…and take all of the gold you can get your hands on!
We have been seeing a lot of stories lately that make us think it is all over for the American dream. Things going on that are so destructive we would not have believed them possible just a few years ago.
They are coming thick and fast in this administration – a plague of policies so boneheaded that they must be designed to cripple American prosperity for a very long time to come.
There is the micro-snooping the Treasury wants to implement. And the really lethal proposal to tax unrealized capital gains.
But here is the one that convinces us that the Biden people are serious about turning American into a third-world country. We want to give credit to the Wall Street on Parade that brought this story to our attention.
President Biden has nominated a woman named Saule Omarova to head the Office of the Comptroller of the Currency, the Federal regulator of banks. Omarova was born in Kazakhstan attended Moscow State University on a Lenin Scholarship. Now, armed with a Ph.D. and a law degree, Omarova is a professor at Cornell law school.
In writing about Omarova’s policy papers, the Wall Street Journal described her preferences this way: “Ms. Omarova advocates central political control of capital, credit, and wages, and she has praised the Soviet-era economic system.”
The Vanderbilt Law Review published a paper by Omarova this month called “The People’s Ledger: How to Democratize Money and Finance the Economy.” It proposes to shift all commercial deposits at banks to what she calls “FedAccounts” with the Federal Reserve. With deposits safely in the Fed’s hands, she proposes that the Fed then be empowered to confiscate the FedAccounts as a tool of monetary policy.
Her wholesale undoing of private property is only a start. Omarova further proposes that the New York Fed be enabled to speculate in the stock market, specifically to short stocks that it deems to be in a bubble. The Fed, she writes, “would conduct regular purchases and sales of a broad range of securities and other tradable financial assets with an explicit view to modulating volatile swings.”
What do you think? Are they really trying to destroy what is left of the American economy? Are they just egghead intellectuals dreaming up ideas like this – and like taxing unrealized gains – without any idea of their consequences? Or are they undoing the economy by design?
What do you think? And doesn’t it make you want to grab all the gold you can before they are done?
One more thing. When people note the sheer cluelessness of Omarova’s ideas, she falls back on the current woke excuses. “I am an easy target,” she says. “An immigrant, a woman, a minority. I don’t look like your typical comptroller of the currency. I have a different history. I am easy to demonize and vilify.”
Right. Like it’s not her Marxist ideas.
Grab all the gold you can. These are the people in charge.