Many of President Biden’s nominees have been quietly confirmed without much of a fight. But the president’s nominee for Comptroller of the Currency, Saule Omarova, is drawing backlash for her extreme economic views. Republican Senator Pat Toomey, a staunch fiscal conservative, said he has “[n]ever seen a more radical choice for any regulatory spot in our federal government.”
What’s prompting the unusual level of pushback on this nomination for a top regulatory position?
Well, Omarova has an unusual educational and ideological background that, in conjunction with her many public statements, suggests she is sympathetic to—if not outright supportive of—the state-run economic model that dominated the former Soviet Union where she grew up. Omarova attended Moscow State University on the “VI Lenin Personal Academic Scholarship,” authoring a thesis on Marxist thought that she has so far declined to provide to the Senate Banking Committee.
This educational background in and of itself shouldn’t be disqualifying—many, like myself, studied at Marxist or far-left universities yet actually came to appreciate the importance of free markets as a result. But Omarova appears to have learned all the wrong lessons from her personal and academic experiences in the Soviet Union.
“Until I came to the US, I couldn’t imagine that things like gender pay gap still existed in today’s world,” Omarova wrote in a 2019 tweet. “Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best.’”
She soon backed away from the remark, however.
“I never claimed women and men were treated absolutely equally in every facet of Soviet life,” she said in a follow-up tweet, after many Twitter users pointed out the many ways women, and all people, were oppressed in the Soviet Union. “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!”
That’s right: Forget the gulags, economic stagnation, shortages, and political oppression—Omarova still believes the former Soviet economy is a model for the US, at least in some ways. Perhaps most disturbingly, one of those ways Omarova favors the Soviet system is banking: the very sector she’s nominated to oversee.
In her past work, Omarova has endorsed radical proposals for government control and regulation of the banking sector. In a paper entitled The People’s Ledger, she argues for a “systematic democratization of finance” where citizens have government bank accounts with the Federal Reserve that “fully replace—rather than compete with— private bank deposits.” Omarova openly admits that her “proposed reform will effectively ‘end banking’ as we know it.”
She argues for the issuance of a “digital dollar” and “concurrent migration of all transaction deposit accounts from private banks to the Federal Reserve.” The nominee says that this would allow the federal government to better administer welfare redistribution schemes via “helicopter drops” of money into bank accounts and allow the government to better control economy-wide interest rates.
Omarova also argues that having the government take over private banking would allow the Federal Reserve to “take a more direct and proactive role in allocating credit to productive economic enterprise,” including by attempting to control “systemically important prices.”
Simply put, she would have detached, unaccountable bureaucrats at the Federal Reserve try to plan economic investment and attempt to set key prices. This is a 21st century, technocratic scheme that embodies, not repudiates, the failed socialist economy Omarova escaped in the Soviet Union.
Omarova’s defenders argue that the nominee is the victim of a “xenophobic, McCarthy-like campaign” because she is an “immigrant woman of color” who threatens the interests of Wall Street. So, let me be clear: Neither her immigrant background nor identity characteristics have any bearing on her suitability for nomination as Comptroller of the Currency.
Yet those Americans who favor free markets and cherish the capitalist system that has brought us unprecedented wealth and living standards have every right to be concerned by this nominee. Omarova’s clear sympathy for parts of the failed, repressive Soviet regime, support for a de facto nationalization of private banking, and dangerous desire to expand the federal role in planning our economy are utterly disqualifying for such an important regulatory role.
Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education.
This article was originally published on FEE.org. Read the original article.
Too Few Are Telling the Truth
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), and Instagram profile (never made one), or a TikTok (no thanks, CCO). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would break away. Today, only a handful of other major conservative news outlets have broken away from the Big Tech teat. Of course, we need help.
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We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
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Big Pharma’s Five Major Minions that Everyone, Vaxxed or Unvaxxed, Must Oppose
This is not an “anti-vaxxer” article, per se. It’s a call for everyone to wake up to the nefarious motives behind vaccine mandates, booster shots, and condemnation of freedom.
The worst kept secret in world history SHOULD be that the unquenchable push for universal vaccinations against Covid-19 has little if anything to do with healthcare and everything to do with Big Pharma’s influence over the narrative. Unfortunately, that secret has stayed firmly hidden from the vast majority of people because of the five major minions working on behalf of Big Pharma.
What’s even worse is the fact that Big Pharma’s greed is merely a smokescreen to hide an even darker secret. We’ll tackle that later. First, let’s look at the public-facing ringleaders behind the vaccine push, namely Big Pharma. But before we get into their five major minions, it’s important to understand one thing. This is NOT just an article that speaks to the unvaccinated. Even those who believe in the safety and effectiveness of the vaccines must be made aware of agenda that’s at play.
Let’s start with some facts. The unvaccinated do NOT spread Covid-19 more rampantly than the vaccinated. Even Anthony Fauci acknowledged the viral load present in vaccinated people is just as high as in the unvaccinated. This fact alone should demolish the vaccine mandates as it demonstrates they have absolutely no effect on the spread of the disease. But wait! There’s definitely more.
This unhinged push to vaccinate everyone defies science. Those with natural immunity may actually have their stronger defenses against Covid-19 hampered by the introduction of the injections which fool the body into creating less-effective antibodies. Moreover, the push to vaccinate young people is completely bonkers. The recovery rate for those under the age of 20 is astronomical. Children neither contract, spread, nor succumb to Covid-19 in a statistically meaningful way. What they DO succumb to more often than Covid-19 are the adverse reactions to the vaccines, particularly boys.
All of this is known and accepted by the medical community, yet most Americans are still following the vaccinate-everybody script. It requires pure cognitive dissonance and an overabundant need for confirmation bias to make doctors and scientists willingly go along with the program. Yet, here we are and that should tell you something.
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Who does Big Pharma control? It starts with the obvious people, the ones who most Americans believe are actually behind this push. Our governments at all levels as well as governments around the world are not working with Big Pharma. They are working for Big Pharma. Some are proactive as direct recipients of cash. Others may oppose Big Pharma in spirit but would never speak out because they know anyone who does has no future in DC.
This may come as a shock to some, but it’s Big Pharma that drives the narrative and sets the agenda for the “experts” at the CDC, FDA, WHO, NIH, NIAID, and even non-medical government organizations.
Most believe it’s the other way around. They think that Big Pharma is beholden to the FDA for approval, but that’s not exactly the case. They need approval for a majority of their projects, but when it comes to the important ones such as the Covid injections, Big Pharma is calling the shots. They have the right people in the right places to push their machinations forward.
That’s not to say that everyone at the FDA is in on it. Big Pharma only needs a handful of friendlies planted in leadership in order to have their big wishes met. We have seen people quitting the FDA in recent weeks for this very reason. The same can be said about the other three- and five-letter agencies. Too many people in leadership have been bribed, bullied, or blackmailed into becoming occasional shills for the various Big Pharma corporations. Some have even been directly planted by Big Pharma. That’s the politics of healthcare and science that drives such things as Covid-19 “vaccines.”
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JD Rucker – EIC