On March 27, the BoC (Canada’s publicly-owned central bank) announced that BlackRock Financial Markets Advisory has been hired to advise on monetary policy during the crisis. The announcement came just hours after BlackRock was given a similar role in the U.S., advising the U.S. Federal Reserve and the U.S. Treasury on a new (potentially $4.5 trillion) corporate slush-fund to bailout the economy through the CARES Act.
As the world’s largest asset management firm, New York- based BlackRock is a financial titan. It manages $7 trillion for its global corporate investor-clients, along with another $20 trillion for clients through its financial risk-monitoring software (called Aladdin).
BlackRock’s many investor-clients include most major corporations, banks, insurance companies, pension funds, sovereign wealth funds, central banks, and private foundations across the planet. With $27 trillion under various forms of its management, BlackRock towers over the finance, insurance, and real estate sectors. This much consolidated financial power may be unprecedented.Canadian Cities Hit by Pandemic Lockdown. Vulnerable to BlackRock’s Privatization Agenda