fbpx
Connect with us

Magnolia Tribune

A Dangerous Trap

Published

on

ESG is an acronym for Environmental, Social, and Governance investing. The ultimate goal seems to be to transform ESG into a framework for social-credit scoring, as pioneered by communist China.

Imagine getting a call from your bank that your credit card is being canceled in 60 seconds because of the church you attend. Or your mortgage is being canceled because your bank doesn't like the fertilizer you use in your garden. Or your internet access is being shut down because you asked your state lawmaker to save women's . Welcome to the world of activist investing and banking, otherwise known as ESG.

ESG is an acronym for Environmental, Social, and Governance investing. It itself as a form of socially conscious investing, much the same as other values-based financial strategies. An example of socially conscious investing would be a Christian who decides not to buy stock in porn and gambling companies; or a savings and loan that declines to do business with a strip club.

What it is

ESG, however, is far more than an investment strategy. It's a marketing ploy and a scam. But it is also a very dangerous framework being used to popularize, and eventually codify, many of the Left's goals.

According to Mississippi State Treasurer David McCrae, ESG is “supposed to be a method of rating and evaluating how sustainable and ethical various companies are, but in practice, it is a political football that unjustly cherry picks winners and losers.

“One might think that , the world's largest electric vehicle manufacturer, would earn a high ESG rating for its environmental stewardship. But it was kicked off the Standard and Poor's (S&P) ESG Index earlier this year. … Yet, oil juggernaut Exxon a spot. It doesn't quite make sense, does it?”

Advertisement

McCrae has been at the forefront of fighting ESG, recently working with other state treasurers and advocacy groups including AFA to block a Biden administration proposal that allows ESG into employer-sponsored retirement plans. The plans that these potential rules could affect have a combined value of $12 trillion, covering two-thirds of Americans.

“Whether you agree with the objectives or not,” says McCrae, “the fact is that ESG standards are being applied subjectively, often according to perceived political ideology rather than hard facts.”

The E in ESG indicates a targeted approach to investing in companies perceived to be environmentally friendly, but as McCrae points out, these standards can seem arbitrary.

The S embodies an even murkier set of values, but basically refers to how a company addresses social issues. S&P defines the S as a strategy aimed at minimizing the risk posed by people and institutions. For example, S&P cites 's choice to restrict gun ammunition sales. What is certain is that the S includes a strong emphasis on diversity and inclusion – both in hiring and in preferences for vulnerable customers.

Advertisement

The G – for corporate governance – sometimes gets overlooked, but applies to sound social management practices, with the caveat that such policies promote gender diversity and equity.

Why it's dangerous

The dangers posed by ESG are concrete. McCrae is especially concerned about how it is affecting farmers and America's food supply.

“ESG advocates want ag producers to change their practices to accommodate investors' political wishes rather than taking the steps necessary to feed, clothe, and fuel the world,” he cautions.

“They can threaten large-scale cattle, hog, and poultry operations. They can wield political power to target timber or divert financing from agribusinesses that are helping farmers produce more food for cheaper.”

Advertisement

ESG practices – specifically the S – are also being used to silence and “de-bank” conservative organizations.

“At 10:29 a.m. on July 7, 2021,” recalls Jerry Cox of the Arkansas Council (AFC), “our credit card processor, a JPMorgan Chase company, unexpectedly sent an email saying it could no longer our business. Sixty seconds later we were no longer able to accept credit card donations.”

After multiple phone calls, Cox was informed that the AFC had been designated a high-risk organization.

“To this day, we don't know why,” he says.

Advertisement

Other family policy groups have been “de-platformed,” thus losing access to social pages and internet servers used to communicate with the general public.

“When someone either has their account suspended or deleted entirely, the platform as a private business (Facebook, Twitter, etc.) is terminating the ‘contract' between itself and the user,” explains John Horst of Xanesti Technology Services. This “de-platforming,” says Horst, can have financial consequences.

ESG is starting to suffer from a branding problem because it doesn't deliver very good financial returns. But ESG funds do earn investment advisors a lot more money, in spite of being virtually indistinguishable from other funds.

When it gets more personal

“Last year, more than half of the largest ESG exchange traded funds lagged in the S&P 500,” observes the nonprofit Foundation for Government Accountability. “ESG funds have much higher fees than other funds even though a majority of the assets in ESG funds are invested in the same holdings as non-ESG funds.”

Advertisement

Assaad Razzouk, energy investor and climate change commentator, is more blunt: “Epic greenwashing is everywhere, eighty-seven percent [of ESG-focused funds simply] rebranded by adding words such as sustainable or ESG or green or climate to their names. None changed their stock or bond holdings at that point.”

For activists like Razzouk, the solution to ESG's compliance problems is not less, but more, for example, in the form of globally accepted accounting standards and multinational rules to police investment products.

This is where the ESG scam gets interesting. As the adoption of ESG standards grows, ESG is becoming embedded in federal and global rulemaking. As cited above, the Biden administration has already issued a rule encouraging private retirement plans to adopt ESG standards. Likewise, the World Economic Forum is calling for ESG to be adopted by government regulators, investors and standards bodies.

The ultimate goal seems to be to transform ESG into a framework for social-credit scoring. Pioneered by communist China, a social-credit score denotes a system to “regulate the financial credit industry, enable government agencies to share data with each other, and promote state-sanctioned moral values,” reveals Chinese reporter Zeyi Yang in MIT Technology .

Advertisement

“Individuals or companies with bad credit records will be punished by having their information publicly displayed, and they will be banned from participating in government procurement bids, consuming luxury goods, and leaving the country.”

Toward this end, various entities such as the technology firm Diginex, are pushing for the adoption of personal ESG scoring. As pro-ESG investor/blogger Kyle Kroeger boasts: “While this may sound like tales out of China, it is a system that is, in fact, being implement[] in the U.S. and soon many other nations.”

#####

This article was first published by AFA.net.

The post A Dangerous Trap appeared first on Magnolia Tribune.

Advertisement

Read More

By: Jameson Taylor
Title: A Dangerous Trap
Sourced From: magnoliatribune.com/2023/06/21/a-dangerous-trap/?utm_source=rss&utm_medium=rss&utm_campaign=a-dangerous-trap
Published Date: Wed, 21 Jun 2023 19:51:12 +0000

Advertisement

Magnolia Tribune

Staring mortality in the face at Christmas

Published

on

My friend Jarrod is dying after an eight year battle with cancer. He's lived a life worth celebrating, one that has drawn people to Christ.

I was going about my business this week when I received a text that stopped me in my tracks. A college friend was being moved to hospice care.

Jarrod Egley was diagnosed with colorectal cancer in early 2017. In the fall of 2018, tests revealed the cancer had spread to his lungs and Jarrod's cancer was classified as Stage IV.

For almost eight years from the date of the original diagnosis, he's fought. Through surgeries, radiation, endless rounds and cycles of chemotherapy, and experimental immunotherapies, he's fought.

Last year, I flew out to California and spent some time with Jarrod and his wife, Emily. We sat outside one night. He acknowledged to me that it was not a question of ‘if', but ‘when' the cancer would claim his . I told him I was sorry, because what else is there to say?

We talked about our faith, about the trials of Job, about Jacob wrestling with God, about Paul's affliction. But mostly we reflected on our time together in school, on the good things, and the mundane things, that happened since.

Jarrod and I met at Tulane . One Sunday morning in the Spring of my freshman year, I rose from my dorm room bed, dressed, and began walking down Saint Charles Avenue in New Orleans with no particular agenda. I walked until I came across First Baptist Church and the thought flickered in the vacuous recesses of my brain to enter.

Advertisement

Some would say it was a lark. The Calvinist in me says providence. The walk that morning changed the trajectory of my time at Tulane and my life on the whole. Intervarsity Christian Fellowship and the Baptist Collegiate Ministry became central to my life and put me in regular league with Jarrod. I met him first at the BCM and we ultimately ended up attending church together.

Jarrod was a faithful servant on and off campus. He helped organize a group of us that would weekly make our way down to the Esplanade seawall on the backside of the French Quarter to feed the homeless. On Friday nights, he could be found at chapel with a small cadre of students foregoing Bourbon Street for early 2000s worship music.

Jarrod was a loyal friend in those years. Never rude or biting. Not prone to an insult for an easy laugh. Persistently encouraging. An engineering student, his mind worked linearly and was oriented to problem solving. There were never a lot of wasted words — always a lot of deliberative questions when he disagreed or did not understand a point. He exhibited intelligence, empathy, and the kind of moral conviction that sets someone apart.

He also had a wry and dry sense of humor and a penchant for beating people at Madden football. He was fair-to-midland on the ultimate frisbee pitch. Along the way, there were crawfish boils, outtings, poorly attended Tulane football games, and more than a decent amount of wing eating.

Advertisement

After college, I lost touch with Jarrod. He moved back to his home of California. He got married to his college sweetheart, who could not have anticipated her husband's journey, but has been a steady and constant helpmate throughout. Jarrod became a very successful engineer and a bourbon connoisseur. One of his bucket list trips took him to Kentucky, where he got to meet and became friends with bourbon “Hall of Famer” Freddie Johnson of Buffalo Trace acclaim.

Jarrod at Buffalo Trace Distillery (Spring 2022).

Sitting in his backyard nearly 20 years after graduating from Tulane, I saw many of the same qualities I had grown to admire when we were students together. I saw a husband who doted on and supported Emily's passions. But I also saw someone whose body had been beaten to hell and back, who was tired, and who, like Jacob, had been wrestling with God. We quickly fell back into friendship, which perhaps is the mark of good friendship.

We all have aspirations in our youth — for the kind of spouse or parent we might be, for what we might accomplish, for what we might experience. Along the way, dreams are satisfied, modified, or they die on the vine. The clock inevitably works against all of us. That night in Oceanside, California, Jarrod, a numbers guy, saw that time was not on his side. He believed, as we all would, that he still had more to give, more impact to be made, and more things to see and experience.

After that , Jarrod and I stayed in touch, most frequently triggered by of his cancer. It has been mostly the bad variety in recent months. Now spread throughout his body, down to his bones, he has lived in constant pain for months. Not even a steady diet of morphine and an implanted pain pump solve for it. Jarrod's been hospitalized twelve times just in 2023.

But his matter of fact sense of humor and way of seeing the world remains in tact. So too does his faith that despite these trials, he has always been safe in the hands of Christ.

Advertisement

There are people in the world who believe that life is random, disordered, and without reason. I am not among them. I think my friend is staring mortality in the face at Christmas for a reason.

For thousands of years before Christ came, there was darkness and despair. Sin and shame gripped the hearts of men. Until one holy night, God, in His infinite love, mercy and wisdom, sent His son to save. Jesus is the light of the world and the hope of man. He has won victory over and Jarrod's will not be the exception. Jesus came for Jarrod, and for you.

For thousands of years since Jesus's death, burial, and resurrection, His disciples have been used as divine instruments to point the way to God. Jarrod is among them. If life expectancies were the measure, Jarrod would be at the midway point for most people. He's made a lifetime of impact for the Kingdom and on other people.

So, to my friend Jarrod, you were placed here with a purpose. You have your race. You are loved. And when this chapter closes, you will hear “well done, my good and faithful servant.” There is no greater evidence of a life well lived.

Advertisement

While Jarrod and Emily have been fortunate to have health insurance, their portion of the medical bills so far in 2023 have eclipsed $30,000, and Emily is facing additional uncovered expenses during Jarrod's hospice care, a night nurse that costs over $400 a night. If you would like to defray the cost, a contribution can be made at their Go Fund Me page.

The post Staring mortality in the face at Christmas appeared first on Magnolia Tribune.

Advertisement

Read More

By: Russ Latino
Title: Staring mortality in the face at Christmas
Sourced From: magnoliatribune.com/2023/12/16/staring-mortality-in-the-face-at-christmas/?utm_source=rss&utm_medium=rss&utm_campaign=staring-mortality-in-the-face-at-christmas
Published Date: Sat, 16 Dec 2023 15:05:22 +0000

Did you miss our previous article…
https://www.biloxinewsevents.com/magnolia-mornings-december-15-2023/

Advertisement
Continue Reading

Magnolia Tribune

Magnolia Mornings: December 15, 2023

Published

on

Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.

In Mississippi

1. Laurin St. Pe' named CEO of Singing River Health System

Laurin St. Pe

The Board of Trustees of Singing River Health System announced the immediate appointment of Laurin St. Pe' as the Chief Executive Officer on Thursday.

“We are thrilled to announce Laurin St. Pe as the new CEO of Singing River,” said Steve Ates, Board President in a statement. “His wealth of healthcare experience and proven track record make him the ideal leader to steer our health system toward its next phase of growth and success.”

St. Pe', who has been serving as Interim CEO since July 2023, said he is honored to assume the role of CEO at Singing River. He has worked at Singing River as Administrator of Singing River Health System's Pascagoula Hospital and Hospital, in addition to overseeing program service lines throughout the entire system to his subsequent appointment as Chief Operating Officer of Singing River.

The health system says St. Pe played a crucial role in the financial revitalization of Singing River Health System while steering the organization toward financial stability.

2. Gulfport-Biloxi airport, Stennis evacuated after threats

The Gulfport- International Airport was evacuated on Thursday morning “out of an abundance of caution,” airport officials said, after receiving an emailed threat to certain transportation entities across the state.

The airport was thoroughly security swept, cleared and reopened in just over two hours. Gulfport-Biloxi is now operating regularly.

Advertisement

The threat was also sent to Stennis International Airport. Their staff and personnel were also evacuated until the facilities could be swept and cleared.

Any passenger whose travel was affected by the evacuation is encouraged to contact their respective air carrier.

3. Cassidy arrested in Iowa for beheading Satanic Temple statue

Former Mississippi congressional and legislative candidate Michael Cassidy was this week in Iowa for beheading a statue at the state's Capitol erected by The Satanic Temple.

Cassidy reportedly decapitated the statue and turned himself to police on Thursday. He was charged with fourth degree criminal mischief. He then started an online legal defense fund where he's raised upwards of $20,000 as of Thursday night, according to his X account.

Advertisement

4. “Serial fraudster” ordered to cease offering investments into companies

According to the Mississippi Secretary of State's office, on October 26, 2023, Secretary Michael Watson and the Securities Division issued an order against Stephone N. Patton. The SOS says Patton is a serial fraudster with multiple criminal convictions in Mississippi and Florida.

Through business filings with the SEC and Mississippi, Patton has held himself to be the CEO of various companies, including Star Oil and Gas Company, Inc., North Energy Corporation, Inc., Patton Oilfield Services, Inc., and Patton Farms, LLC.

The SOS says using these business filings and company websites, Patton claimed to have raised hundreds of billions of dollars through investment opportunities. Through investigative efforts and collaboration with the SEC, the SOS discovered none of Patton's companies are operational, have any assets, or generate any revenues. Account records show Patton spent investors' funds almost as soon as he received them on personal expenses. The total amount of known investments made to Patton's fraudulent companies is over $80,000. Further, none of Patton's investment offerings have been registered or notice filed with the Mississippi Secretary of State's Office.

The SOS order requires Patton to cease and desist from offering investments with his companies, requiring Patton to permanently deactivate his companies' websites to prevent any further dissemination of his false or misleading information. Patton is also ordered to pay an administrative penalty of $25,000 to the Mississippi Secretary of State's Office for these violations, in addition to restitution owed to all his Mississippi investors.

Advertisement

National News & Foreign Policy

1. Congressional retirements mounting as 2024 election cycle nears

Retirement and departure announcements are piling up ahead of the start to the 2024 election cycle. The New York Times has developed a Retirement Tracker that currently shows 22 Democrats and 11 Republicans who are in Congress now will not be seeking re-election next year.

“Dozens of members of Congress have announced plans to leave their seats in the House of Representatives, setting a rapid pace for congressional departures, with more expected as the 2024 election draws closer,” the NY Times reports. “Given Republicans' razor-thin House majority, the wave of exits has the potential to lead to a significant shake-up next year.”

You can find the tracker here.

2. Texas, Daily Wire, The Federalist sue U.S. State Department over media censorship

The U.S. State Department's Global Engagement Center has under fire as Texas Ken Paxton along with The Daily Wire and The Federalist have filed a federal lawsuit alleging that the department funded technology that could “render disfavored press outlets unprofitable.” They claim that the department has helped social media – Facebook, YouTube and X (formerly Twitter) – to censor free speech while technologies used to censor right-leaning news outlets such as theirs.

New Civil Liberties Alliance is representing The Daily Wire and The Federalist. Paxton and the outlets claim the Global Disinformation Index (GDI), a British think tank, received a $100,000 grant from the State Department in 2021, and NewsGuard, which rates the “misinformation” levels of news outlets, received $25,000 from the State Department in 2020, according to the lawsuit.

According to the State Department's website, the Global Engagement Center's mission is to direct, lead, synchronize, integrate, and coordinate U.S. Federal Government efforts to recognize, understand, expose, and counter foreign state and non-state propaganda and disinformation efforts aimed at undermining or influencing the policies, security, or stability of the United States, its allies, and partner nations.

Advertisement

As reported by Reuters, the lawsuit cited a GDI-produced list from December 2022 that ranked The Daily Wire and The Federalist as among the 10 “riskiest sites” for news while the least-risky included The New York Times, Associated Press and NPR. Reuters notes that the lawsuit alleges such “blacklists” are reducing revenues to The Daily Wire and The Federalist along with their visibility on social media and ranking results from browser searches.

Sports & Entertainment

1. SEC releases 2024 schedules

Wednesday evening, the Southeastern Conference released the 2024 football schedules for its member schools, including of interest in the Magnolia State the schedules for Ole Miss and Mississippi State.

It is the first schedule that includes new conference members University of Oklahoma and University of Texas, bringing the conference to 16 schools. Each SEC team will play eight conference football plus at least one required opponent from the ACC, Big Ten, Big 12, Pac 12 or major independent, each team will have two open dates.

The 2024 season will be the first year the SEC will play a schedule without divisional competition since 1991. The top two teams in the league standings based on winning percentage will play in the 33rd SEC Football Championship Game in Mercedes-Benz Stadium in Atlanta on Saturday, December 7.

2. White, Jesiolowski, Jones honored by MAIS

John White

The Midsouth Association of Independent Schools (MAIS) in Mississippi, comprised of non-public schools, announced this week that -Ridgeland Academy's senior quarterback John White was named the 6A Player of the Year while Hartfield's Reed Jesiolowski and Hartfield Chris Jones were named the MAIS 6A Offensive and Defensive Players of the Year, respectively.

All three have committed to play college football at the University of Mississippi.

Advertisement

White is Mississippi's all-time leader in career passing yards with 15,259 yards, a record he broke during the 2023 season.

MAIS, like the Mississippi High School Activities Association (MHSAA) for public schools, is broken down into classifications, from 1A to 6A. However, MHSAA added a 7A this season.

Markets & Business

1. Consumer retail sales up as energy, gas prices move down

The U.S. Bureau of Labor Statistics reported this week that the Consumer Price Index rose 0.1% in November after being unchanged in October. Retail sales rose 0.3% in November after rising 0.2% in October, meaning consumers continue to spend at the start of the holiday season.

The CPI or inflation rate is 3.1%, higher than the Federal Reserve target of 2% but below the 9% peak in 2022 which reached a 40-year high.

As for the energy index, BLS reported that it fell 2.3% in November after decreasing 2.5% in October. The gasoline index decreased 6% in November, a 5% decrease in the previous month.

Advertisement

The index for fuel oil fell in November, decreasing 2.7%. However, the natural gas index rose 2.8% over the month after rising 1.2% the previous month. The index for electricity also rose 1.4% in November, after increasing 0.3% in October.

The energy index fell 5.4% over the past 12 months. The gasoline index decreased 8.9%, the natural gas index declined 10.4%, and the fuel oil index fell 24.8% over this 12-month span.

2. Week's market rally continues into Friday

At close of trading on Thursday, the U.S. markets continued the week's rally, pushing the Dow up 158 points to 37,248 while the Nasdaq and S&P also made gains, 27 points and 12 points, respectively, to close at 14,761 and 4,719.

The record high for the Dow on Thursday moved futures up 102 points.

Advertisement

According to CNBC, the major averages are headed for their seventh straight positive week. As of Thursday, the Dow is higher on the week by 2.8%. The S&P 500 is up by 2.5%, while the Nasdaq Composite rose 2.5% this week.

Stocks rallied after the Federal Reserve left rates unchanged this week while members look towards cuts in the new year and beyond.

The post Magnolia Mornings: December 15, 2023 appeared first on Magnolia Tribune.

Advertisement

Read More

By: Magnolia Tribune
Title: Magnolia Mornings: December 15, 2023
Sourced From: magnoliatribune.com/2023/12/15/magnolia-mornings-december-15-2023/?utm_source=rss&utm_medium=rss&utm_campaign=magnolia-mornings-december-15-2023
Published Date: Fri, 15 Dec 2023 13:00:00 +0000

Continue Reading

Magnolia Tribune

New water rates expected in Jackson come 2024; those who don’t pay face shut off

Published

on

Interim Third-Party Director Ted Henifin said this week that only about 59% of the City of Jackson's water customers are paying their bills.

JXN Water has announced new rates and fees coming in 2024. Those who are not paying will be at risk of shut offs.

The company, which was established by federal appointed interim Third-Party Director Ted Henifin, has been overseeing the 's water system for the better part of a year.

estimated that the average cost for water in the city was $76 per month for . Henifin clarified that JXN water will not attempt to recoup any charges prior to November 29, 2022, and will work with those who have failed to pay since that time.

He said only about 59 percent of the city's water customers are paying their bills.

“You can't forgive bills, so we have to be creative in how we part that,” said Henifin in reference to Mississippi's laws that prevent giving away water.

Advertisement

According to a release by JXN Water announcing the rate changes, residents in single households with small meters that use up to 748 would see a bill increase of roughly .30 cents per day. Research indicates that the average U.S. family uses 300 gallons per day.

SNAP customers will have a new rate tier that could lower their bill by up to .69 cents per day, on average.

“Those who need to save the most benefit from saving money by drinking tap water. This new rate structure makes water affordability possible for 12,500 JXN Water customers who receive SNAP benefits,” said Henifin in the release.

Read more about the anticipated rate changes here.

New fees will also be implemented, a new service fee of $50, service deposit of $100, returned check fee of $25, service restoration fee of $100, and meter tampering charge of $500. 

JXN Water has continued to encourage residents to use the water, with Henifin going on the record in a federal status hearing saying that the water “was safe to drink.”

Advertisement

More conversation regarding the billing is expected to at next 's Jackson City Council meeting.

The post New water rates expected in Jackson come 2024; those who don't pay face shut off appeared first on Magnolia Tribune.

Read More

Advertisement

By: Sarah Ulmer
Title: New water rates expected in Jackson come 2024; those who don't pay face shut off
Sourced From: magnoliatribune.com/2023/12/15/new-water-rates-expected-in-jackson-come-2024-those-who-dont-pay-face-shut-off/?utm_source=rss&utm_medium=rss&utm_campaign=new-water-rates-expected-in-jackson-come-2024-those-who-dont-pay-face-shut-off
Published Date: Fri, 15 Dec 2023 20:00:00 +0000

Continue Reading

News from the South

Trending