Biden’s latest appointment … she is a Marxist at the helm of the banking system. What can go wrong?
Biden chose the new Comptroller of the Currency, an independent political office that has the function of providing authorizations to national banks, and the choice was very bizarre and disturbing.
The nominee is Cornell University Law Professor Saule Omarova, an activist who proposed to " end the banking system as we know it " and who wants a radical change to the system would make the institution " more inclusive, efficient and stable " , so much so that she has often been accused for her extreme positions.
“ When I first came to the United States, I couldn't imagine that things like the gender pay gap still existed in today's world. Say what you want about the old USSR, there was no gender pay gap there. The market doesn't always “know best,” ”Omarova tweeted in 1999, adding (after being severely criticized)“ I never claimed that women and men were treated absolutely equal in every aspect of Soviet life. But people's salaries were fixed (by the state) blindly to gender. And all the women received very generous maternity benefits. Both are still a pipe dream in our society! "So for you the USSR was better …
Additionally, Omarova supports several progressive proposals – including the Green New Deal and the creation of a giant bureaucracy he dubbed the National Investment Authority, which – among other things – would coordinate the long-term economic strategy for the United States with upcoming developments. infrastructural. , according to the Washington Free Beacon . It would also run a "big and bold" climate agenda.
The authority would have a congressional-approved board of directors and regional offices across the country. In addition to the development of roads, bridges and other traditional infrastructure projects, the authority will fund affordable housing, public transport and clean energy projects, as well as "solutions for climate change mitigation," Omarova told Congress this year. -Beacon free
As the Wall Street Journal editorial board notes, “ Ms. Omarova thinks asset prices, wage scales, capital and credit should be dictated by the federal government. In two documents, he advocated expanding the Federal Reserve's mandate to include the price levels of "systemically important financial assets" as well as workers' wages. As they like to say at the modern university, from each according to his abilities to each according to his needs ”. He practically comes to completely challenge the mechanisms of the free market and would like a perfect Soviet system. China is not at this point either.
In a recent article "The People's Ledger," he proposed that the Federal Reserve take control of consumer bank deposits , " effectively 'end banking,' as we know it" and become "the ultimate public platform for generate, modulate and allocate financial resources in a modern economy ”. He would also like the US to create a central bank digital currency, as Venezuela and China are doing, to "redesign our financial system and turn the Fed's balance sheet into a true 'People's Ledger,'" he tweeted this summer. What could go wrong? -WSJ
Omarova also wants to create a "Public Interest Council" of "highly paid" academics who would exercise the power of intervention and censorship over regulatory agencies, including the Fed.
In her early days, Omarova worked in the Bush administration's Treasury Department.
As The Washington Free Beacon notes, Omarova's policies have garnered its accolades from prominent progressive lawmakers and special interest groups. Senator Elizabeth Warren (D., Mass.) Said Omarova's appointment was "terrible news". The Sierra Club said Omarova would help the Office of the Currency Controller fight "climate chaos" and institute "controls against Wall Street's risky fossil fuel investments."
Interestingly, the Wall Street Journal reports that Biden appointed Ms. Omarova despite objections from Treasury Secretary Janet Yellen, to whom the controller reports. One theory they suggest for this bizarre appointment is that Mr. Biden is trying to appease progressives because he plans to reconfirm Jerome Powell as Fed chairman.
Despite this Biden has appointed a Marxist in the place that should belong to someone who, at least partially, believes in the free market. Welcome to America.
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The article Biden's latest appointment… is a Marxist at the helm of the banking system. What can go wrong? comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/lultima-nomina-da-biden-e-una-marxista-alla-guida-del-sistema-bancario-cosa-puo-andare-storto/ on Fri, 01 Oct 2021 06:00:19 +0000.