the IRS knows that they can keep you on the hook making demands until they bankrupt you. Some have turned to bit coin to conduct transactions, and this is why Biden and others are going after digital currency and trying to tax those transactions.
Totally agree. They've no power unless we cede it to them. Good statement!
Knowing how smart Canadian politicians are, I can see this becoming the new holy grail with the sociocommies
You said, and I quote, "smart Canadian politicians". Those words in any context do not go together in any sentence. You are better than that. Let me remind you of 3 of the most incompetent and corrupt Canadians ever involved in politics in the history of Canada. (1) Sock Puppet (just put the money in my foundation) Turdeau. (2) Pocket Troll (Yes puppet) Freeland. (3) Climate Barbie (absolutely useless) McKenna. (4) Slimeball (I can change laws to benefit my family company) Morneau. (5) Douchebag (My buddy Turd hired me because I'm a climate hack and need to sponge money from Canadians) Butts. Sorry, got to 3 and couldn't stop.
@@raywagner8016 100% correct....
MOVE TO RUSSIA, HOU WILL LIKE IT THERE WITH YOUR MENTALLITY
Canadian politicians are the biggest BETA MALES on this planet 😂
SORRY, YOU DO KNOW THT COAL IS DEAD, OIL IS ON THE WAY OUT, TRILLIONS TO BE MADE IN SOLAR AND WIND AND NUCLEAR AND HYDROGEN,
The whole profit from electric and wind power wouldn't be true if it wasn't for government subsidies
No, but the whole point of the video is that incentives matter. If you think solar and wind are good developments, you have profit motive to thank for that. Nobody would have worked on the technology without those subsidies making the profit potential attractive. I think they’re a waste and that the government shouldn’t be subsidizing at all, but that’s a different discussion. Incentives matter.
@@Gouka07
Yeah, incentives matter but the government isn't the only one that can create incentives. For example, new technology could be promising enough to suffer losses or the environment can create an incentive.
@@0xredrumx078 companies often run at a loss to develop promising tech. It's part of the heavy risk investors take before they see any return.
@@stephendejong2805
True, but they’re expecting that tech to explode in value, they're expecting people to want that new tech.
Subsidies are stupid, want to know why high fructose corn syrup is in everything? It's cause field corn, which is basically just starch, is government subsidized.
Field corn is basically useless outside of making flour. It can serve as poor feed for cows (even cows need antibiotic help to live on field corn), pretty bad gasoline, a pretty bad sweetener, or flour which is useful.
Let's Go Brandon!
what does Lets Go Brandon mean???? i been seeing that across the internet the last couple of weeks
@@dboygamer8184 it came from a recent event in NASCAR. While a reporter was interviewing the winning racer, the crowd was chanting "F*ck U, Biden!".
When the racer turned his head to see what the crowd was chanting, the reporter jokingly replied that they were saying "Let's go, Brandon (the racer's name)"
And that's how the legend began. "Let's go, Brandon" becomes a shorthand for "F*ck U, Biden", being widely used without fear of censorship (bc technically, you're not saying anything offensive)
"Is there some society [or economic system] that does not run on Greed? Do you think Russia does not run on greed? You think China does not run on greed? What is Greed? Of course it is never us who is greedy, it is always the other fellow." ~Milton Friedman
We all run on greed or selfishness to some extent
@@Ajourneyofknowing we run because a complex chemical system that rewards us for doing what it perceives as positive.
People work hard because they see that hard work will reap benefits in the future, if one is told that it doesn't matter how hard you work you'll get the same amount as someone who sat on their butt all day you'd have no incentive to continue working hard.
@@andrewgreeb916 - Not like that way. Generally power to a plushy & comfortable lifestyle wether it be safely playing on the computer at night or sailing away on a yacht
STEP 1. Start a self proclaimed ESG Watchdog Organization.
STEP 2. Secretly invest in certain companies.
STEP 3. Make claims through Watchdog Organization that they are the BEST MOST WOKEST EVAR.
STEP 4. Wait for morons... I mean socially conscience investors to invest.
STEP 5. Sell for big PROFITS!
6. Wait for the SEC and the FBI to knock on your door.
@@jimwerther Dude I didn't invest in those companies. I have no idea what business dealings my son has.
@@johnarmstrong5953 Is that a Joe/Hunter Biden reference? If so, that's hilarious.
@@bennynguyen176
That seems like a rather safe assumption
@@johnarmstrong5953
I damn near wet myself after reading your last comment.
Every day I feel more and more alone in seeing that the emperor isn't wearing clothes: Are these corporations so lacking in self-awareness, so divorced from reality and the human experience, that they don't understand how creepy it is when a corporation mistakes themselves for a government? Let's ignore the question of just how valid the pseudo-moral values behind E, S and G are -- why is it a corporation's job to reshape the world? Isn't that exactly the sort of dystopia that liberals said would happen if corpos weren't reined in, because *it's a bad thing*?
Don't feel alone. The communists use this tactic of trying to make us FEEL isolated. They do this on purpose to try and demoralize you and us. They work through subterfuge and lies. Do not fall for it, you are not alone.
It's not necessarily the corporations but the investors operating through the board of directors who mandate the focus on ESG. Large institutional investors and banks operate at the behest of their own investors. So when huge pension plans, university endowments, and others pull their cash from funds that invest in non-ESG companies, the capitalists listen. Look no further than Exxon and Engine No. 1 for an example.
Good point. But if you want to bolden text, put the asterisks outside of any punctuation that is next to either one of them.
@@darubra
It's not always the investors but the directors and CEOs how to push for ESG, just look at Larry Fink the CEO of Black Rock.
@@SuperLumianaire - Well it’s not communism here
Excellent video. I just retired after 35 years in the securities industry and the pressure to promote ESG is growing.
YES, THAT IS BECAUSE CLIMATE CHANGE IS NOW NUMBER ONE PROBLEM, COAL IS DEAD, OIL IS ON THE WAY OUT
WELL, ITS UP TO THE INIVIDUAL INVESTOR, COAL IS DEAD, OIL IS ON THE WAY OUT, CLIMATE CHANGE IS NOW NUMBER ONE IN THE WORLD
The whole point of having a business is to specialise. It takes a lot of focus to make a product or a service good. If you do not work on your speciality, then why are you needed at all? Everybody can be the same and do “social good” - and everybody will loose real products and services that require actual expertise and care. “Woke to broke” is perfect title for this idiocy.
Well said!
What if the Right could hope for no more than fleeting electoral victories? What if, in the long run, it was doomed to lose the ideological war? If you are asking yourself “Why are we losing ?” you should read "The Promethean Right: Why the Right is losing the battle of ideas”
That's why it sucks donkey ass that our government uses our tax paying dollars to bale out companies that should have died.
@@FR-yr2lo Thr main reason why it looks like we're losing is because all of our media is left leaning. If we were actually losing, things would be far worse already. Reading a book isn't gonna help anyone, standing up and fighting back no matter how small, will.
@@Zathren The main reason we seem to be losing is because ideologically possessed of all ages are being pumped out of the identity marxist Indoctrination and training institutions we call schools, which we mostly ignored for a few generations.
GET WOKE GET BROKE
10000% agree Andy - well said!! The only one who profits from this is the consultant who dreamed up this asinine idea in the first place, and the people who market it...
Im so grateful to find this channel when I was 17, with 24 now, I
don't have the words to express how greatiful Iam, many thanks to good intended real people at PragerU
WELL, YOUR WISING ON A STAR, GET REAL, CLIMATE CHANGE IS NOW NUMBER ON NOW, TRILLIONS TO BE MADE ON SOLAR AND WIND AND NUCLEAR AND HYDROGEN IN THE FUTURE,
Equity is different than equality. Equity means, “equally poor”!
I was thrown out of my investment club because of ESG. I took my cash and bought Dow Chemical at 31.54 it is over 70 now! Love that dividend.
Short, great content and perfect delivery.
Thank you!
I trust a business more that seeks profit, than a business that tells me it has my best interests at heart.
I can only praise your pragmatism of Mr. Andy here, simple and to the point. And a great explanation even 3 years in the future.
The fact that you need to explain this is shocking... Thank you US for failing children and their educational needs!
You must have noticed the three most important things are not taught in public schools. One, capitalism we live in a capitalistic reality and yet we don't teach it to our children. two, the immense power the Constitution bestows upon us, you and me. Three, history, detailed correct history, we are doomed to repeat mistakes. Peace brother!.
No one would ever make a more convincing Bond villain than Klaus Schwab. Seriously someone need to give him a white cat to stroke on.
Not as catchy as Quarterins "Get woke go broke"
I don’t think he came up with the slogan either but yah 😂
@@Cypher791 - He still persists the inaccurate statement
@@Ajourneyofknowing He coined the term pretty early on, do you have a source that that predates his videos?
@@Cypher791 I dont know some of the videos he used it in are pretty far back, unless you have a source that predates his videos
@@Kry-_- - I’d rather not explore the mass of videos from a fallen channel anymore
If it's a genuinely good idea that solves a problem, it will sell. Everybody wins.
I usually like Prager’s videos, but this one seems incomplete. Corporations often implement permanent policies that damage public good in the pursuit of profit. Profit does not inherently inspire moral practices that benefit the moral good. That is obvious. Yes, the free market has produced A LOT of good for humanity, but it’s plain as day that corporations often act like psychopaths. I’m certain that ESG is a bad way to correct this problem, but Prager U is just wrong here about corporations.
Fundamentalist free-market types like to keep things simple in their heads. They will repeat, reuse and recycle the simple AynRandish, MiltonFriedmanist phraseology, formulae, tonics and packaged frozen philosophy all the way to the grave, stroking themselves the whole while about their economic knowledge. I bet half of them run KFC franchises. They are utterly hopeless.
Maybe this is true for some corporations, but I'd certainly like to know where you are seeing that it's "obvious" that corporations often implement policies that damage public goods or as you put it; act like psychopaths. I'm not really sure how you came to that conclusion.
I will say that perhaps the choice in wording could have been a bit different in this video, but to put it in a more refined description, this is what it should be; 'The desire to contribute to society motivates innovation which leads to investment that results in profit and leads to expansion of services or products'.
ESG is certainly a bad way to try and 'correct' any system that is not inherently broken. By no means is capitalism perfect, I do not believe such a system can exist, but capitalism is what drives most societies around the world.
@@GilbertCarrizales thanks for the thoughtful reply.
Boy, where do I start with the examples of corporations acting against public good? I suppose if I list companies, you’ll likely be able to recall the bad behavior I might call acting like psychopaths. Phillip Morris, R.J. Reynolds, British Petroleum, Enron, Monsanto, etc.
I’m sure that even Dennis Prager himself would agree that Facebook and google’s algorithms and censorship are causing severe social instability. CNN, MSNBC, Fox News all tel bald faced lies to the American public regularly. This has countless, horrible effects on our society and yet they will continue to do this as long as it is profitable. THAT is something a psychopath would do.
I agree with your suggested revision.
C’mon man - Let’s go Brandon! Cornpop > Brandon
Thanks ❤️ 👆 for profitable investment
Send a direct message
Cornpop was a bad dude.
@@pinndbyjakeggain4006 How about get a life and stop trolling? Get a real job
I like Prager U videos alot, but this is severely oversimplified and not taking the many points to light. This video dances around the point of where we are in capitalism today. Businesses that have alot of money can starve out other businesses that are making innovations, while the company that has alot of money can just continue to make no innovations and literally stagnate. The way internet is today in the states is a great example of this.
I agree that this video absolutely oversimplifies capitalism and its current state. Things that he has mentioned regarding labor rights and such were independent of what constitutes the bottom line. There were even cases where automobile companies put a price on whether to include seatbelts because it effected the companies bottom line. We take many things for granted.
What we need is balance. Not absolute capitalism. I think its very fair to say that we have seen money and late stage capitalism do much damage to humanity.
The video assumes that people are all good. We are not.
I am a capitalist but do believe regulations can further guide the system for the betterment of all.
PragerU I usually like your videos.. but this one was closer to propaganda than anything else. Try again please.
@@BizSoft Very well said
If you think not all people are good, how does your regulating body--made of people--do any better when they have no accountability, no money, no blood in the game. It becomes even worse than investors and customers calling the shots. They paid for it.
But at least in capitalism, when you survive or die it’s by your own hands. Not because you didn’t bow down lower than the other guy
@@BizSoft I disagree with the notion that large companies can prevent innovation etc. Yahoo < Google, Ebay < Amazon, investment companies < Robinhood, iTunes < Pandora < Spotify are some that come to mind. I agree that companies like Facebook, Google & Amazon have gotten so far ahead and so dominant that it seems like they cannot be toppled however cracks are showing at Google.
You only get promotions @Google when you develop and release products. This is a toxic because unlike a startup the motivation to employees is simply to get iffy products greenlit-produced and then abandoned. That cycle has them throwing away alot of money. Google also has no punishment for bad or failed products.
Also more Google censors and filters their results to get the outcomes they want the more customers they push away. Like many large corporations they stop valuing their clients seeing ones they disagree with as worthless.
Really appreciate the breadth of speakers, topics and the level of detail these PragerU 5 minute videos offer.
In Pericles history of the war between Athens and Sparta written 2,000 years ago he commented that wars happen every 30 years because those promoting them were too young to remember the horror of the last one. It's like that with socialism. It's only ever promoted by people who haven't experienced it.
So true, people emigrating from socialist countries can't understand the mentality. Thousands of protestors in Hong Kong could be seen waving British and American flags. In the U.S. the Left stomps on and burns American flags. Very telling.
The Fed has pumped so much money into the system, it's hard to determine who is even profitable. ESG is an arbitrary measure of success, when the entire system is in failure.
Very true
Companies need to wake up and say " HELL NO"
I got out of stocks entirely, the valuations are to high and people drive companies that haven't made a profit in years to insane valuations, at some point the bubble is gonna pop hard
People have been saying that the last ten years. Stock market will continue to be propped up by central bank money printing. And if it does correct 20% they’ll just flood it with liquidity like they did in 2008 and in 2020. The consequences if they dont are too dire: interest rates rise making the interest payments on the national debt untenable and causing all government services and infrastructure to halt. The bond market would also crash causing pension plans to fail and many banks. The whole house of cards rapidly deteriorates into a deflationary spiral and complete system unwind. Money and wealth vanish into thin air, people loose thier homes, jobs and supply chains and economies grind to a halt. After a few days grocery stores and gas stations run dry and within a week roiling masses would be rioting in the streets. No way that’s happening on any Fed chair or presidents watch. Instead they will continue to print money and debase the currency. Check out Ray Dalios long term debt cycle thesis for more details.
@@toolegit2quit173 100% Until hyperinflation hits. As dollar is reserve currency could destroy the world economy.
Still in the stock market. You can make money and you can do it no matter which direction it all goes. Just be smart and keep emotions out of it. I have been selling puts and calls... In another 6 months all the money I put in will be repaid at the rate I am going. Which means now I will be in the market at zero cost soon. The only thing it going up or down will mean now is how much I make. I will be past the point of any loss.
Over the long term, you should only invest in equities because they offer the best returns, despite occasional volatility
@@toolegit2quit173 what your saying is happening already as we speak. The markets are currently unraveling.
Im in Real Estate and every time I hear BlackRock. All I can think of is Invitation Homes a company they created, that buys homes by the thousands. They go after the homes that most first time home buyers are trying to purchase. I remember in 2012 I had about 10 listings and all but one had an offer from Invitation Homes which kept causing actual first time home buyers to move towards new construction homes because they had no way to compete against them.
2:35 In a free enterprise system you absolutely can make money with out providing a social good. Cheap product + cheap labor (over seas) + good advertising = profits (drop shipping, via Amazon)
big tech is entirely profit driven, and they're unquestionably causing social harm.
The good old Adam Smith.
Profits should never be second period. 3:06 A corp doesn’t last with out profits. (It’s a balance)
A Corp (that has rights like a person) should stand up on two legs like a person (profit = people).
A Corp should have a Conscience (of environment) and not be a psychopath (to making money)
The profits of a Corp should be on an equal footing to the employees they directly employee and the people around where they source their products/materials.
The profits of a Corp should NOT be psychopathic towards making money. Turn and burn cheap labor, taking land, dumping waste (contaminating water), etc.
This is such nonsense! Companies doing ESG enhance their profits versus those that don’t! ESG doesn’t reduce potential profit, quite the opposite! This is the height of FOOLISHNESS & SO IRRESPONSIBLE!!!
L’ESGo Brandon!
Lego just released a diversity Everyone-Is-Awesome rainbow set for pride month & they’re stationed in Denmark ranked as one of the best & happiest countries in the world
Best explanation on what's really going on! This is whats driving all this madness.
The problem with ESG is it violates the basic principle that you CANNOT make mature, intelligent decisions based on emotion.
Spot on! I work in the IT department of a large law firm and the lawyers are licking their lips advising their clients on ESG. Its completely NUTS because they are the only winners.
I want to reiterate what was said here:
- Profit is- for investment purposes- a KPI of success in a mission (optimal delivery of goods and services to those who want / need it).
- environmental and social goals would be included in these optimized goods/services rendered (as alluded to in video, profit more adequately shows whether the proper balance of keeping people from freezing in winter is balanced with green initiatives.). ESG runs risk of playing favorites in the market and hurting or killing people en masse. Big tech may carbon neutrally store/move information around, but they can't put food on your table.
Lastly, this whole trend is really more about the battle of global, monopolistic control vs. local control and responsibilities/direction of culture being shared at all levels of institutions and people. "you will own nothing and you will be happy" is where this is intentionally leading even if some involved in its promotion are 'useful idiots'.
ESG/DEI is strangling our economy
It's time, Patriots. We, THE PEOPLE need to Follow The Law On What To Do With TRAITORS and get back to REALITY. Now would be great 🇺🇸❤🇺🇸
The ultimate pre-finance 101. Keep them coming Prager!
No Bucks, no Buck Rodgers!
A wise man once said. “Everything WOKE turns to SHIT”
“The one with purple didn’t played to well. She went woke”
That part about the “you won’t get a loan” is very very true. I seen it happen at one of the biggest banks in the world. They are basically telling their clients what to do and where to invest their money.
I'm a die hard Conservative Republican, but the one statement I would argue with is the idea that, "In a Capitalist Society you can't make money without providing a social good." That's pure hogwash.
Capitalism has its dark side but socialism/communism has darker ones.
Correct.
I invest in alcohol and tobacco businesses. Alcohol& tobacco aren't evil. Over-consumption of it is.
Why more is consuming less to none at all as everyone is becoming more aware of health risk associated with use of.
over consumption by the individual who is abusing responsible drinking. i invested also.
@@codorin And you know, lying about what additives your putting the products and falsifying data about links to cancer.
With esg only those who are already wealthy will ever be wealthy. This is sad.
That's the whole point. Just like the climate change accords, the oligarchs want to protect their power and influence and crush other companies with excessive regulations.
That’s the point. It’s corporate communism
@@snakeplissken3063 thanks for this comment. It's short, clear, and sums up the whole thing.
Even WORSE: ESG will see to it that society becomes EXTREMELY stratified! There won't be a Middle Class anymore! Instead, EVERYONE will be either an ultra-wealthy multi-billionaire or an absolutely destitute slave!
My employer is switching over to an ESG company for payroll, etc. The company touts an app with various features including a system of "employees being able to connect with coworkers and send employee recognitions". (Paylocity). Here I thought I was just clocking in and out, now it's going to be a social media app. Social credit in the making?
He makes some good points, but we have to be wary of making making money our God. We also have to recognize that even some conservative and libertarian economists like Milton Friedman and Thomas Sowell make allowances for environmental protection, because no one person is paying enough of the cost of dirty air and water to prevent them from doing what might be harmful to humanity in general, if I remember correctly.
This is an excellent very simple yet enlightening video. Especially important was the end. More control and less free market is bad for everyone.
My concern is that politically/legally forced investments into ESG products will mechanically lift the prices of ESG-based assets through capital flows to the detriment of "traditional" investments. I don't like ESG but how can I avoid it in a dictatorial globall market?
Yes, I looked into this before. I will NEVER use a bank that works under ESGs guidelines, I hope the majority of people and businesses do the same.
ESG sounds evil. Whoever promotes this are anti-human. Let's Go Brandon! FJB!
As my dad used to say, "A fool and his money are soon parted." 😁
I agree to a point. There is a need for environmental regulations. I lived through the 70's when pollution was just crazy. Filthy water. Filthy Air. People throwing their trash on the street. But, this new environmentalism is taking us too far the other way. It's crazy also. Give us something in the middle.
The richest countries have the cleanest environment. In communist hellholes such as China, you can cut the air with a knife and fork.
@@jimwerther Communist hellholes .. lol .. you mean they are growing economies - like America and the UK 50/100 years ago. You get angry on ESG integration, yet also happy to critique china around their emissions - bunch of idiots
@@YT-jn3vs No, I think he means communist hellholes, as in those places where individuals have little agency and opportunity to grow to point where they could apply the same efforts those "richest countries with the cleanest environments" have developed after that period of "growing" their economies 50/100 years ago. You know, in spite of the state behaving like America/UK from 50/100 years ago instead of America/UK today. Welcome to the idiots club, idiot.
ESG is about the fees you mentioned. It's about finding a way to scam someone out of a quick buck.
"The road to hell is paved with good intentions."
“The road to hell is paved with PhDs.” Thomas Sowell.
We need an app. Conservatives need to start their own scoring system. We could call it the FAIL score. A score based on Freedom, Autonomy, Independence and Liberty. A high score representing businesses, banks and people which aren't tied to government, racism or compliance with a liberal "social contract". A low score would lead us away from businesses and banks which support or take part in anti-capitalism, anti-family policies, anti-American activities, Civil Rights infringement or affirmative action practices. We can beat them at their own game and we should.
2:15 I disagree about this part. We all know that there are some abusive practices against employees, like the case of Amazon, that has been often denounced for disallowing toilet breaks. On paper, it is right that in a free market employees should have meaningful incentives so they want to have their jobs, but trying to save and earn as much as possible is a reasonable idea that it's too often tainted by greed.
Amazon has been pretty bad to companies they hire to deliver their packages
BS. If Amazon is so bad to its employees, then why do people work there? Find another job.
@Jim Werther For many is not that easy. Many people are in urgent need of a job and can't risk being unable to pay their bills and provide for their families. That situation can be, and is, exploited by some employers. That doesn't mean that the whole video is wrong, I mostly agree with it. But it's a fact that employees' needs can be leveraged by employers to give them worse conditions. If workers were scarce, the law of supply and demand says that employers would compete for them, offering better conditions. Instead, in an over-abundance of workers, their value decreases as they are easily replaceable.
Lastly, you don't need to be a bleeding-heart type of guy to be empathetic.
@
The leftist mindset has affected you more than you realize. This country was established based upon free market capitalism. Every time government regulates companies, it's one more step towards socialism.
@@jimwerther I never spoke of government regulations. What I believe is that we should encourage each other to honor our fellow man and take care of each other. I'm all for getting profit and having a free, self-regulated market. But I also see the need to intentionally pursue a positive work ethic and to encourage businessmen to be careful to not cross the line between profiting from your employees and exploiting them.
Thank you for sharing this important information
ESG is supported by big companies trying to destroy their small competitors.
pov the companies are looking to stay profitable by shutting down competition
@@scuter8700 You are correct, because it's easier than providing good products and services.
@@Rajaat99 Yes, providing good products + services can be a great social good but if a company is focused primarily on profit they could very well focus on shutting down competition
@@scuter8700 Yes, let me reiterate. If a company cannot make the best product, or service, attacking the competition works.
Although it generally works for larger companies best, because small companie are too busy trying to make the best product or service.
We’re watching The Avengers assemble!!! 🥰 Robert Downey Jr joined and you got Elon Musk! Game over! ☠️ Bye bye Thanos! AKA ESG.
Why are we letting stupid people change the rules of the game?
Because civility/morality appears to be a core rule of the current game, and these "stupid people" have elevated themselves to positions that allow them to institute new rules regardless of our opposition, and so we would have to violate that civility/morality to violently remove these "stupid people" from the game so they may never change the rules of the game again, in which case, violating the rule of civility/morality means we have changed the rules and become no better than the "stupid people".
Or did you see some other means of not letting the stupid people change the rules?
Because even dumber people let them get all the money.
Why is Schwab still alive?? He's got to be 100 years old!!!
This will take at least 50 minutes of debunking from Vaush. I'm excited
I went shopping to Eatons Center in Downtown Toronto. I seen a line up at only two stores, the Apple Store and "Black Owned Toronto." Guess what the second one had the longer line up.
My first thought was, "What the heck is ESG?" As soon as I heard ESG stood for Environmental Social Governance, I figured out, "Oh, leftism." Ideologues don't make money, but waste other people's money.
Let's go Brandon
4:37 I would expand on this by saying that the companies preaching ESG are normally big corporations at the top of their industry's food chain. They had to focus on profit to get where they are, but now they are enlightened and focus on ESG, and shame their competitors who focus on profit. That works out for the big corporation, because then competitors won't be able to focus on profit and beat them out while getting shamed by their industry. It is a new "barrier to entry", and it's one that requires considerable control over media, social media and government. It's pretty scary actually, and turns us more into an oligarchy or corportacrasy and gets us away from constitutional republic.
PU !!!
OMG!
"ESG" sounds like pure insanity!
I'll keep my cash, thanks.
Lefties and ESG proponents: “This is right wing propaganda.”
Me: “What specifically did he state that was untrue and you’d like to refute?”
ESG: “…uh…uh…well it comes from Prager so it MUST be false.” 😂
Excellent report! Governance is most straight forward. Environmental and Social data and standards are a complete mess given political biases.
The market is get more interesting ☺ predicting Bitcoin at $100k in 2mouth now 😂🚀...
I have secured financial freedom by investing in bonds , equities , EFT's and some digital currencies .
Absolutely right, I got 70% of my total portfolio in crypto and I have been making good profits
I wanted to invest more in crypto, but the fluctuations in crypto value discouraged me into dumping.
Wow 😮I’m just shocked you mentioned and recommended Mr Mathew Mellon. I thought people don’t know him, he is really awesome.
Trading crypto with Mr Mathew Mellon. has being a game changer for me
It's worth mentioning that if someone else is doing ESG investing, and understand, risks with it, and that they will get slightly lower returns that is okay. There are enough normal investors that even some large investors switching to ESG investing will not break the market. It will however create some good opportunities for a non-ESG investor to buy stocks when an ESG investor is dumping them.
Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today.
Most intelligent words I've heard.
I got Mrs Tracy Britt Cool info, how good is she ?
@Mickey Paul Thanks i did a NetSearch on her out of curiosity and my findings on her surpass my expectations. I've drop words on her reachout
I just looked her up on the google too, turns out this trader has a quite a lot of experience in trading and the CEO of pampered Chief under Warren Buffet
The best PragerU short form classroom lecture yet. Thank you Mr. Puzder.
I noticed you emphasized the importance of "...treating your customers well...", but not treating your employees well, aside from offering them a competitive wage and a safe working environment. Just another greedy, heartless & unethical capitalist😉
You are evil
One of the neat features of Capitalism is that one can choose to not work for another person, and go it alone. The opportunity to have a small one-man business exists, unlike in a Communist system, where the central committee controls everything.
@@marcusflatt9084 // that is not capitalism. It requires other people.
Decades ago when I was studying for my MBA, I subscribed to the then promoted, logical stakeholder theory of business where the considerations of shareholders, suppliers, employees, customers, etc., were valued and worthy of review in order to optimize the efficiency and profitability of your company. Ideally, the more each area was satisfied, the better all functioned to produce quality products at fair price while building profit and reputation. ESG coopts and corrupts this philosophy, costing every stakeholder through an artificial, superfluous, subjective, politically motivated "standard" that immediately looses any credibility since the "standard" is nebulous and open to radical change at any given time. Russ Comstock
It's one thing to have a fund that claims it is doing an ESG thing. I can avoid that, and I will avoid that kind of fund. However, when the ESG investing creeps into a fund that doesn't come out and say it is an ESG-centric fund, how do I know? How would I ever be sure that what appears to be an index fund isn't tilted towards the ESG side of investing?
My question is... are these ESG funds clearly indicated, so I know which funds not to invest in???
Thank you, very informative.
Excellent explanation! Thank you!
This video is making ESG sound like some political leftist thing. It isn't. It is about incorporating environmental, social and governance standards & impact into a business. It is NOT abandoning the pursuit of profit, it is managing profit & impact, treating them as important as each other. That's why it's called sustainability, it's not just creating sustainable profit, but also a sustainable society & environment. It's not the end of capitalism but an evolution to capitalism 2.0.
People who don’t want you to profit, want to live off of your profits.
@2:19 should I be afraid to ask why the money is orange instead of green...?