Boots & Sabers

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Owen

Everything but tech support.
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1954, 13 Nov 21

Biden’s Communist Nominees

There’s an old saying that people are policy. Biden’s policy is clear from the people he’s choosing.

Consider her 2020 paper, “The People’s Ledger: How to Democratize Money and Finance the Economy.” It offers, she says, “a blueprint for a comprehensive restructuring of the central bank balance sheet as the basis for redesigning the core architecture of modern finance.” She would like to subject the Federal Reserve, which these days has enough trouble keeping inflation in check, to a “series of structural reforms that would radically redefine the role of a central bank as the ultimate public platform for generating, modulating, and allocating financial resources in a democratic economy—the People’s Ledger.”

Like utopian socialists of old, Omarova “envisions the complete migration of demand deposit accounts to the Fed’s balance sheet.” She proposes a “comprehensive qualitative restructuring of the Fed’s investment portfolio, which would maximize its capacity to channel credit to productive uses in the nation’s economy.” Guess who gets to decide which uses are productive.

The result, Omarova concludes, would be a financial system that is “less complex” than it is today. Which I suppose is true, since a government monopoly is “less complex” than market competition. It also tends to be less efficient, less productive, less innovative, and less accountable to consumer demand. But hey — maternity benefits!

Anyone not immersed in and comfortable with the recondite buzzwords of the legal academy and radical Left might read “The People’s Ledger” in mounting confusion and alarm as Omarova proclaims the virtues of wage and price controls, politicized credit, and expert control and planning of the commanding heights. It doesn’t take long for the paper to get into “the seas will be made of lemonade” territory, portraying for an economy of 330 million people integrated in a global economy of 8 billion a grandiose and completely unworkable “system” that is so rationalist and reductive it only could exist in the mind of an intellectual.

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1954, 13 November 2021

2 Comments

  1. Merlin

    Omarova’s notion that all money be government money doesn’t even qualify as low-brow intellectualism. It’s been the mantra of failed despots forever.

  2. MjM

    Well, she’s an honored graduate of Moscow University, so….

    Babblin’ Joe does not have the capacity to even know what’s going on in “his“ administration let alone personally vet all these nominations.

    Cripes, he can’t even remember the names of his secretary of defense, or HHS, or his FEMA director (not to mention the Prime Minister of Australia – “That fella down under” – standing right next to him).

    These anti-American loonies being nominated are pushed up from the halls of socialist (in this case, communist) acaDEMia and BJ just drools, nods, and…. “What am I signing?”. .

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