Biden nominates kook as bank regulator

 Epoch Times:

In Saule Omarova’s world, America only really needs one bank—the Federal Reserve. Omarova, President Joe Biden’s nominee to be one of the top banking regulators, has proposed such drastic expansion of government control over finance that it’s leaving some experts scratching their heads over whether the administration is serious about her nomination.

A descendant of Kazakh intellectuals who were persecuted by the Soviet regime, Omarova saw firsthand the effects of a tyrannical state. However, that doesn’t appear to have tempered her vision of expanding the power of the state in America.

It would be best, she outlined in a series of articles and papers, to virtually abolish private banking. Every American would have a bank account set up at the Fed and authorities would be free to inflate the currency by issuing interest on the deposits or even crediting the accounts directly. To counter inflation, the Fed could also slash interest rates or even, if all else fails, take away people’s money as needed, she proposed in a recent paper (pdf).

However, she didn’t stop there. The Fed would build a stock portfolio mirroring the broader market and short stocks it perceives as inflated in value or “go long” on those it sees as undervalued. The government also would be given special voting rights as though it were a major shareholder in every publicly traded company, directly influencing the appointment and firing of executives.

According to several experts, the implications of the first proposal alone—the centralization of banking—are so enormous they would effectively enable the government to run the economy with near-unlimited discretion.

Omarova didn’t respond to emailed questions and a request for an interview.

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Talk about a control freak!  This looks like a recipe for destroying capitalism and the free market.  It also looks like a system that has failed wherever it was tried.  Relying on the government to make investment decisions is as failed a decision as Solyndra was for the Obama administration.  At this point does any sane person want Biden in charge of investments?  The man is struggling to control his bowels at this point.