BlackRock Chief Larry Fink Says Ukraine War Marks The End of Globalization

BlackRock head Larry Fink said in a letter to shareholders that Russia’s invasion of Ukraine has put an end to globalization as it has been known for decades.

“The Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades,” Fink said in his 2022 letter to shareholders. “It has left many communities and people feeling isolated and looking inward. I believe this has exacerbated the polarization and extremist behavior we are seeing across society today.”

Fink has been pushing a woke capitalism agenda on U.S. companies for years now, using the financial might of BlackRock to force companies to adopt his stances on divisive racial policies, so-called inclusion programs, and environmental issues. But this year he drew criticism from some on the far left by refusing to rule out investing in fossil fuel companies.

“BlackRock remains committed to helping clients navigate the energy transition. This includes continuing to work with hydrocarbon companies,” he wrote. “To ensure the continuity of affordable energy prices during the transition, fossil fuels like natural gas will be important as a transition fuel.”

Fink said that “companies and governments will also be looking more broadly at their dependencies on other nations. This may lead companies to onshore or nearshore more of their operations, resulting in a faster pull back from some countries.”

The localizing of supply chains on a large scale will be “inherently” inflationary, Fink warns.

The invasion could also spur a faster transition to renewable sources of energy by making fossil fuels more expensive, according to Fink.

“Longer-term, I believe that recent events will actually accelerate the shift toward greener sources of energy,” Fink wrote.