President Biden would like to put a real Communist — self-proclaimed “radical” Cornell law professor Saule Omarova — in power over the country’s banking system.
Omarova graduated from the Soviet Union’s Moscow University back in 1989 on the Lenin Personal Academic Scholarship, according to the WSJ. As recently as 2019, she was praising the USSR’s economy as being superior to our own. “Say what you want about the USSR, there was no gender pay gap. Market does not always ‘know best.’”
Sure, I will in fact say what I want about the USSR.
Teachers there were given the same salary as doctors — because medicine was thought to be “women’s work” and both were terrible income of worthless rubles. Central mismanagement and sexism, all in one bloody totalitarian package.
There is a reason the USSR is gone and the United States isn’t — at least until Omarova has her way.
Omarova’s goal is the eventual removal of private banking and the create of the Federal Reserve as the nation’s one and only bank.
In her words:
“The core idea is simply to allow all American citizens, local governments, non-banking businesses and non-business groups to open accounts with the Fed, thus bypassing private depository firms,” she said. “In this sense, it is a variation of the FedAccounts — or FedCoin, ‘digital dollar wallets,’ etc. — idea. FedAccounts can be available as an alternative to banking accounts, upon someone’s request.”
Omarova herself wrote that her idea is “deliberately radical in substance and scope.”
In other words, as Kristin Tate said for The Hill this week:
“Taken to the extreme, this would mean that the Fed, on behalf of Washington, might become the one and only place that Americans could deposit their money. Such a huge transformation would be done by replacing consumer deposits with a new digital dollar, kept by the Fed.”
Nationalized banking in other words, if I’m reading this right, nothing but a central digital currency for accepted tender — what could possibly go wrong?
The top GOP member on the House Financial Services Committee, Patrick McHenry, stated about this last week:
“I am worried Professor Omarova will push a progressive social agenda over the core focus of the OCC — managing risk in our banking system. Our financial regulators must push for pro-growth policies that help innovation and build a robust recovery, rather than Democrats’ obsession with extreme social objectives.”
Author: Steven Sinclaire