There are plenty of reasons to mourn the Russian invasion of Ukraine. From the tens of thousands of lives that have already been lost, to the economic devastation that it has caused Ukraine and will cause countries around the world due to crippling sanctions imposed on Russia.
The CEO of BlackRock, the world’s largest asset management firm, has another reason that he is mourning Russia’s invasion; it will undo globalization that liberal politicians and CEO’s of multinational corporations have spent decades trying to build.
The New York Post Reports–
“BlackRock CEO Larry Fink said that the Russian invasion of Ukraine “has put an end to the globalization we have experienced over the last three decades.”
The head of the world’s biggest asset manager sent a letter to shareholders on Thursday warning of dark days ahead for the world economy, signaling that inflation is of particular concern.
Fink predicted that the war will force countries to re-evaluate the extent to which their economies are interdependent on others. It could also spur economies to develop greater reliance on local manufacturing, according to Fink.
“Russia’s aggression in Ukraine and its subsequent decoupling from the global economy is going to prompt companies and governments worldwide to re-evaluate their dependencies and re-analyze their manufacturing and assembly footprints — something that Covid had already spurred many to start doing,” he wrote.
Howard Marks, the billionaire co-founder and co-chairman of Oaktree Capital Management, wrote a letter to investors expressing similar sentiments, warning that inflation is likely to become a long-term consequence.”
BlackRock has come under fire in recent years for being one of the leading investment companies responsible for driving up housing prices in the United States. The companies have been taking large numbers of homes of affordable homes off the market, making it more difficult for middle class american to own a home. They are doing this all while pushing left wing social policies. Tucker Carlson did a segment on BlackRock explaining their policies last year: