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Pam and Russ Martens: Biden nominee would move all bank deposits to the Fed and let NY Fed short stocks
By Pam and Russ Martens
Wall Street on Parade
Tuesday, October 26, 2021
This month the Vanderbilt Law Review published a 69-page paper by Saule Omarova, President Biden's nominee to head the Office of the Comptroller of the Currency, the federal regulator of the largest banks in the country that operate across state lines. The paper is titled "The People's Ledger: How to Democratize Money and Finance the Economy."
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The paper, in all seriousness, proposes the following:
1) Moving all commercial bank deposits from commercial banks to so-called FedAccounts at the Federal Reserve.
2) Allowing the Fed, in "extreme and rare circumstances, when the Fed is unable to control inflation by raising interest rates," to confiscate deposits from these FedAccounts in order to tighten monetary policy.
3) Allowing the most Wall Street-conflicted regional Fed bank in the country, the New York Fed, when there are "rises in market value at rates suggestive of a bubble trend," such as with technology stocks today, to "short these securities, thereby putting downward pressure on their prices."
4) Eliminate the Federal Deposit Insurance Corp. that insures bank deposits.
5) Consolidate all bank regulatory functions at the OCC -- which Omarova has been nominated to head.
Republican Sen. Pat Toomey has been running a Red Scare campaign against Omarova, who was born in the Kazakh Soviet Socialist Republic (now Kazakhstan) and attended Moscow State University on a Lenin Personal Academic Scholarship.
The real threat that Omarova poses to U.S. financial stability, which Democrats should be calling out, is that she wants to further concentrate all major aspects of the U.S. banking system in the hands of the Federal Reserve, a captured regulator whose 12 regional bank tentacles are, literally, owned by the banks. Omarova offers not one scintilla of a suggestion about restructuring the Fed so that it is not owned by or controlled by the banks. ...
... For the remainder of the commentary:
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