Joe Biden’s candidate for the post of Comptroller of Currency in the US Treasury Department is Saule Omarova, a native of the Kazakh Soviet Socialist Republic and a graduate of Moscow State University, whom she attended as part of a “Lenin Personal University Fellowship”.
In a May 9, 2020 interview with NBC’s Chris Hayes, Omarova revealed that she was in an exchange program with the University of Wisconsin in 1991 when the USSR collapsed. Researcher Lenin remained in the United States to pursue a doctorate. in political science. Some of his views on the economy emerged in 2019, almost 30 years after the collapse of the USSR. “Say what you want about the former USSR, there was no gender pay gap there,” Omarova wrote, “The market doesn’t always know” better. “
Unlike the scholar of Lenin, individuals know what is best for themselves, and a free market allows them to make choices that reflect these interests. In the former USSR, by contrast, an all-male Marxist-Leninist dictatorship planned the economy. This ran into the knowledge problem that FA Hayek described in The road of serfdom in 1944 during Stalin’s time.
Economic knowledge is fragmented and dispersed, so that no single group of people can plan an economy that will prosper for the benefit of all. This is why Omarova’s beloved “old USSR” was a hopeless economic case.
The arid countries of freedoms are also arid of groceries. The largest country in the world, with abundant energy and natural resources, could not even feed itself. It was a matter of record, but Hayes did not insist on the matter. Omarova knew that in the former USSR, consumers lined up to select, pay for and pick up goods. This is how an economy planned by the bosses of the Communist Party works in practice, but there is more to it.
In a communist state like the former USSR, the rulers must be prepared to take drastic measures, so that, as Hayek said, the worst always win. In the former USSR, those who did not worship the plan of collectivization had to be “liquidated as a class”, as with the kulaks of Ukraine in the 1930s, when Stalin planned a famine that claimed the lives of millions of innocent people.
In their lengthy interview, Chris Hayes did not ask Omarovara about these episodes, and the forced labor camp system that Solzhenitsyn spoke about in The Gulag archipelago, and Anne Applebaum mapped in the 2003 Gulag: a story. For her part, Omarova did not voluntarily give what she knew, when she knew it and what she thought about it.
In The people’s ledger: how to democratize money and finance the economy, published in 2020, Omarova presented the vision of “how democratization of access to central bank money would transform and should transform and democratize the entire financial system”. The document proposes a “plan for a complete restructuring of the central bank’s balance sheet as the basis for the overhaul of the basic architecture of modern finance.”
The reforms she proposes, says Omarova, “would make the financial system less complex, more stable and more efficient in meeting the long-term needs of the American people.” Making independent banks “non-depository lenders” would change banking “as we know it”.
Academic Lenin Saule Omarova, a former student of Moscow State University, wants the Federal Reserve to control every American’s money. This is economic Lysenkism, a burp from the former USSR, where the government fixed wages, as Omarova explained, “regardless of gender and all women received very generous maternity allowances.” Both things are still a pipe dream in our society!
Many emigrants from communist dictatorships become ardent defenders of free markets and limited government. Not so Willow Omarova, but her defense of the USSR didn’t hurt her. During the administration of George W. Bush, Omarova served in the Treasury Department as Special Advisor on Regulatory Policy to the Under Secretary for Home Finance.
The scholar Lenin is now presenting himself as a professor of law at Cornell. Under current conditions, Willow Omarova is even money to be confirmed as controller of the currency.
In a close vote, the Senate recently confirmed Tracy Stone-Manning, linked to tree planting eco-terrorists, as director of the Bureau of Land Management. The same politicians could easily make way for the scholar Lenin who wants to change the bank, and America as we know it.
This article was also published in American thinker