The rise of nationalism and immigration restrictions are to blame for inflation, not the Federal Reserve printing trillions of dollars, according to BlackRock CEO Larry Fink.
Fink, who manages some $10 trillion in assets, told Bloomberg earlier this month that he believes inflation is “not Fed related.”
“I would say, 10 years ago, the rise– whether you call it nationalism or the rise of this belief that we have to focus on communities that have been devastated by globalization, we need to find ways of creating better jobs for more Americans, that in itself is inflationary,” Fink said.
“When you move away from the cheapest price ever to another area and so that’s a fundamental change,” he continued. “We change your immigration policies and I’m talking about legal immigration okay our legal immigration, that was changed about five years ago where we’ve reduced the amount of legal immigration.”
“If you look at the rate of increase of immigrants, legal immigrants in the United States from 2000 to 2017 and the rate that we are growing immigration in the last five years we’re down 2 million, 2 million new entrants to the United States legally. That is very inflationary when we have full employment when we have these jobs think about all the need for workers,” Fink said.
BlackRock has been contributing to inflation by driving up home prices though buying up single family homes and turning them into rentals.
Fink has also been at the forefront of the “Woke Capital” movement by using the trillions he manages as a cudgel to force public companies to advance globo-homo policies.
Federal Reserve Chair Jerome H. Powell and Treasury Secretary Steven Mnuchin partnered with Fink during the covid economic meltdown to “rescue” key businesses with political clout.
As markets were falling, “America’s top economic officials were in near-constant contact with a Wall Street executive whose firm stood to benefit financially from the rescue,” the New York Times reported last year.