Biden’s Banking Chief Nominee Wants to Eliminate Your Private Bank Account

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On the heels of video surfacing showing her calling for the bankrupting of the oil, gas, and coal industries, another damning statement has come to light from Saule Omarova, Old Joe Biden’s Soviet-born nominee for comptroller of the currency. At this point it is absolutely certain, if there was any doubt up to now: Saule Omarova is a straight-up Marxist-Leninist. Should a Marxist really be put in charge of regulating America’s banks? And what does it say about Biden’s handlers that they would nominate her for such a position?

In the new video, Omarova says: “Imagine: what would it be like if instead of being just a public option for deposit, uh, banking, this would be actually the full transition.” Full transition to what? Marxism, apparently: “In other words, there will be no more private, uh, bank deposit accounts, and all of the deposit accounts will be held directly at the Fed. And there are very interesting implications, uh, from that thought experiment, for example, with, uh, the much more, uh, direct and proactive tools of monetary policy, like helicopter money, which is, uh, you know, considered radical, primarily because, uh, economists really do not know how to manage the issue of what would happen in, uh, the inflationary environment when the central bank needs to contract the supply of money. How is it politically feasible for the central bank to effectively take money away from people’s accounts?”

How indeed? Back in the Soviet Union that Omarova lamented she was not present to try to save when it dissolved in 1991 (she was at the University of Wisconsin-Madison, pining for the bread lines), they did it at the point of a gun. Omarova’s “thought experiment” didn’t extend that far, but there has never been a Marxist regime anywhere in the world that forcibly redistributed the wealth without subjecting its people to a reign of terror in which untold numbers of people were tortured and murdered.

Surely kindly Old Joe Biden and his handlers don’t envision that future for the American people they’re working so hard for, do they? Why, the very idea is inconceivable (isn’t it?), but if the nomination of Omarova was made by people who were ignorant of where she really stands, it should be withdrawn immediately.

After all, Omarova herself has made no secret of her views. The video of this statement is from a talk she gave on January 28, 2021, at the Law and Political Economy (LPE) Project’s “Law & Political Economy: Democracy Beyond Neoliberalism” Conference. In a paper accompanying her remarks, Omarova wrote that “familiar tools of monetary policy and financial regulation” were “increasingly obsolete and ineffectual,” and spoke about how policymakers now had “a unique opportunity to correct the inequities and inefficiencies built into the core structures of modern finance.”

This correction of alleged inequities and inefficiencies would be so thoroughgoing that the entire financial system would be transformed, for “the current convergence of deep technological, economic, and political shifts creates a crucial opening for redesigning the financial system.” And of course, this transformation had to be accomplished quickly: “The need for this fundamental restructuring is particularly urgent in light of the recent COVID-19 experience. In a visceral way, the pandemic exposed the ultimate human costs of crisis-time malfunctions—and hard-wired dysfunctions—in the financial system.” The pandemic supposedly exposed the systemic racism of the financial system: “These dynamics were on full display in the United States, where the pandemic made not having a basic bank account an existential threat to millions of poor, disproportionately non-white Americans.”

Consequently, “containing the COVID crisis thus quickly became a matter not only of public health but also of financial inclusion, economic justice, and racial equity. Yet, the federal government’s response followed the old playbook of saving the economy by propping up financial markets, with predictably inequitable results.”

And so the equity must be ensured from the top, by more efficient federal government action, so as to eradicate the current system, which is based on “privilege”: “In effect, the pandemic laid bare the fundamental asymmetry in the operation of the U.S. fiscal and monetary infrastructure, designed to privilege financial institutions and their corporate clients over ordinary Americans.”

The ordinary Americans would presumably be empowered by the confiscation of their private bank deposit accounts so that they could be cared for by a wise and all-powerful federal government that will ensure racial justice and economic equity. And eventually, the state will wither away, and we will enter into a messianic age of pure Communism. That is what Marxists have always promised, before initiating the bloodbath that they think will get them there. After all that bloodshed, it is astonishing that we have to have this conversation in America again now. But we do. And Biden’s handlers could go a long way toward reassuring the American people that they really don’t have malign authoritarian intentions, despite so many indications to the contrary, by withdrawing the nomination of Saule Omarova.