A. Woke Mortgages
In 2020, the Smithsonian Institute, proponents of Critical Race Theory (CRT), created a chart that was meant to condemn what it called “white dominated culture”, or “whiteness”, and listed a number of characteristics it claimed were essential to the “white culture” in the United States. Among the characteristics were delayed gratification, saving, planning for the future, hard work, rugged individualism, use of the scientific method and strong nuclear families headed by a biological male. What is shocking about this list is that only a few years ago, these same characteristics were viewed as virtues to be admired and taught to the next generation. Tragically, in our woke culture, these virtues, which have nothing to do with “whiteness” and skin colour, are now viewed as defects to be repressed and punished by the State. What really upsets the woke crowd more than anything is that these characteristics which they despise reflect the historic values of Western Civilization, derived from Biblical Christianity.
Interestingly, the Smithsonian Institute withdrew their chart after widespread protest, but never disavowed the subject matter. Today, the contents of the chart have been adopted by our educational institutions and are being systematically instilled into all areas of our culture. Given the pervasiveness of these ideas, they are now impacting our economic policies and increasingly, the allocation of investment capital within the economy. The most significant example of this is seen in the current push for companies to fall in line with the latest ESG2 policies which we discussed in our last newsletter. More recently, the Biden administration is ramming these woke ideas into how U.S. mortgages are priced. Although the financial costs are relatively small, what we should be most concerned with is the logic of the argument being used to justify what is clearly unjust and immoral.
Read the rest of the newsletter by downloading the PDF below.