Summary of Capitalist Punishment by Vivek Ramaswamy E-Book

SUMMARY GP

• Herausgeber: BookRix
• Kategorie: Geisteswissenschaft
• Sprache: Englisch

Veröffentlichungsjahr: 2023

Beschreibung

DISCLAIMER

This book does not in any capacity mean to replace the original book but to serve as a vast summary of the original book.

Summary of Capitalist Punishment by Vivek Ramaswamy: How Wall Street Is Using Your Money to Create a Country You Didn't Vote For

IN THIS SUMMARIZED BOOK, YOU WILL GET:

• Chapter astute outline of the main contents.
• Fast & simple understanding of the content analysis.
• Exceptionally summarized content that you may skip in the original book

The Wall Street cartel has seized control of the American economy, using your money to do so. Three Wall Street firms have amassed more money than Jeff Bezos, Elon Musk, Andrew Carnegie, and John Rockefeller combined. They have forced US companies to adopt "racial equity audits" and "emissions caps" while supporting human rights atrocities in China, coerce Western companies to produce less oil while shifting production to dirtier places, and charge high fees to mom-and-pop investors for sustainable funds. Capitalist Punishment is an easy-to-follow educational tour de force for all participants in financial markets.

Leseprobe

GP SUMMARY

Summary of Capitalist Punishment by Vivek Ramaswamy

How Wall Street Is Using Your Money to Create a Country You Didn't Vote For

The Wall Street cartel has seized control of the American economy, using your money to do so. Capitalist Punishment is an educational tour de force.BookRix GmbH & Co. KG81371 Munich

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Summary of

Capitalist Punishment

A

Summary of Vivek Ramaswamy’s book

How Wall Street Is Using Your Money to Create a Country You Didn't Vote For

GP SUMMARY

Summary of Capitalist Punishment by Vivek Ramaswamy: How Wall Street Is Using Your Money to Create a Country You Didn't Vote For

By GP SUMMARY© 2023, GP SUMMARY.

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Contact: [email protected]

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NOTE TO READERS

This is an unofficial summary & analysis of Vivek Ramaswamy’s “Capitalist Punishment: How Wall Street Is Using Your Money to Create a Country You Didn't Vote For” designed to enrich your reading experience.

DISCLAIMER

The contents of the summary are not intended to replace the original book. It is meant as a supplement to enhance the reader's understanding. The contents within can neither be stored electronically, transferred, nor kept in a database. Neither part nor full can the document be copied, scanned, faxed, or retained without the approval from the publisher or creator.

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This eBook is licensed for your personal enjoyment only. This eBook may not be resold or given away to other people. If you are reading this book and did not purchase it, or it was not purchased for your use only, then please purchase your own copy. You agree to accept all risks of using the information presented inside this book.

Copyright 2023. All rights reserved.

Introduction

The most important details in this text are that Sam Bankman-Fried, popularly known as SBF, built FTX, a Bahamas-based cryptocurrency exchange, into one of the largest financial empires in the world, and that his high ESG score was just an unfortunate coincidence. However, SBF wasn't an exception to the rule, but an embodiment of it. SBF is likely going to prison, but the most elite practitioners of the game won't. Goldman Sachs, for example, sold complex mortgage-backed securities to investors that turned out to be worthless. Fabrice Tourre, a twenty-eight-year-old trader who worked at Goldman Sachs, revealed that Goldman's bankers were selling worthless securities.

He boasted about selling "abacus bonds to widows and orphans" in June 2007, which caused the largest recession since the Great Depression. Goldman's most recent CEO, Henry "Hank" Paulson, was the US treasury secretary at the time and used taxpayer money to bail out Goldman Sachs. A decade later, Goldman Sachs rebranded its Blue Chip Fund as its U.S. ESG Equity Fund. Investors who had passed on investing in Goldman's Blue Chip Fund would understand that it was a different investment opportunity.

Goldman Sachs jacked up the price on a floundering fund and slapped an ESG label on it, promising to screen out gambling, alcohol, tobacco, coal, and weapons stocks. The only difference was the fee, which was raised by a mere basis point. Left-wing critics of ESG get upset about this practice, but it is not the biggest ESG scam. Dedicated ESG funds represent a relatively small minority of total funds in the asset management industry. Greensmuggling is the inverse of greenwashing, where non-ESG funds smuggle ESG policies into their investment practices.

This problem is over $100 trillion in scale and is perpetrated by BlackRock, State Street, and Vanguard, the three largest and most influential financial institutions in US history. BlackRock, State Street, and Vanguard manage more than $20 trillion, almost as much as the entire US gross domestic product. However, the real price is not the nominal fee that the Big Three charge, but their voices and votes as shareholders in the global economy. The scheme of using the money of US citizens to advance ideologies that may be revolting is happening on such a large scale that it may be the biggest antitrust violation in history. In 2021, a Dutch nonprofit proposed a shareholder resolution demanding that the US oil giant reduce its Scope 3 emissions.

However, BlackRock, State Street, and Vanguard all voted for it anyway, using trillions of dollars belonging to hardworking Americans. The vote had its intended effect, leading to Chevron agreeing to a litany of climate-related policies, such as adopting Scope 3 carbon intensity targets, investing in a division called Chevron New Energies, advocating for a new tax on its main product, and endorsing the Paris Climate Accords. US companies have dropped oil and gas projects in recent years, but PetroChina, the listed arm of China National Petroleum Corporation, acquired the project from Chevron for a fire-sale price. BlackRock has become the first foreign asset manager to launch a wholly owned mutual fund business in China, and Apple is conducting a racial equity audit in its workforce. BlackRock and State Street have both voted for ESG proposals, and Apple is conducting a racial equity audit as this book goes to print.

BlackRock is among the top shareholders of Xiaomi, but there is no public record of BlackRock calling for the latter to conduct a racial equity audit or assess how equitably the firm treats its Uighur compatriots. This highlights the vulnerability of developing nations to ESG-inflicted woes, such as the implosion of Sri Lanka in 2019. The Great Reset is a worldview that calls for the dissolution of boundaries between capitalism and politics, nonprofits and for-profits, and nations. A response to this vision is the Great Uprising, a movement of citizens in the US and other democratic nations who reject the dissolution of those boundaries. This movement is about to collide again in 2023, and we'll soon find out if it will break the great nation they once birthed.