Larry Fink, ‘Emperor’?
We live in an age when the Left is increasingly focused on the supposed evils of business concentration, from the “big is bad” ideology of the new antitrust enforcers at the FTC to the attempts to blame inflation on Big Grocery, Big Oil, or any of the other “bigs” allegedly exploiting the beleaguered consumer. And yet the concentration of corporate ownership positions held by a relatively small number of massive investment funds, particularly (but not only) the indexers, has drawn comparatively little criticism from the same quarters. Perhaps their managers’ role in helping create our emerging corporatist state through an ever tighter embrace of “socially responsible” investment and larcenous stakeholder capitalism has acted as a shield of sorts.
Nevertheless, the degree of that concentration has been something to see….
Read MoreThe CEO as ‘Lawmaker’: A Corporatist Manifesto
On Monday, the Financial Times ran an article by Paul Polman, the former CEO of Unilever (a company that, as he mentions, was recently in the news over its pursuit of objectives seemingly unconnected to its bottom line). A forceful, if unpersuasive, argument for stakeholder capitalism, it is an interesting and unintentionally revealing read. Above all, it demonstrates how, whatever BlackRock’s Larry Fink may claim, stakeholder capitalism is intrinsically political. Indeed, as it is an expression of corporatism, that is — or ought to be — a statement of the obvious. Corporatism, regardless of the form it takes, is an ideology revolving around an idea of how society should be organized. That is the very essence of politics…
Read MorePresident Biden can’t blame inflation on price-fixing
The buck may have stopped at Harry Truman’s desk, but today’s eroding dollar is having trouble finding a berth in Joe Biden’s Oval Office.
For much of last year, the president insisted that inflation was temporary. (To be fair, the Federal Reserve claimed something similar.) But with prices likely to continue rising at a brisk pace for some time — in December, inflation reached levels not seen for 40 years — Team Biden is changing its tune, and, as administrations in a political mess tend to do, it’s looking for someone to blame.
Read MoreLarry Fink and the Wrong Kind of Capitalism
It’s the time of year when Larry Fink, the chairman and CEO of BlackRock, comes out with his annual letter to CEOs, a letter in which he tells CEOs what he expects of them. As BlackRock marked the end of 2021 by passing the benchmark of $10 trillion under management, an impressive figure however you look at it, many CEOs will treat Fink’s thoughts with rather more respect than their shareholders or our democracy deserve — $10 trillion will do that.
Read MoreBoris Johnson’s Party Problem
There are quite a few underlying reasons — political, personal, and ideological — why British prime minister Boris Johnson may now be forced out of office, but that the trigger for his potential downfall has been a series of “parties” (what constitutes a party is now a contentious topic) appears to have surprised some on this side of the Atlantic. To them, it seems, well, a touch weird that a prime minister with a healthy majority could lose his job because his staffers occasionally enjoyed drinks at their workplace (or in the garden outside) — and that he had attended, albeit briefly, one of these get-togethers — even if it was at a time when tough Covid lockdown controls had heavily restricted social gatherings. That Johnson might not have been entirely accurate in his evolving statements about what had occurred, what he knew, and so on, well . . . #ShouldersShrugged.
Read MoreSurviving The Time Of Wolves
“Eight Days in May,” a gripping, immaculately researched retelling of the Nazi Götterdämmerung, is the story of an intermission, a phase, as the German author Erich Kästner wrote in his diary, between the “no longer” and “not yet.” But during this intermission the action rarely paused. Written by Volker Ullrich, a German journalist and historian perhaps best known for his impressive two-volume biography of Hitler, this book is structured as the day-by-day chronicle implied by its title. That said, Mr. Ullrich also looks further backward and forward in time to add the context that a study confined to eight days alone could not provide.
Read MoreEuropean Central Bank Official Admits the Obvious about Greenflation
The only surprise in this story (to me) is that someone at the European Central Bank, Isabel Schnabel, the member of the ECB’s Executive Board responsible for market operations, has been talking frankly about greenflation. Her motive for doing so may (I’m guessing) come in part from her well-publicized worries about the ECB’s, uh, aggressive use of its balance sheet, but her speech is focused elsewhere than on the quantitative-easing debate.
Schnabel highlights how much energy prices have risen in Europe (a development, it must be said, that’s hard to miss). To be fair, it’s a phenomenon that doesn’t owe a great deal to climate policies (except in the U.K. and, arguably, Germany). However, Schnabel’s key point is that, sooner or later, such policies are going to have a more persistent impact on the cost of energy…
Read MoreWho killed Bambi?
It never occurred to me that one day, I would review Bambi (the novel). If it had, I would not have expected that its story and backstory would, among other surprises, include the Nazis, a communist, pornography and talking leaves. In fact, I didn’t even know that the film had been preceded by a novel. Felix Salten wrote Bambi: Eine Lebensgeschichte aus dem Walde in Vienna, where it appeared as a newspaper serial in 1922 before being published in book form in Germany the following year.
It debuted in America in 1928 as Bambi, a Life in the Woods, translated by none other than Whittaker Chambers, already a communist, but not yet in the Soviet agent phase of his astoundingly protean career. The translation sold well but was eclipsed by Walt Disney’s Bambi (1942), an eclipse probably prolonged by a questionable interpretation of US copyright law. The Original Bambi: The Story of a Life in the Forest is a new, more precise translation of Salten’s original by Jack Zipes, professor emeritus of German and Comparative Literature at the University of Minnesota. Zipes has also written an informative introduction, albeit one that is unmistakably the work of someone on the left side of the political woods:
Read More