The Wall Street Journal ran a deep dive article last week exploring “how Bud Light blew it,” but it somehow missed the most important part of the story.
As most people already know, the world’s most popular light lager has seen a collapse in sales following a boycott prompted by a March Madness ad campaign featuring transgender influencer Dylan Mulvaney. The Journal’s chart depicting the fall in Bud Light sales speaks for itself, and the company’s delayed and tepid response to the uproar only seemed to make matters worse.
WSJ chart showing Bud Light's collapse after celebrating "day 365 of girlhood."https://t.co/2IcoNG8uQT pic.twitter.com/rdETbA0Bnl
— Phil Kerpen (@kerpen) May 22, 2023
This isn’t Anheuser-Busch’s first foray into controversial social issues.
The Journal’s Jennifer Maloney points out that the company has been engaging in social equity-themed advertising for years, including a 2021 Michelob Ultra ad featuring transgender track star Cecé Telfer and a 2022 Bud Light Canada campaign for Pride Month displaying various pronouns .
What Maloney fails to mention in her article is why beer companies — not just Bud Light — are suddenly courting controversial social issues such as nonbinary gender, transgenderism, and third-wave feminism.
The answer is simple: The rise of environmental, social, and corporate governance as the dominant strain of “stakeholder capitalism” has incentivized corporations to curry favor with ESG rating firms , even if it means alienating their consumers.
Unlike traditional capitalism, which seeks to maximize profits by serving consumers, the ESG model seeks to “improve” capitalism by considering other stakeholders besides investors and consumers. Publicly traded corporations are graded on how well they achieve socially desirable metrics, such as combating climate change, advancing diversity and inclusion, and creating a more “equitable” society.
What was intended to be a kinder, gentler form of capitalism has morphed into a kind of economic fascism that places the arbitrary interests of a small cabal of people — asset managers, bureaucrats, global financiers — ahead of consumers.
As the Austrian economist Ludwig von Mises pointed out , consumers are the true bosses in a capitalist system. They ultimately decide what products are created and purchased, who becomes wealthy, and who becomes poor.
As the Bud Light fiasco shows, ESG places consumers in the back seat. The social equity campaigns are not designed to appeal to Bud Light consumers, but to the ESG rating agencies, which have the power to downgrade companies that fail to dance to their tune.
This is a great deal for the ESG puppeteers. They can make multi-billion corporations move by the mere threat of a bad score, which gives them immense economic and political power.
Elon Musk found this out when Tesla was kicked off the S&P 500 ESG Index in May 2022, even though Tesla is an icon of sustainability. By January, Tesla’s stock, which had been trading at $248 a share, had fallen by roughly 55%.
To what extent Tesla’s collapse in share price stemmed from the company getting booted from the index is unclear, but the point is mostly moot. What matters is the threat of being singled out for an ESG transgression.
What few people seem to realize is that Bud Light’s collapse in sales is not just a threat to Anheuser-Busch. It’s a threat to the entire ESG model.
Up until this point, ESG has thrived because the perceived costs of not participating outweighed the costs of participating. Bud Light’s implosion stands to change that perception, which is precisely why the ESG overlords are striking back.
On Friday, USA Today published a leaked letter showing the Human Rights Campaign had informed Anheuser-Busch “that it has suspended its Corporate Equality Index score — a tool that scores companies on their policies for lesbian, gay, bisexual, transgender, and queer employees.”
“Anheuser-Busch had a key moment to really stand up and demonstrate the importance of their values of diversity, equity, and inclusion and their response really fell short,” said Eric Bloem, HRC’s senior director.
One can almost feel bad for Bud Light. The brand is caught in the middle of a larger war being fought by global anti-capitalists and the bosses of capitalism: consumers. Publicly traded companies should be allowed to go back to serving their real bosses — consumers — which is why the rotten ESG model should be dismantled.
Jon Miltimore
Jonathan Miltimore is the Managing Editor of FEE.org. (Follow him on Substack.)
His writing/reporting has been the subject of articles in TIME magazine, The Wall Street Journal, CNN, Forbes, Fox News, and the Star Tribune.
Bylines: Newsweek, The Washington Times, MSN.com, The Washington Examiner, The Daily Caller, The Federalist, the Epoch Times.
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Why Bullion Beats Numismatics and Collectible for Your Safe or IRA
Precious metals continue to attract Americans seeking reliable ways to protect their wealth amid inflation, geopolitical risks, and stock market swings. Whether stored in a home safe or held inside a self-directed IRA, physical gold and silver deliver tangible value that paper or digital assets often lack. Yet investors must choose carefully between bullion—pure bars and coins valued mainly for their metal content—and numismatics or collectibles, where rarity, history, and collector demand heavily influence pricing.
Advisor Bullion serves as a dependable source for straightforward, high-quality bullion. The company specializes in physical gold, silver, platinum, and palladium, emphasizing transparent pricing and products that deliver maximum metal content for every dollar spent. This approach makes it ideal for both personal holdings and retirement accounts.
Bullion consists of refined precious metals in standard forms like one-ounce coins (American Gold Eagles, Silver Eagles, Canadian Maple Leafs) or bars. Their value tracks closely to the current spot price of the metal. A typical gold bullion coin trades near the live gold spot price plus a small premium. This structure keeps costs clear and predictable.
Numismatic coins and collectibles add substantial value from factors such as age, rarity, minting errors, or historical significance. A pre-1933 U.S. gold coin or graded proof piece can carry premiums of 30%, 50%, or even 200% above melt value. While this appeals to hobbyists, it creates complexity. Pricing depends on subjective grading, collector trends, and auction results instead of daily spot prices.
For investors focused on wealth preservation and retirement security rather than building a collection, bullion often delivers better results.
Lower Costs and Better Liquidity for Home Storage
When keeping metals in a home safe or private vault, liquidity and efficiency count. Bullion offers clear benefits:
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- Selling bullion involves tight bid-ask spreads, so you recover nearly full spot value with minimal fees. Collectibles require finding the right buyer and may sell at a discount if demand for that specific item weakens.
- Bullion prices remain transparent and update with global spot markets. You can track gold near current levels or silver accordingly and know exactly where your holdings stand. Numismatic values are priced by the Gold IRA companies with hefty margins applied.
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In times when quick access to value becomes important, bullion’s simplicity stands out.
Stronger Fit for Precious Metals IRAs
Precious metals IRAs continue gaining traction as investors diversify retirement portfolios beyond stocks and bonds. IRS rules permit certain bullion products in self-directed IRAs if they meet purity standards (.995 fine for gold, .999 for silver) and are held by an approved custodian. Eligible items include American Gold and Silver Eagles plus many generic bars and rounds from recognized mints.
Numismatic and most collectible coins generally face heavy scrutiny from custodians due to valuation disputes and elevated markups. These higher premiums mean less actual metal ends up working inside the account.
Bullion avoids these issues. Its value links directly to verifiable spot prices, which simplifies reporting and lowers the risk of regulatory challenges. More of your IRA contribution purchases real metal instead of dealer profits or speculative upside. Over time, owning additional ounces that appreciate with the metal itself can create meaningful outperformance compared with high-premium alternatives that deliver fewer ounces.
Regulatory guidance from the CFTC and state securities offices repeatedly cautions against aggressive sales of expensive numismatics or “semi-numismatic” coins for IRAs. For retirement planning, transparent bullion from established providers reduces risk and aligns better with long-term goals.
How to Get Started with Bullion
Begin by clarifying your goals. Are you protecting savings in a safe, or moving part of a retirement account into a precious metals IRA? Focus on the number of ounces you can acquire at current prices rather than chasing marked-up collectibles.
Diversify sensibly: use gold for core preservation and silver for its blend of industrial and monetary qualities. Mix coins for easier divisibility with bars for lower per-ounce costs on larger buys. Arrange secure storage—whether at home with proper insurance or through professional facilities.
As economic uncertainties linger and faith in conventional assets erodes, bullion continues proving its worth as a dependable store of value. Its direct approach avoids the hype that sometimes surrounds collectible markets and keeps the focus on the metal itself.
For investors prepared to strengthen their portfolios, Advisor Bullion supplies the expertise and selection needed to acquire high-quality bullion efficiently. Whether building personal holdings or integrating metals into an IRA, their emphasis on transparent, investment-grade products helps secure more ounces today that support greater financial security tomorrow. In a complicated financial landscape, bullion’s clarity and reliability make it the smarter foundation for protecting what matters most.