PLEASE NOTE!

I am no longer coordinating communications for Ground Zero Center for Nonviolent Action, where I worked for nearly two decades. Although on a sabbatical from full-time nuclear abolition work, I will still be doing some research and writing on the subject, and will occasionally post here at the Nuclear Abolitionist. Thanks and Peace, Leonard
Showing posts with label Don't Bank on the Bomb. Show all posts
Showing posts with label Don't Bank on the Bomb. Show all posts

Sunday, December 11, 2016

Divestment: Putting our money to work for peace

Divestment works! The divestment campaign mounted in the 1980s in protest of South Africa's apartheid system pressured the South African Government to begin negotiations ultimately leading to the dismantling of the Apartheid system.

Today we have a 70-year legacy of building and maintaining nuclear weapons that has benefited only the companies that have built and maintained them, along with the companies and organizations (and individuals) that have invested in them.

The newest Don't Bank on the Bomb report, from the Dutch organization PAX, identifies 390 banks, insurance companies and pension funds that still invest in nuclear weapon producing companies. Since 2013, these companies have made nearly half a trillion dollars available to companies involved in the production of nuclear weapons.


The vast majority of governments in the United Nations recently voted to negotiate a nuclear weapons ban treaty in 2017, and it is high time for financial institutions to make the moral/ethical decision to stop investing in companies involved with nuclear weapons.

Currently, eighteen financial institutions, managing more than $1.8 trillion, prohibit investments in nuclear weapons producers. These institutions are prepared for the legal implications of a ban on nuclear weapons to be negotiated at the UN in 2017.

Another 36 institutions have some form of limitation on such investments. But far too many institutions are still investing in nuclear weapons producers, according to the Don’t Bank on the Bomb report.

Don't Bank on the Bomb tells us what companies are working on nuclear weapons, who is investing in them (the Hall of Shame), and most importantly - who is not (the Hall of Fame). With this information we, as both individuals and organizations, can make informed decisions about our investments.  As clients and investors we can pressure the banks, pension funds and insurance companies to divest and reinvest in a responsible way. This is just one important way we can bring about the abolition of nuclear weapons.

Read the Don't Bank on the Bomb report and share it widely. Then we can all put our hard-earned money to work for peace.

Saturday, November 9, 2013

Don't Bank on the Bomb (updated version just released)!!!

The world's nuclear powers continue to pump the financial capital created by the people's toil into the weapons of our own demise.  And the companies involved in the production, maintenance and modernization of nuclear weapons couldn't do their part without the hundreds of $$$BILLIONS$$$ provided by the world's leading banks.

Thanks to IKV Pax Christi, a partner of the International Campaign to Abolish Nuclear Weapons (ICAN) and it's just released update of its Don't Bank on the Bomb report we can know who is financing these weapons and make more informed investment decisions.  The 2013 report (just released in October) focuses on the Hall of Fame as well as the Hall of Shame, not only calling out those institutions that finance nuclear weapons work, but also praising those institutions that have policies prohibiting any investment in nuclear weapon producers.

Click here for the Don't Bank on the Bomb Website, where you can learn more and download the full report.  The Website has some excellent resources including perspectives on historical boycotts, Norway's divestment experience, and the role of faith communities in divestment.

Click here to read the news release on the updated Don't Bank on the Bomb report.

Is your financial institution financing nuclear weapons? Find out, and then challenge it to do the right thing - DIVEST! Click here for ideas on what you can do. 

Besides individual actions like writing to your financial institution and asking it to divest, consider larger group actions like shareholder resolutions. There is incredible power in numbers. It is criminal to profit from the production of the very weapons of our own destruction. Let's invest our hard-earned money in life, not death!

Please download and read Don't Bank on the Bomb today! Then take action to divest!!!

Tuesday, January 1, 2013

Don't Bank on the Bomb in the New Year!

Happy New Year Everyone!!!

It's hard to imagine... We've survived the Mayan Apocalypse and nearly fell over the fiscal cliff!!!  Phew!  That being said, the greatest threat to the survival of humankind still hangs over us like a Sword of Damocles, and this one doesn't come with a target date (although military planners most likely have plenty of potential targets in mind).

As we move into another New Year the money is flowing (like a fire hose at a three alarm fire) into the U.S. nuclear weapons complex.  And of course, the rest of the world is taking notice and following our lead.  Here are the most notable projects that come to mind.


The Y-12 Facility's $6.5 billion Uranium Processing Facility is moving ahead, although it recently experienced a minor glitch.  Despite years of design work officials recently admitted that the facility will have to be redesigned because all the equipment needed to process bomb-grade uranium and conduct other related activities won't fit into the existing design... ooooops!  Y-12 has already built a brand new Highly Enriched Uranium Materials Facility for storage of bomb grade uranium.  The HEUMF cost over a half billion dollars.

Construction of a huge new $673 million nuclear weapons manufacturing facility in Kansas City, Missouri is well underway.  The new facility will replace the existing Kansas City Bomb Plant, and will construct approximately 85 percent of the non-nuclear parts for nuclear weapons. 

National Nuclear Security Administration has already spent nearly a half a billion dollars on a new Chemistry and Metallurgy Research Replacement (CMRR) facility at Los Alamos National Laboratories.  The $4 to 12 billion facility is intended to produce plutonium pits for nuclear weapons.  Quite ironically, the governments highest level scientific experts (the JASONS) have concluded that the pits in the nation's existing nuclear warheads have a lifetime of at least a hundred years.

The U.S. has continued to "refurbish" the W-76 nuclear warhead deployed on Trident II D-5 submarine launched ballistic missiles through the Life Extension Program that will cost close to $2 billion.  The B-61 gravity (nuclear) bomb, on the other hand, is estimated to cost $10 billion to upgrade.

The 450 Minuteman III Intercontinental Ballistic Missiles, deployed in underground silos around the country and ready to launch on warning, have been completely rebuilt.  As one analyst said, "they are basically new missiles except for the shell."  The modernization of Minuteman III has cost more than $7 billion over the past decade.

The Navy is full steam ahead with plans to build twelve new ballistic missile submarines to replace the current OHIO class submarines.  With nearly $2 billion in contracts having just been awarded for ongoing design and development work, the project is well on its way toward the nearly $100 billion that it will cost to build the new subs.

Of course the government has been working hard (and spending even more money) conducting tests to ensure the capabilities of the nuclear arsenal - including "sub critical" explosive testing of Plutonium and test firings of Minuteman III and Trident II D-5 missiles.

There is much, much more, but you get the idea by now.  While President Obama and Congress were fighting over the "fiscal cliff" the companies that manufacture, modernize and maintain nuclear weapons and their delivery vehicles and the companies that finance them were toasting a New Year bursting with the promise of profits.

Meanwhile, runaway spending on weapons that threaten humanity with extinction is stealing from human needs while encouraging other nations to either modernize and expand their arsenals or, in the case of non-nuclear nations, to develop their own nuclear weapons.

The challenges in the coming year to those working to abolish nuclear weapons are enormous!!!  In the U.S. we are still speaking in Cold War terms like "deterrence", while not questioning the rationale for replacing nuclear weapons systems (like Trident) with essentially identical systems that were originally designed in the context of the Cold War struggle to achieve nuclear dominance over the Soviet Union in the dangerous game of Mutually Assurred Destruction (MAD).

In the coming year we need to be at least as strategic in our thinking, planning and execution as those who plan and prepare for the real apocalypse. 

There has been no public debate regarding an archaic "deterrence" doctrine, while "deterrence" is still being used to justify almost every aspect of the U.S. nuclear arsenal.  It is certainly time to engage the debate and counter this outdated military doctrine.

We also need to know our adversaries in this struggle.  We need to bring serious public pressure to bear on the companies that manufacture, modernize and maintain nuclear weapons and their delivery vehicles and the companies that finance them.  The groundbreaking report Don't Bank on the Bomb,  from the International campaign to abolish nuclear weapons (ICAN), is the first major global report that identifies not only the companies doing nuclear weapons work, but also the "more than 300 banks, insurance companies, pension funds and asset managers from 30 countries that invest significantly in 20 major nuclear weapons producers."

If we can get the kind of coverage in the mainstream press (in the U.S) that we have seen in the United Kingdom in the debate over Trident in the UK, that will be a major success.  That should be our goal - to "mainstream" the discussion about nuclear disarmament and the role (and responsibilities) of the U.S. in the process, and bring serious political pressure to bear.

Global nuclear disarmament is obviously a very long-term goal.  The work, however, must begin now, and the coming year is going to be critical to setting a direction for the future.  All of us engaged in nuclear abolition efforts need to be supportive of one another's efforts in order to generate a critical mass (no pun intended) that can have an impact on policy makers.

Perhaps a good mantra for the New Year would be "Nuclear Disarmament Begins at Home".

Peace,

Leonard

Monday, March 5, 2012

Don't Bank on the Bomb: It's a bad investment

Friends,

The International Campaign to Abolish Nuclear Weapons (ICAN) just launched a groundbreaking report on the global financing of the nuclear weapons industry.  This is a watershed moment for the movement to abolish nuclear weapons. 

The comprehensive study, entitled Don’t Bank on the Bomb, identifies more than 300 banks, pension funds, insurance companies and asset managers in 30 countries with substantial investments in nuclear arms producers. 
Don't Bank on the Bomb
The 180-page report provides details of financial transactions with 20 companies that are heavily involved in the manufacture, maintenance and modernisation of US, British, French and Indian nuclear forces. 

Divesting from Nuclear Weapons

In his foreword to the report, Nobel Peace Prize winner Desmond Tutu has called on financial institutions to “do the right thing and assist, rather than impede, efforts to eliminate the threat of radioactive incineration”, noting that divestment was a vital part of the successful campaign to end apartheid in South Africa.

“Today, the same tactic can – and must – be employed to challenge man’s most evil creation: the nuclear bomb. No one should be profiting from this terrible industry of death, which threatens us all.”

US Heavily involved in both financing and manufacturing nuclear weapons

Half of the companies involved in nuclear weapons work (named in the report) are based in the United States.  These nuclear weapons producers include household words like Boeing, Lockheed Martin, Bechtel and Honeywell.

Of the 322 global financial institutions identified in the report that invest in nuclear weapons companies, 170 of them are based in the United States.  Among them are financial giants like Bank of America and Goldman Sachs, insurance companies like Allstate ("You're in good hands..."), and the world's largest Roman Catholic fraternal organization The Knights of Columbus  (just who would Jesus bomb anyway???).

The vast U.S. nuclear weapons infrastructure

As this report is being issued the U.S. government has been actively gearing up to modernize and expand both its nuclear weapons and their delivery systems.  Nuclear weapons infrastructure (including research and manufacturing facilities) are both in planning stages (Los Alamos Laboratories), in construction (Kansas City bomb plant), and completed (Y-12 in Oak Ridge, Tennessee), and that's just a partial listing.

The next generation ballistic missile submarine intended to replace the current Trident fleet (and is projected to operate through 2082 or later) is being planned, and would generate some serious investment I'm sure, considering a construction price tage of nearly $100 billion for 12 submarines.

Time to Occupy the Bombplex and its financiers

As the report Don't Bank on the Bomb makes clear, Wall Street is War Street.  It is time to call for accountability by all these financial institutions.  Nuclear weapons are not a sustainable investment strategy.  One day they WILL be used should we continue to rely upon them as tools of foreign policy, and when that time comes it will be a dark day.  The effects on the financial world will be unimaginable.

We the people must call for financial institutions to divest themselves of their investments in nuclear weapons.  It is the only moral, ethical and (from a long term perspective) financially sound choice.  Chapter 7 of the report tells us how we can challenge nuclear weapons investments. 

Take action individually and collectively
Check out the Don't Bank on the Bomb Website where you can download the full report.  Is your financial institution financing nuclear weapons?  Find out, and then challenge them to do the right thing - DIVEST!  Click here for ideas on what you can do. 

Besides individual actions like writing to your financial institution and asking it to divest, consider larger group actions like shareholder resolutions.  There is incredible power in numbers, and the Occupy movement continues to provide lessons for action.

It is criminal to profit from the production of the very weapons of our own destruction.  Let's invest our hard-earned money in life, not death! 

Peace,

Leonard

Don't Bank on the Bomb Website: http://www.dontbankonthebomb.com/
Don't Bank on the Bomb, full PDF Report: http://www.dontbankonthebomb.com/wp-content/uploads/2012/02/DivestmentReport.pdf