Is Chinese-style ‘authoritarian capitalism’ coming to the United States?
That is a very real possibility as a result of the climate policies being imposed by President Biden and his administration, most ominously from the president’s Executive Order on Climate-Related Financial Risk, issued last May.
Peter Murphy, CFACT’s Senior Fellow, just authored a paper entitled, Biden Climate Change Policies Co-opting Private Sector, that has been published and posted by RealClearEnergy.org, which examines this sweeping Executive Order on climate. Under the guise of a “climate crisis,” Murphy calls the Biden Order “an unprecedented government intervention in the private economy to force the country into a major shift in energy consumption.”
Should the Biden Executive Order proceed to full implementation, “it will lead to a virtual government takeover of the U.S. financial sector …weaken the economic competitiveness of the country, damage working class and middle-income living standards, and threaten the national security interests of the U.S., which are inextricably tied to a robust fossil fuel-based energy sector,” Murphy writes.
If the federal government can compel the multi-trillion-dollar financial sector to implement policy and do its climate bidding, author Murphy writes, “the U.S. will increasingly emulate the Chinese mode of ‘authoritarian capitalism’ with fewer limits to government power and reduced economic freedom.”
The full paper, Biden Climate Change Policies Co-opting Private Sector, can be accessed at RealClearEnergy.org: here.