In a move that seems unbelievable even for the Biden-Harris regime, the administration has doubled down on its desire to impose a Democratic-Socialist government on the American People. Joe Biden just nominated an actual true-believer Soviet communist, born in the USSR, University educated in Moscow in 1989 on the Lenin scholarship as the United States Comptroller of the Currency. This is very difficult for a writer because in some situations there just are no words. Thirty years ago, even the suggestion of something like this would get someone impeached INSTANTANEOUSLY. But today Biden and his Dem-Socialists with a razor-thin majority in the House and Senate have engaged in a full-frontal assault against not only their own nation but against the very notion of western free-market capitalism. The latest instrument in their takeover is Ms. Saule Omarova.
‘She’s going after the banks’, the leftists cheer! But what would she replace them with? A single centralized bank, forcibly moving all American’s accounts and every dollar we have… to the Federal Reserve (Nope, not kidding).
In her 2021 paper “The People’s Ledger,” Omarova lays out her vision for making private banks “non-depository lenders,” to more closely resemble the Soviet model known as “Gosbank”. Under this model, the bank isn’t a profit-motivated financial institution but rather a tool for centralizing and imposing government policy on ALL spending by taking over consumer bank deposits completely. Omarova is seeking to “effectively ‘end banking,’ as we know it,” and transform the Federal Reserve to become “the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy.”
According to The Wall Street Journal,
“The Cornell University law school professor’s radical ideas might make even Bernie Sanders blush. She graduated from Moscow State University in 1989 on the Lenin Personal Academic Scholarship. Thirty years later, she still believes the Soviet economic system was superior, and that U.S. banking should be remade in the Gosbank’s image.”
How Does Biden Torch The Economy? The Soviet Way.
Industry experts are sounding a massive alarm at the prospect of Ms. Omarova being permitted anywhere near the wheels of economic power. Even some of the most prominent left-leaning voices are now crying out in alarm. They aren’t all that dumb, they know where they get their money. Even Biden’s Secretary of the Treasury Janet Yellen strongly objected to Omarova’s nomination according to the WSJ.
“She’d also like the U.S. to create a central bank digital currency—as Venezuela and China are doing—to “redesign our financial system & turn Fed’s balance sheet into a true ‘People’s Ledger,’” she tweeted this summer. What could possibly go wrong?
Ms. Omarova believes capital and credit should be directed by an unaccountable bureaucracy and intelligentsia. She has recommended a “National Investment Authority,” with members overseen by an advisory board of academics, to finance a “big and bold” climate agenda. Sounds like the green infrastructure bank the Senate rejected.
She’d also like a politically and structurally independent “Public Interest Council” of “highly paid” academics with broad subpoena power to supervise financial regulatory agencies, including the Fed. The Council, she explained, would not be subject to the “constraints and requirements of the administrative process.” Ivy League professors know best.”
— Kimberley Strassel (@KimStrassel) September 30, 2021
That piece from the Wall Street Journal that is ringing the bell loudest wasn’t from some one-off contributor… IT WAS FROM THE EDITORIAL BOARD. You know it’s bad when the mainstream-est of left-leaning mainstream media is telling you that Biden has leaped over the cliff into full-on radicalism. When the WSJ has a ‘based‘ take it’s time to check the sky for falling sulfur and the moon turning black as sackcloth. The Chinese Communist Party must be thrilled to see so many of its ideological allies rising to power in America.