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BlackRock CEO says Russia-Ukraine conflict will have us rethink globalization
https://www.rebelnews.com/blackrock_ceo_says_russia_ukraine_conflict_will_have_us_rethink_globalization
Larry Fink, who is the head of the world’s largest asset management firm, made his remarks in a letter to shareholders Thursday, warning of dire times ahead for the world economy.
BlackRock CEO Larry Fink says that the Russian conflict in Ukraine “has put an end to the globalization we have experienced over the last three decades.”
Efforts to bring about a unipolar world through globalist policies that exclude and depreciate the sovereignty of individual nations may have hit a roadblock with Russian President Vladimir Putin’s “special military operation” in Ukraine.
Fink, who is the head of the world’s largest asset management firm, made his remarks in a letter to shareholders Thursday, warning of dire times ahead for the world economy. Of concern is impending inflation, which looms on the horizon.
In the letter, as detailed by the New York Post, Fink predicted that the war in Ukraine will force countries to reevaluate the extent to which their economies are interdependent on one another.
Economic sanctions against Russia have prompted a number of countries that are strong trading allies with both the United States and Russia to pick sides, especially with the Biden administration attempting — and failing — to coerce them into abandoning their favourable trade agreements with Russia. Some countries, like those in Africa, Asia, and Eastern Europe, are particularly dependent on Russian trade and resources, which bolster their individual economies.
Countries like Italy, for instance, obtain a significant portion of their energy demands from Russia.
“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.
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