Now that self-declared socialist, Bolshevik Bernie, heads the Democrat Senate Budget Committee, here comes President Biden’s pick of Marxist Saule Omarova to head his powerful Office of Comptroller of Currency (OCC), an independent branch of the U.S. Department of the Treasury.
Whereas most financial regulatory agencies are structured as boards or commissions, the comptroller can exercise power unilaterally, with sweeping powers through the Financial Stability Oversight Council to determine and regulate “systemically important” risks.
In her own words, Omarova, who would oversee the nation’s biggest banks and federal savings associations, intends to put an “end to [private] banking as we know it.”
Instead, Omarova’s plan proposes to move and “fully replace” private bank deposits by putting the Federal Reserve in control of “systemically important prices” for fuel, food, raw materials, metals, natural resources, home prices and wages.
In doing so, Omarova believes the Fed should be reimagined as “the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy” as what she calls “The People’s Ledger.”
By “The People,” she is referring to putting political Marxist elites like herself in charge of reimagining a free and independent economic system she loathes.
Heralded by the White House as “one of the country’s leading academic experts on issues related to regulation of systemic risk and structural trends in financial markets,” Omarova has clarified: “Banks, in other words, will not be ‘special’ anymore.”
“Once banks lose their special status and entity-based access to the public subsidy, they will inevitably lose their appeal as potential acquisition targets for other financial institutions,” Omarova added.
According to the Daily Mail, Omarova echoed these sentiments in a 2019 documentary film called “A**holes: A Theory,” where she called Wall Street’s culture a “quintessential a–hole industry.”
USSR-born and educated Cornell University law professor Omarova apparently brought her circa-1918 Moscow “innovative ideas” with her when she moved from her native Kazakhstan birthplace in 1991 to pursue a Ph.D. at the University of Wisconsin. Her graduate thesis was titled: “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital.”
By her own account, Saule then remained in America by chance rather than by choice.
As Omarova told MSNBC’s Chris Hayes: “I was an undergraduate student at Moscow State University and there was at the very end of the Gorbachev era an exchange program between Moscow State and University of Wisconsin Madison.”
After attending UW-Madison for a semester, she said: while there, “the Soviet Union fell apart. So there I was, a student without anywhere to go back.”
Saule Omarova’s plan to make the Federal Reserve America’s banker is a road map to inflationary spending and deficit Armageddon.
For perspective, consider that Democrats currently plan to spend 24.5% of U.S. Gross Domestic Product (GDP) on average over the next 10 years, while federal government revenues are projected to rise only to 19.7% of GDP by the end of that period.
Over just the past two years, the Fed acquired more than $3.3 trillion of combined federal budget deficits ($6.3 trillion) for 2020 and 2021 alone of the total $28.4 trillion public debt.
Meanwhile, as rising deficits from two of the largest entitlements, Social Security and Medicare, already head toward exhaustion, the Bernie bunch would add $300 billion to Medicare entitlements which will expand automatically without requiring an annual appropriation by Congress ... plus simultaneously reduce the Social Security eligibility age to 62.
This far-left socialist agenda would do more than eliminate private investment and savings accounts. It should be recognized as sweeping power grab takeover of formerly state and local government roles, including childcare, elder care, prekindergarten, and community colleges.
Progressives know that such entitlements, once created, are almost impossible to repeal.
Although they are typically renewed every five years, all states will inevitably have to use their own revenue to support these non-''paid for'' federal mandates, as happened with the underfunded Individuals with Disabilities Education Act passed in 1975.
So according to plan, we are now supposed to trust the Department of Treasury (headed by Secretary Janet Yellen with its independent and powerful Office of Comptroller of Currency led by Saule Omarova) to figure out how to bail out the also “independent” Fed (previously chaired by Janet Yellen) from a lunatic free-spending binge.
One idea the Fed reportedly came up with was to launch a U.S. digital currency to secure total federal government control that will enable the Fed and Treasury to block payments to politically disfavored businesses that fail to comply with mandated social equity and environmental policies to mitigate ''climate-change risk.''
We can fully bank on the Fed and Treasury regulatory duo going full woke in implementing the Labor Department’s proposed new rule that will direct pension plan and asset managers to account for politically progressive factors termed Environmental, Social, and Governance scores (ESG) in determining 401(k) retirement plan decisions.
The proposed new Labor ruling scraps and reverses a Trump administration proviso within the Employee Retirement Income Security Act (ERISA) implemented last fall requiring retirement plan fiduciaries to act “solely in the interest” of participants and based upon a “material effect on the return and risk of an investment.”
Such new considerations will include assessments of impacts on workforce diversity, climate change and investments in sanctioned “green” energy projects.
Treasury Secretary Yellen has already insisted that private ESG investors will have to step up to finance renewable energy and other innovations for the U.S. economy during a virtual summit hosted by Joe Biden in April, which brought together approximately 40 world leaders.
Karl Marx must be looking up from his home in Hell and grinning.
Larry Bell is an endowed professor of space architecture at the University of Houston where he founded Sasakawa International Center for Space Architecture and the graduate space architecture program. His latest of 10 books, "What Makes Humans Truly Exceptional," (2021) is available on Amazon along with all others. Read Larry Bell's Reports — More Here.
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