October 2, 2021

USA: Biden Nominated A Communist Comptroller Of The Currency To Regulate Banks Really, Really Hates . . . Banks And Well American Capitalism Of Course. She Admires The Soviet Economic System.

The Wall Street Journal (WSJ)
written by The Editorial Board
Wednesday September 29, 2021

President Biden checked off another progressive identity box last week by nominating Saule Omarova as Comptroller of the Currency. Some Trump appointees were ridiculed for having supported the elimination of their agencies. Ms. Omarova wants to eliminate the banks she’s being appointed to regulate.

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.

“Until I came to the US, I couldn’t imagine that things like gender pay gap still existed in today’s world. Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best,’” she tweeted in 2019. After Twitter users criticized her ignorance, she added a caveat: “I never claimed women and men were treated absolutely equally in every facet of Soviet life. But people’s salaries were set (by the state) in a gender-blind manner. And all women got very generous maternity benefits. Both things are still a pipe dream in our society!”

Sure, there was a Gulag, and no private property, but maternity benefits!

Ms. Omarova thinks asset prices, pay scales, capital and credit should be dictated by the federal government. In two papers, she has advocated expanding the Federal Reserve’s mandate to include the price levels of “systemically important financial assets” as well as worker wages. As they like to say at the modern university, from each according to her ability to each according to her needs.

In a recent paper “The People’s Ledger,” she proposed that the Federal Reserve take over consumer bank deposits, “effectively ‘end banking,’ as we know it,” and become “the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy.” 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.

As comptroller, Ms. Omarova would supervise some 1,200 financial institutions. While she couldn’t enact her People’s Agenda without legislation, she would have sweeping powers to punish banks that don’t follow her diktats. Recall how financial regulators during the Obama Presidency pressured banks to cut off credit to pay-day lenders.

Our sources say the President nominated Ms. Omarova over the objections of Treasury Secretary Janet Yellen, to whom the comptroller reports. One theory for this bizarre nomination is that Mr. Biden is trying to appease progressives because he plans to reappoint Jerome Powell as Fed chairman. Democratic Senators have rubber-stamped all but a few of Mr. Biden’s nominees, but Ms. Omarova is the wrong nominee for the wrong industry in the wrong country in the wrong century.

Robert L. Redstone published April 29, 2021: Subversion of the Free World Press - Yuri Bezmenov.

Soviet (and China Communist Party - CCP) Subversion of the Free World Press, 1984 Complete Interview - Yuri Bezmenov.

Yuri Bezmenov: The Life and Legacy of the Influential KGB Informant Who Defected to the West: https://amzn.to/3tdCkdi

Yuri Alexandrovich Bezmenov, was a Soviet journalist for RIA Novosti and a former PGU KGB informant who defected to Canada. After being assigned to a station in India, Bezmenov eventually grew to love the people and the culture of India.
Man, State and Memetics published September 10, 2020: Yuri Bezmenov - Psychological Warfare Subversion and Control of Western Society Complete Lecture.
HAPPENING NOW (emphasis mine)
UPDATE 10/6/21 at 4:04pm: Added info below.

Posted by Princess Mononoke at 3:08 PM

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