Wall Street legend measures the financial situation after Russia’s invasion of Ukraine in the “Cramant Countdown”.
BlackRock CEO Larry Fink says Russia’s invasion of Ukraine marks the end of globalization as it reassesses how countries, businesses and individuals want to depend on others.
Laurence Fink, Founder and Chief Executive Officer of BlackRock, Inc., will speak at the Reuters Global Investment Outlook Summit in New York, USA on November 13, 2017. REUTERS / Lucas Jackson (REUTERS / Lucas Jackson / Reuters Photos)
The Wall Street giant, the world’s largest asset management company that handles over $ 10 trillion, says he’s still a supporter of globalization.
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“We believe in the benefits of globalization and the power of global capital markets in the long run,” Fink said in an annual letter to shareholders on Thursday. “Access to global capital allows companies to fund growth. Allows the country to expand. ” Economic development, and more people experience economic well-being. “
Black Rock Office in New York City. (Erik McGregor / LightRocket via Getty Images / Getty Images)
“But Russia’s invasion of Ukraine has put an end to the globalization it has experienced over the last three decades,” Fink continued. “The two-year pandemic has already seen connections between countries, businesses and even people, which makes many communities and people feel isolated and inward. I think the polarization and militant behavior seen in today’s society as a whole is deteriorating. “
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But how did Fink work together to impose an “economic war” on Russia with the help of sanctions and multinational corporations withdrawing from Russia against Vladimir Putin’s attack on the sovereign state? Pointed out.
Larry Fink, CEO of BlackRock Inc., will make a speaking gesture at the Bloomberg event on the first day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, January 21, 2020. Photographer: Simon Dawson / Bloomberg viaGett (Photographer: Simon Dawson / Bloomberg via Getty Images / Getty Images)
Globalization refers to integrating markets, reducing trade barriers between countries, making the world more interrelated and even more interdependent.
Supply chain headaches caused by the COVID-19 pandemic, inflation surges, and concerns about the behavior of trading partners are increasingly causing countries and businesses to rethink the expansion of international relations. Fink says Putin’s war is a turning point.
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“Russia’s invasion of Ukraine and its subsequent separation from the global economy encourages companies and governments around the world to reassess their dependencies and reanalyze their manufacturing and assembly footprints, which Covid It’s something that many have already started, “he says. I have written.