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Posts Tagged ‘Politically Correct’

Doug Casey on the Rise of Woke Companies and ESG Investing

Posted by M. C. on April 8, 2021

In reality, stakeholders are just hangers-on, employees, or people who are looking to get in on a shakedown. But everybody slavishly acknowledges them and parrots the meme: “Yes, we’ve got to look out for the stakeholders.”

Where did that concept come from? The same place as ESG and EDI. It’s a recent creation, but Boobus americanus seems to think it was carved in stone at the country’s founding.

We’re told to protect them as if they were a valuable and endangered species. I say, “A pox upon stakeholders.” If they want a vote in what a company does, then they ought to become shareholders. Stakeholders have been created out of nothing by cultural Marxists for the purpose of shaking down shareholders.

by Doug Casey

International Man: The trend of investing in so-called environmental, social, and governance (ESG) companies is growing. Companies are rated based on their carbon emissions, diversity on their board, among other factors. Many companies seem to be bending over backwards to show their ESG credentials.

What do you make of all this? Where did this all come from?

Doug Casey: A tsunami of political correctness is washing over the entire world. It’s not just the US. But it didn’t just arise spontaneously in a vacuum.

The first time that I ever heard the term “politically correct” was in a Saturday Night Live skit in the early ’80s. At the time, I just thought it was a funny catchphrase. It sounded like a takeoff on the Soviet term “politically unreliable,” which was used to describe those who weren’t dogmatic communist ideologues. However, it turned out to be an indicator of a much broader trend, one that got underway in the ’60s. It started in the universities.

Three generations of people have gone to college since the ’60s. In those days, attending college was relatively rare, only around 10% of the youth. It was less than 5% in the previous era. Now it’s quite common, with over a third of Americans getting degrees.

In those days, college was actually supposed to be about learning something tangible. Either subjects about the natural world—science, medicine, engineering, and the like—or humanities—literature, history, philosophy, and the like. There was always a divide between the two categories, of course. Sciences were hard and required diligent work with verifiable data, whereas the humanities were soft, largely the province of opinion and interpretation. Both disciplines have degraded, however. Even math is now considered too “white,” while the humanities have morphed into indoctrination.

College professors—and I speak as somebody who was a trustee of the tenth oldest college in the country for five years— are now almost all “woke,” full of social justice warriors (SJW) and declared Marxists. It appears about 93% of faculty members vote Democrat—not that voting Republican necessarily means you support principles that have much to do with either free minds or free markets.

I’m afraid that the battle for the hearts and minds of Americans is basically over. The progressives, socialists, Marxists, and their fellow travelers have won the intellectual and moral battle. The loss is now being reinforced by the media with their biased reporting, the corporations with their woke ads, and entertainers with their highly politicized skits and shows.

Going back to the analogy of a battle, the Left initially fought a guerrilla war. In recent years they’ve grown strong enough to win set-piece battles. Now they have nearly complete control of the State apparatus. They won’t let go of it. Their next step is just to mop up the resistance.

How does this relate to the Environmental, Social, and Governance (ESG) mandates that are being enforced everywhere? Very directly.

One problem with ESG is that it sounds so positive. Who doesn’t want a clean environment? Who’s opposed to social harmony instead of a race war? Isn’t it better to have some “governance” as opposed to the straw man of Road Warrior-style chaos?

The reality is that ESG mandates managements to redirect corporate resources from creating new wealth and satisfying consumer demands to implementing the semi-religious charities of a new Green religion. And to keep them on the path to righteousness, corporate boards now have to include women, People of Color (a newly minted aggrieved group), and those with psychological and sexual aberrations. Which—the way these things are dictated—amounts to actively transgressing against men, whites, and normals. It’s a new form of class warfare.

The fact that companies are bending over backward to show how ESG conscious they are, how woke they are, and how respectful of SJW values they are, says that they aren’t concentrating on taking care of business and making profits. Putting virtue-signaling first is a very bad sign for productivity and business.

Now that ESG has gotten a seat at the table, it’s opened the door to the next stage of this trend—Equity, Diversity, and Inclusion (EDI). Like ESG, it sounds friendly and welcoming; it’s not.

There is no equality, except before the law and in the grave; trying to make people equal is stupid and counterproductive. But Equity is worse than enforced equality. It means giving certain groups privileges and assets by virtue of ethnicity, gender, disability, or accident of birth. It’s a formula for hatred and resentment.

Diversity boils down to race and gender. It certainly doesn’t include a diversity of viewpoints.

Inclusion has a place in polite society. But it has to be earned, like any other privilege. In fact, there’s more to be said for exclusivity than inclusivity. Exclusivity is about maintaining standards, as are, for instance, private clubs. Perhaps that’s why we see so few private clubs these days; if a club doesn’t include practically everyone and anyone, it’s asking for a lawsuit in today’s world.

These notions will backfire on their promoters and enforcers. Many people of color are diversity hires now. As a result, many in the public—including people of color—will go out of their way to avoid black doctors, lawyers, and engineers because they are wondering whether or not they’re truly qualified. “Affirmative action” devastates the very people it’s supposed to help as it degrades them and breeds resentment. This is all real poison.

It identifies people not as individuals but as members of a group.

International Man: The ESG trend seems to be part of a larger cultural shift.

What is your take? How will this cultural shift affect the competitiveness of US companies?

Doug Casey: Virtue signaling and wokeness are affecting every aspect of life.

One reason that companies in the old Soviet Union were so unproductive, and turned out crappy products, was that they were much more interested in being “politically reliable” than profitable. Being politically correct today encourages people to sign up for things like gender studies, sociology, and political science today, rather than science, technology, and math courses.

It’s a real cultural shift working to destroy the competitiveness of US companies. And it’s supercharged by the fact actual Bolsheviks now control the government. It’s Mussolini’s dream, where the government and corporations are walking hand-in-hand in a so-called public-private partnership; classical fascism.

International Man: With the rise of ESG investing, shareholders have become less important than stakeholders.

What is going on here? Where did that concept come from?

Doug Casey: A shareholder actually owns part of a company and has paid for that privilege. But over the last generation, shareholders have become less important. In fact, they’re treated as a nuisance by professional managers. “Stakeholders,” who bring absolutely nothing to the party, have become a protected species.

In reality, stakeholders are just hangers-on, employees, or people who are looking to get in on a shakedown. But everybody slavishly acknowledges them and parrots the meme: “Yes, we’ve got to look out for the stakeholders.”

Where did that concept come from? The same place as ESG and EDI. It’s a recent creation, but Boobus americanus seems to think it was carved in stone at the country’s founding.

We’re told to protect them as if they were a valuable and endangered species. I say, “A pox upon stakeholders.” If they want a vote in what a company does, then they ought to become shareholders. Stakeholders have been created out of nothing by cultural Marxists for the purpose of shaking down shareholders.

International Man: Given everything we’ve discussed, what are the investment implications? What can the average person do?

Doug Casey: Historically, an average price-to-earnings (PE) ratio for stocks was in the 12–18x range. Now it’s been moved up to 24–25x. A lot of companies neither have earnings nor are expected to for the foreseeable future.

Market norms are much higher—mainly due to money printing—but they should actually be much lower. Why? Because corporations have changed their emphases from creating value and making money to enforcing political and social notions. Quite frankly, that makes them worth less.

When the next bear market bottoms, maybe it won’t be at a PE of 8 or 9 to 1, as in the past. Maybe it’ll be something like 4 or 5. Wokeness, diversity hiring, PC, and the rest of it are working to destroy capital. The destruction won’t be immediate, of course. But Americans who think it’s a good idea now will regret it soon enough and for the rest of their lives.

Unfortunately, there’s not much you can do about it except try to insulate yourself from its worst aspects and raise hell when you hear people talking nonsense—which won’t make you any friends in the days of Cancel Culture.

It’s important to speak out about these things actively as opposed to just grumbling and allowing the bad guys the moral high ground. You’ve got to challenge these things wherever possible.

Right now, you can still challenge these things, but it’s increasingly risky. People are now getting fired from their jobs if they hold non-PC views—and it’s likely to get much worse for the foreseeable future.

We’re actually moving—devolving—into the same kind of world that existed in the Soviet Union.

I think it’s too late to try and change the trend. In a way, resistance is futile. But that doesn’t mean that you shouldn’t resist, simply because you have to live with yourself.

Editor’s Note: Socialist ideas are becoming increasingly popular in the US. At the same time the US government is printing money hand over fist. All while the US empire continues to overstretch itself across the world.

It’s all shaping up to be a world-class disaster… one unlike anything we’ve seen before. That’s exactly why New York Times bestselling author Doug Casey and his team just released an urgent video showing how it all could go down. Click here to watch it now.

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Doug Casey: “We’re actually confronting the degradation of Western Civilization itself” | The Daily Bell

Posted by M. C. on June 3, 2020

By studying their tactics, you will be more prepared to guard against, and counter-attack the enemy.

The current crisis is being used to exploit the masses. But it also presents tremendous opportunity to take the power back, and reshape this world.

Society is entering a new period of transition, a struggle that will reveal the elites of the next generation.

Now is the time to seize your power if you intend to be among their ranks.

By Joe Jarvis

Matt Smith hosts Doug Casey, and the two manage to boil down certain elements of what brought us to where we are today, as Doug says, to “the moral corruption of society.”

Doug Casey, for anyway unfamiliar, is a writer and speculator– an anarcho-capitalist influenced by Ayn Rand.

Matt Smith is the CEO of Royalty Exchange, a company which provides investments in music and other intellectual property, for instance by selling royalty catalogs of Eminem’s music.

In regards to the economic cliff America is teetering on the edge of, Doug Casey says America’s attitude is that:

The Fed will print up new money and make it good. This is part of the moral corruption of society, where nobody has to take any responsibility for anything, from the little things to the big things, because the ‘Great White Father’ the cornucopia in Washington will kiss everything and make it better.

This isn’t just a monetary and economic disaster we’re looking at. It’s actually a moral disaster as well.

Matt Smith responds:

It’s like this safety first culture has permeated everything. All the way from bicycle helmets, to bailing out the airlines so that they don’t go bankrupt, to anything else you could imagine. It’s like any short term injury is seen as the ultimate evil that must be avoided at all costs.

Doug talks about the first time he heard the term “politically correct” which was back in the day on Saturday Night Live. It was a joke that you would have to watch what you say, for fear of political repercussions. He points out it’s not so different from “politically unreliable” as the Soviets used to say.

Doug believes:

We’re actually confronting the degradation of Western Civilization itself. This is much more serious than the Greater Depression, that we have definitely embarked upon. Humpty Dumpty has fallen off the wall… Look, the world is going to be very very different, in the next few years. Assuming even we don’t have something resembling WorldWar III. Which is entirely possible.

Matt agreed, commenting:

One of the things that dawned on me in the early stages of this, you could see this virus making its way across the world. You could see it coming. You could see that there were going to be implications… it doesn’t even matter how serious the virus actually is… you could see the effect it was having as it was making waves through the different countries it was going through.

From China, welding people into their apartments, to Italy completely going on lockdown, and overrunning hospitals. You could see it coming. And I remember in the midst of that, before it really got here in any great extent, Kim Jung Un launched a couple of missile.

And I thought wow, you could see how that could explode, to try and distract his own people, or you know, you could just see all these, it’s like a tinderbox, lots of little things could happen for their own internal, political reasons, could strike out and lead to much larger conflict.

Matt talks about a struggle between needing reform, and the sad reality that too often bad systems are replaced with something worse:

The total loss of faith in institutions, that they are demonstrably incompetent, and that nobody believes in them anymore, and so they get flushed away. And I think in that flushing away there is an opportunity, because they need to be flushed away, right? Because they are so corrupt, and flawed.

But it’s also frightening what might come in replacing it.

They also talk about gold, bitcoin, voluntarism, state governments standing up against the Feds, and the good habit of disobeying bad laws.

It’s really a great episode, and I encourage you to listen to the entire thing.

I’ve had the pleasure of learning from Matt Smith on a few occasions, at an entrepreneurship camp he co-founded.

He is one of a handful of people whose opinions and perspective I respect most in the world. Not just because of his business success, but also because of his philosophy on life.

His podcast is a must-listen for any value creators.


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Doug Casey: Orwell’s Worst Nightmare Is Coming True – Casey Research

Posted by M. C. on April 15, 2019

Oddly, it’s only whites, males, and Christians that have to be careful using “hate speech” or non-PC speech today. Members of so-called “historically oppressed” minorities can say whatever they want. Which is pretty rich, since they’re actually majorities in many parts of the US today. And their native cultures allow for about zero freedom of speech – or any other kind of freedom, for that matter.

Justin’s note: Stop saying offensive words.

That’s what the Associated Press (AP), the world’s largest news agency, is telling reporters.

The AP puts out a stylebook every year that includes universal guidelines for stylistic matters like punctuation, capitalization, and even word choice. In a recent version, it encouraged writers to not use words such as “pro-life,” “migrant,” “refugee,” “Islamist,” and “terrorist.”

It’s completely ludicrous… and another example of the “politically correct” culture getting out of hand.

Our founder Doug Casey agrees. And today, he tells us what this disturbing trend really means…

Justin: Doug, what do you think of the AP censoring writers? Are you surprised at all?

Doug: There was once a time when journalists often had intelligence, integrity, and competence. Many did their jobs – reporting the news accurately, openly disclosing their bias (if any). H.L. Mencken was a model of what a journalist should be. He wasn’t just a reporter. He was a literary maven who had immense stores of knowledge and well-thought-out, fact-based opinions on nearly everything. In addition to a myriad of newspaper and magazine articles, he even wrote a definitive book on the English language and the correct way to use it.

Today, reporters have none of these qualifications. Their only qualification appears to be a BA degree in English, or Journalism.

Maybe it’s just that giants walked the earth in the days before Political Correctness. If Mencken was alive today, he would be shocked and appalled at the midgets who pass for reporters and editors today. He’d be rolling in laughter and disgust at how much the profession has been degraded.

It’s like Orwell’s worst nightmare is coming true. In his novel Nineteen Eighty-Four, the idea behind “doublethink” is to alter the nature of language. Big Brother wants to reduce the number of words that exist, eliminating those that describe non-PC thoughts and actions. They seem to want to institute Newspeak – complete with thoughtcrime, goodthink, bellyfeel, and prolefeed.

Justin: And why is that such a big deal?

Doug: Words enable thought. So if you corrupt words, you can alter and corrupt people’s thoughts. Words are the parents of thought. And thought is the father to action. There’s a reason the Bible speaks of “the word” with such respect.

If you don’t have a word for something, it makes it hard to think about it. And it’s worse if you have the wrong word. They’re trying to corrupt the language to limit what people think and do.

Justin: Why are they trying to alter how people think?

Doug: They say it’s to help make people “better.” Of course their idea of what’s good, and my idea of what’s good differ radically. The Nazis and Soviets tried to make people “better” by using propaganda – propaganda is actually fake news. They say they’re trying to reduce friction in society, or make the “underprivileged” feel good about themselves. But in fact they’re doing the opposite. They’re quite happy to use the violence of the State to enforce their views on society…

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'Welcome to 'All Sides of the Issues.' Here's our panel of commentators -- a communist, a socialist, a liberal, and a progressive....'

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The Army really wants YOU to become a government contract killer! – The Libertarian Institute

Posted by M. C. on January 8, 2019

Politically correct desperation. Things are getting tougher in the UK.


Laurie Calhoun

One might have thought, with the advent of remote-control killing and combatant-free warfare, that it would be the easiest thing in the world to lure new recruits into the military in the twenty-first century, especially given the rapidity with which entire professions continue to disappear. Where in the world can a young person find a well-paying, salaried position with good benefits, a pension package—and even healthcare? Where else can one find a job guaranteed NEVER to disappear, no matter what future technology may bring?

All of those perks, and the progressive removal of soldierly risk from the war equation, have still not sufficed to fill the ranks, even as the Iraq fiasco fades fast from popular cultural memory. Witness the British Army’s recently launched, bold marketing campaign, which targets, well, anyone! Read the rest of this entry »

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Doug Casey on the “Politically Correct” Movement – Casey Research

Posted by M. C. on September 10, 2018


Justin Spittler: Doug, I want to ask you about political correctness. Obviously, PC culture’s nothing new, but it kind of seems like it’s spreading like cancer these days. Terms like “gender inclusivity,” “cultural appropriation,” and “white privilege” are everywhere.

A good example is last year’s announcement by the University of Minnesota… saying it was dropping the names “Homecoming King and Queen” in favor of “Royals.” It did this in the name of “gender inclusivity.”

Is PC culture getting totally out of hand, or am I going crazy?

Doug Casey: Parts of the culture are borderline insane. There’ve been news items regarding this on scores of different colleges and universities across the US. What you mentioned at the University of Minnesota was just part of a greater movement. Although I’ve got to say that I find the use of “Royals” objectionable. I dislike the idea of a hereditary aristocracy—kings and queens and royals. They’re basically just successful, silk-clad gangsters. Why the royal family in Britain is looked up to is a mystery to me. They, like all royals in the world, historically are just descendants of successful thugs.

But that’s not the point that the PC people are making. They don’t want to see people identified by their birth sex. They would rather that people “identify” as whatever gender—and I understand there are supposed to be about 40—you feel you belong to. You can say you are whoever you think you are. And oddly enough, I’m somewhat sympathetic to that. I think you should be able to call yourself what you want, do what you want, say what you want, this is all fine. And let people judge you by how you identify yourself. Say that you’re a hermaphrodite dinosaur who was born on Mars, if you want. I don’t care; it’s your problem. But these PC types want to legislate that people have to treat the psychologically aberrated as if they were normal. They want laws and punishments governing what you can and can’t do and say and even feel. They want to force you to respect, and pay for, the fantasies of a minority. And change—overturn actually—the whole social culture of the country. It’s a very disturbing trend. It’s likely to end in violence… Read the rest of this entry »

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