So, I came across this brilliant comedian on Facebook the other day, and Facebook, in all of their infinite wisdom censored it from me, according to their factcheckers (who have done absolutely nothing to curb climate change, by the way).
Toni Bologna claims Vanguard and Blackrock own the world – and it turns out they do. Only they do so with a few of their friends, according to ‘fact checkers’.
Their article goes to pains to show that Toni Bologna is in fact correct in her assessment, but spin it by the letter of the law rather than the spirit. This is spin doctorism at it’s most wall street shamanic.
It is narrative control while admitting wholeheartedly to the open conspiracy of a few corporations controlling virtually all capital.
What is striking is this is not a video getting millions of views, and telling people to overthrow their governments. No, it has been shared less than a thousand times, with probably as many watches. So why pick on small fry? Especially when there are real misinformation artists out there with weapons and deadly intentions? Maybe because these “false” by-a-technicality claims are directed at the very platforms and factchecking funders themselves?
For simplicity’s sake, I’ve reposted AAP’s entire article below. See if you can point out how they both admit to the truth claim while spinning it as if it was false, when really, they are saying they win on a technicality.
Global corporate monopoly claim dances on edge of reality
AAP FactCheck March 18, 2022
A video shared on Facebook claims two companies own most of the world’s corporate giants including competing firms Apple and Microsoft, and Coke and Pepsi.
The social media user makes the claim in the video while performing an interpretive dance.
However, experts have told AAP FactCheck the two companies she names, BlackRock and Vanguard, are investment managers which in most cases “own” less than 10 per cent of shares in the corporations and have a negligible influence on them.
The video has been posted on Facebook accounts such as this one (archived here). The post’s text says: “Want to know who REALLY runs the world ?? Everything is owned by the same people, and I’ll admit. Their strategy to conceal it, is clever.”
In the video, the woman says: “Since the 1970s, two corporations have gobbled up most of the earth’s companies – Vanguard and BlackRock,” (video mark 6 sec).
Later she says: “These two mega-corporations own all the smaller corporations so we have a monopoly inside of a monopoly. Vanguard and BlackRock own Coke and they own Pepsi. They own Apple and they own Android, i.e. Microsoft. They own American Airlines, they own Delta. They own oil and they own solar. They own eBay and they own Amazon,” (video mark 50 sec).
It’s true Vanguard and BlackRock are major shareholders of many corporations she names, strategically investing their client’s money in order get a good return.
At the time of writing, Vanguard is Apple’s major shareholder with 7.33 per cent of stock, while BlackRock is third at 4.14 per cent. Vanguard is also Microsoft’s major shareholder at 7.80 per cent; BlackRock second at 4.45 per cent.
Vanguard is Pepsi’s major shareholder at 8.44 per cent; BlackRock second at 4.73 per cent. Vanguard is Coca-Cola’s second major shareholder at 7.55 per cent; BlackRock third at 4.13 per cent.
But they are not alone in dominating the shareholdings.
He told AAP FactCheck that because there are large money market funds or institutional investors in most developed countries, there is a degree of common ownership, but that isn’t a monopoly.
“It just says they (BlackRock and Vanguard) might each be the largest shareholder in a large number of businesses, but that large shareholding is likely to be in proportion through the relevant index – so they might be the largest shareholder because they have seven per cent of the shares,” he said in a phone interview.
“Occasionally they get to 10 (per cent), but that doesn’t mean that they control that business. It doesn’t always mean they influence that business.”
Dr Nicholls says Vanguard and BlackRock are not “owners” of corporations in the sense depicted in the Facebook video.
He says investors who want exposure to the stock market can purchase an exchange traded fund, a passive investment that buys shares in proportion to market capitalisations – but someone has to actually buy the shares that build the funds and that’s the role of Vanguard and BlackRock.
“So what you tend to find is that large businesses, because of their market capitalisations, tend to have the larger institutional investors as significant or major shareholders – and indeed so significant that on disclosure listings the likes of BlackRock and Vanguard appear to own everything.”
“Even the largest of the index funds (e.g., Vanguard) will have very small absolute ownership stakes (around 5%) in Australian companies,” Dr Casavecchia said in an email.
“While such holdings could influence proxy voting or firm governance matters it is difficult to imagine how a single institutional investor with a small percentage holding would have the motive and influence (or capability) to push corporate executives to engage in uncompetitive practices across an entire industrial sector.”
Adam Triggs, research director at ANU’s Asian Bureau of Economic Research, also told AAP FactCheck it’s inaccurate to say Vanguard and BlackRock own many of the world’s largest companies.
“They invest money on behalf of other people and (are) not the beneficial owners themselves,” Dr Triggs said in an email.
“They are the largest single shareholder in many publicly listed companies but this is not the same as ownership.”
However, Dr Triggs says there’s evidence common ownership of competing firms, such as Coke and Pepsi, reduces competition and has argued this can cause anti-competitive outcomes.
The claim two companies own most of the world’s major corporations is false. Experts told AAP FactCheck that Vanguard and BlackRock are two of the world’s biggest investment managers and appear among the top shareholders of many corporations, without actually owning them or having a major influence on how they are run.
Vanguard and BlackRock are also not exclusively the major shareholders. Investment companies State Street and Berkshire Hathaway also appear among the top shareholders of many large corporations.
My recently published paper in Environment & Society“Surveying the Chemical Anthropocene: Chemical Imaginaries and the Politics of Defining Toxicity,” draws on Sheila Jasanoff’s notion of “sociotechnical imaginaries” to describe how chemicals become cultural artifacts as much as material ones. This means that the flows of toxic chemical exposures are not impartial to the fears of contamination of the powerful, nor to to the racist, classist, sexist, gendered, and xenophobic preexisting constructions which have legitimated systemic forms of discrimination. Those who can, remove themselves from the toxics gradient, those who cannot suffer what they must. But such inequalities structurally create ignorance, and an agnotological deconstruction of the methods of how industries prey on preexisting biases to circumvent public feedback and accountability is an oroborous of legitimized harm.
In the article, I deploy Michel Serres’s optic of “appropriation by contamination” to indicate the colonial aspects of toxic chemical manufacture and exposures. Contamination renders necrotic land, flesh, and other areas of materiality, so that they cannot be used for anything else except further contamination. According to Carolyn Merchant, Fabian Scheidler, and many others, such scorched earth chemical and mining practices have been occurring for many hundreds of years, first in Europe, and then in other areas of the world.
In accordance with the infamous World Bank memo by that rational racist Lawrence Summers, once Europe got rich enough and had kicked the pollution of industrialization into high enough gear that it was killing a high enough proportion of its upper and middle classes, it simply virtualized the pollution, not by actually cleaning up the chemical industry’s act, but by shipping it overseas. Thus this wave of chemical imperialism I describe, ends up first poisoning the capital centers, and then once they succeed in regulating such practices, these same industrial processes – unchanged – move overseas. The failure to learn any lessons from the human health harms, the inability to flinch and reflect, before outsourcing our pollution elsewhere, is part of chemical colonialism.
We live in the middle of a chemical soup, created by the ambitions of companies and governments locked in an arms race through the competition of markets and the zero-sum game of market share. There is a huge asymmetry between the testing of chemicals and the invention and deployment of chemicals. Less than one percent of all chemicals produced in 25,000 pounds or more per year in the United States have been fully tested by the EPA’s Chemical Review Program (Krimsky 2017). Yet institutions and companies are under tremendous pressure to roll out new chemicals every year, at an ever increasing harried pace, as part of the Verschlimmbessernpolitik of ‘solutionism‘. Furthermore, 40% of chemical (including pharmaceutical) regulator income comes from the companies themselves, so bureaucrats have a vested interest in keeping the chemical treadmill running and not falling afoul of the cancer-causing gravy boat.
In the conclusion, I discuss that until we get focused on biomaterials, and get away from extracts and synthetics, chemical reduction in our lives or #chemicaldegrowth is necessary. But I don’t shy away from the obvious fact that this means that we can’t have all the nice cheap stuff we have. We need phones and computers that last for 20 years with tiny little pieces we switch out (what the FairPhone and Framework try to do, but better). We need robustness standards on all of our electronics, we need a maintenance culture, rather than an innovation culture. Just like the Manifesto for Maintenance Art, it is the culture of maintenance, or of care, that our epoch requires. In an essence, this is a move away from the macho idea that I am stronger than the chemicals I’m exposed to (or like a good Social Darwinist I deserve to die if I’m not), to honoring and listening attentive to those with chemical sensitivities as the canaries in the coalmine we’re making of the planet. Instead of ridiculing and gaslighting those who have more refined and deeper sensing abilities than the average chemically-intoxicated person, responsibilizing their problems, we should see that we perhaps have just been dulled down too much already through contamination to realize what’s going on.
They say that our capacity for change is inversely proportional with our sadistic willingness to suffer. Maybe it’s time to realize that sacrificing ourselves before the captains of industry to keep the cogs running has diminishing returns, and that the time has come to inventory, reduce stock, and close down shop of the most toxic businesses despoiling biology’s unique promise of intelligence and agency.
The thrust of the paper is that plant neurobiology aims to borrow the nomenclature of animal (including human) biology in order to boost the moral standing of plants. By showing analogs between animal and plant hormones and processes (analogs to brains in the root subapex, as Darwin originally postulated), plants can be treated as moral patients. However, this approach fails to acknowledge the difference of plants, and value that difference. In attempting to use animal biology language for plants, however well intentioned by plant neurobiologists, speaking in the master’s language fails to do plants justice, and reaffirms the human- and animal-centric moral evaluative position. Instead, I offer a (non-utilitarian) pluralistic account of value that allows recognition of plant intelligence without requiring that intelligence to measure up against mammal intelligence.
Here’s the abstract: Plant biologists widely accept plants demonstrate capacities for intelligence. However, they disagree over the interpretive, ethical and nomenclatural questions arising from these findings: how to frame the issue and how to signify the implications. Through the trope of ‘plant neurobiology’ describing plant root systems as analogous to animal brains and nervous systems, plant intelligence is mobilised to raise the status of plants. In doing so, however, plant neurobiology accepts an anthropocentric moral extensionist framework requiring plants to anthropomorphically meet animal standards to be deserving of moral respect. I argue this strategy is misguided because moral extensionism is an erroneous ontological foundation for ethics.
I’ll be giving a webinar lecture Friday May 8th for the International Federation of Medical Students’ Association – the Netherlands as part of their Youth Delegate Programme masterclass series in collaboration with the Dutch ministry of Health, Welfare and Sports (VWS), and the Ministry of International Affairs (BuZa).
I’m excited to share my research in their series on Global Health amidst the COVID-19 crisis.
Working at the CTCRE at UCSF allowed me to meet all sorts of medical practitioners aware of the influence of industry on the health of their patients.
One of those people I happened to meet, was Eleni Linos (now at Stanford), a dermatologist who had noticed throughout the years the influence of the tanning industry on spreading disinformation to the public on the health harms of tanning.
Jerod Stapleton also published for the British Journal of Medicine an editorial on our article, concluding that “We must challenge industry attempts to change the conversation about tanning.” Stapleton is no stranger to the harms of tanning, having conducted significant research on the health outcomes, as well as leading a paper in JAMA Pediatrics titled “The American Suntanning Association: a “science-first organization” with a biased scientific agenda.” Indeed, according to the tanning industry’s January 2015 issue of Smart Tan, the ASA succeeded in convincing (bullying?) the CDC to remove claims of a 75% increase in melanoma risk from sunbed use that had previously been displayed on the CDC website.
Today I gave a talk at the Stanford History of Science and Technology Workshop on Industrial Epidemics. It was a pleasure to discuss the ins and outs of public health, corporate malfeasance, and glyphosate in particular with the students and professorate of the History of Science and Technology Program. Especially rich were the insights of Robert Proctor, the coiner of the term agnotology, who has been a great inspiration for my own work.
Here’s the Abstract:
Noncommunicable diseases (NCDs) have turned out to be quite communicable; the disease vector isn’t some virus or pest, but instead the very bulwark of industrial civilization. While NCDs have always been with us as a species, their normalcy and multiplication is novel. The very system of corporate science, muscle, and capital that helped eradicate harrowing infectious diseases that threatened generations in the 20th century have left in their wake a new epidemic of chronic disease above and beyond background levels for the 21st century to clean up. The rise of chronic disease tracks directly with the rise in environmental exploitation and industrial pollutants. By virtue of epidemiology and randomized control trials, we know that certain classes of people (such as smokers, obese people, chemical manufacturing workers, farmers using pesticides) have inordinately more chronic disease than people without those exposures. Many people, especially as they age, incur multiple chronic diseases, causing them much suffering, and costing them and society extensive financial resources. Merrill Singer ( 2009, xiv) describes how syndemics represent “a set of enmeshed and mutually enhancing health problems that, working together in a context of noxious social and physical conditions, can significantly affect the overall disease burden and health status of a population.” Adopting the public health descriptor of epidemics associated with infectious disease for chronic disease conditions, framing the rise of chronic disease first in developed countries and now worldwide in terms of an epidemic caused by industrial processes, scrutinizes how corporate behavior socially determines the health of populations. This paper focuses on how these mechanisms have manifested in the agrochemical and petrochemical industries.
And my bio:
Yogi Hale Hendlin is an assistant professor in the Erasmus School of Philosophy and core faculty of the Dynamics of Inclusive Prosperity Initiative at Erasmus University Rotterdam in the Netherlands, as well as a research associate in the Environmental Health Initiative at UCSF. Yogi has been working at the intersection of public health and environmental political philosophy for 15 years and has published in journals such as MMWR, BMJ, Ambio, PLoS Medicine, The American Journal of Public Health, Tobacco Control, Environmental Philosophy, Environmental Ethics, and the Annals of Internal Medicine. Yogi’s work has been taken up in popular media outlets such as Time, National Geographic, The Guardian, BMJ, CNN, Fox, Salon, Reuters, Gizmodo, Bloomberg, Nautilus, The Revelator, and Science Daily. Yogi is currently writing a monograph titled Industrial Epidemics: Chronic Disease and the Corporate Determinants of Health.
My Erasmus University Rotterdam colleague Alessandra Arcuri and I are organizing a day-long workshop on the most used pesticide in the world: glyphosate. Glyphosate, the active ingredient in RoundUp, Monsanto’s flagship herbicide, has been linked with cancer by the International Agency for Research on Cancer (IARC) in 2015.
Here I will attempt to gather and decode euphemisms (saccharine words covering up the dismal reality, e.g., climate change for global warming) and dysphemisms (derogatory terms for neutral ones, e.g., warmist for people who acknowledge the facts of global warming) of corporate-speak.
“Crop Protection Agents” = pesticides
Example: Philip Morris attempting to use the natural anti-pest properties of tobacco to make the claim that tobacco is better for the environment than food crops (remember the neonicotinoid pesticides that are decimating bee and butterfly populations? They come from tobacco)
This work contributes to the study of industrial epidemics, and how corporations, instead of dying a quiet death as the world wakes up to the inutility of their products for life, metastasize into other structures to clean up the messes they continue to create–and to charge taxpayers for it (in this case, by getting government health care like the NHS in the UK, to pay for their so-called reduced-harm nicotine products).
Today at UCSF, I had the chance to hear Michael Specter deliver the 2017 Chauncey D. Leake Lecture: “Do Facts Still Matter? And What Does It Mean If They Don’t?” It brought out all of San Francisco’s good liberals, concerned about Trump’s anti-science anti-fact Administration. Specter, a decorated journalist for some of my favorite rags, certainly has the credentials to to kvetch at the poor state of US politics.
And yet, he missed an opportunity to channel the despair, rage, and motivation of hundreds of UCSF faculty and students. Cavalierly bashing the science-bashing while not seeing that he was engaging in the same sort of zealotry the room despised, there was a fundamental disconnect in his talk. Instead of understanding the pragmatic even democratic way in which consensus and dissensus coexist in science to push it forward, or acknowledging the unscientific politicization of science which occurs when funding derives from self-interested strings-attached corporations rather than from and for the public good, Specter pontificated about the horror of Trump and basic science communication.
He emphasized how The New Yorker has sold more subscriptions since November 8th than in the past three years, and that this holds for The New York Times as well–as if the raison d’etat of the Fourth Estate is to greedily prey off people’s fears. Perhaps because of his embedded status, Specter can’t see the forest of civilization through the trees of simplistic versions of science as a monolith, failing to crucially discriminate between different motivators for science, let alone including systems thinking perspectives, prevention, or noticing that all of this stuff that medicine and scientific experimentation in the 21st century is based on draws on a dwindling supply of natural capital.
What was most revealing, however, is how his internal logic fell apart. One story he told described how his mother wouldn’t let him eat butter, and fed him only margarine, because it was better for him. She also would give him antibiotics every time he sneezed. Of course, he commented, she didn’t hate him, she loved him, and while today we know both of these “facts” to be totally wrong and harmful to health, she was doing the best she could based on the current state of science in the 1950’s. Specter went on to speak about GMOs and vaccines, and how harmless they are, and that anyone who thinks otherwise is ignorant or worse. Clearly, this narrative hangs together rather than apart.
Yet, the logical tensions of the acknowledged “whoops!” factor of the science of Specter’s youth and the total confidence he held towards the complete safety of these biochemical and genetic interventions was glaring. Like geoengineering, certain types of science are deus ex machina solutions–problems that create more problems for the future. Such science passes the buck to future generations, leaving them the bill when things don’t turn out the way we imagined. Nuclear waste is a good example of this: in the 1960’s when nuclear power generation was first really going online, there was the open question of What are we going to do with the waste? The answer, at the time was that By the time we need to dispose of nuclear waste in 20 or 30 years, our ingenuity will have long since figured out what to do with that! Here we are in 2017, and no one has a clue what to do with nuclear waste so that we don’t have to guard it for the next 10,000+ years.
There is a second type of science, however, a less glamorous, less funded, but ultimately life affording rather than killing type of science; and that is precautionary science. Precautionary science is very poorly funded because there’s no money in it. Instead of aiming to commodify more of the world, and to sink its claws into the last remaining realms that haven’t been privatized, it looks at systems-level solutions that save time and money, and hence puts dozens of obsolete cannibalistic industries out of business. Precautionary science aims at getting at the root of problems, rather than dressing up sickly symptoms with increasingly technicolor gauze.
As an example, Specter talked about a rich, liberal Florida community that plagued with dengue fever mosquitos. When presented with the option of importing genetically-engineered mosquitos (for a plump price) to breed with the dengue mosquitos, hopefully killing them off, the locals swore off any sort of genetic engineered organisms, fearing the technology and not knowing how these genetically-engineered mosquitos might actually change their ecology. Instead, Specter alleges, they deal with the mosquito problem by spraying massive amounts of toxic Dow Chemical insecticide all over their city–clearly not a desirable outcome.
The GMO-chemical dichotomy that Specter presents us with is the fallacy of the excluded middle. The options are all predicated on deus ex machina science rather than precautionary science. Systems science would look at the underlying factors of dengue mosquito inhabitation. They include climate change, urbanization, increased travel and lax controls over shipments of goods, etc. Why a vaccine wouldn’t work in this case (although one exists) is that the serotypes keep on expanding and changing, and that like the futility of the flue vaccine, any vaccine is already based on old biological versions of the virus, bacteria, or disease. Meanwhile, the disease has been evolving, and many pathogens are very adept at overcoming the hurdles we throw at them. Instead of doing the hard trench work of making progress against raising climate temperatures by stopping factory farms, war, and fossil fuels production while planting trees and reforesting using restorative conservation ecology Green Corps, its all too easy to attempt to address the symptoms (the mosquitos with dengue fever that have “invaded” Florida) rather than the cause. Yet, if we got to the cause of things, and actually acknowledged that our current way of life–including our science–is out of sync with natural processes and must be restored, then we’d have a fighting chance at creating healthier lives for all.
Otherwise, we’re involved in a shotgun approach making a holistic problem piecemeal. But if we do this, today it’s dengue fever, tomorrow it will be another one. Are we really so stubborn as a species that instead of resigning ourselves to a little epistemological humility we’d rather mow down the rest of creation because we’ve created such a destructive ecology that we have no other choice?