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November 23, 2021

The President’s Marxist Money Maven

Deny as she might, Saule Omarova has a long history of advocating communist ideology.

If it looks like a duck, walks like a duck, and quacks like a duck, then it’s a duck. This adage certainly applies to Joe Biden’s nominee for comptroller of the currency, Saule Omarova, who, despite all her recent denials, has a long history of advocating Marxist ideology. This reality has not been lost on Republican lawmakers. GOP senators have grilled her for her troubling and publicly expressed socialist views.

Of course, it comes as no surprise that socialist-loving Democrats like Senator Elizabeth Warren (MA) cry foul. “The attacks on your nomination have been vicious and personal,” she falsely sympathized. “We’ve just seen them. Sexism, racism, pages straight out of Joe McCarthy’s 1950s Red Scare tactics.”

And what were the extent of these supposed “vicious and personal” attacks? Well, that Senator John Kennedy (LA) referred to her as “comrade.” But “vicious and personal” would only actually apply if Kennedy was wrong — he’s not. Rather, he hit the nail on the head.

Omarova’s advocacy for Marxism is not limited to her 1989 thesis from Moscow State University entitled “Karl Marx’s Economic Analysis and the Theory of Revolution in Das Kapital,” as problematic as that was. It’s the fact that over the years she has deviated little from those communist ideals. Just this year she produced a paper titled “The People’s Ledger” in which she advocated for nationalizing America’s banking system. In the paper, Omarova calls for the Federal Reserve to take over everyone’s bank accounts, to essentially take full control or ownership of everyone’s money, while she admits that doing so would be tantamount to “effectively ‘ending banking’ as we know it.” The government would then set up a “National Investment Authority” that was not answerable to any elected body, and whose task it was to redistribute money for the most effective means of achieving what the state may desire, such as going “big and bold” on climate change programs. In other words, communism.

Senator Pat Toomey (R-PA) contends that Omarova’s explanation regarding her paper — that she was merely engaged in some academic thought experiment — didn’t ring true. “It doesn’t seem to be a coincidence that every one of these thought experiments … involved dramatic expansion in the power and control of the central governm to allocate resources, to control banking,” Toomey said. “Her ideas amount to a socialist manifesto for American financial services.”

The instances of Omarova expressing these neo-Marxist views are many, such as her advocating the starving of capital for smaller fossil fuel companies with the express goal of seeing them go bankrupt in order to move boldly forward on climate change. She has tried to walk back these comments, but her myriad of other statements and professional writings promoting socialist ideology have few believing her.

David Harsanyi, who certainly knows a communist duck when he hears one, cogently observes: “As my parents were defectors, and I have known many others, I can confidently say that people who risked something to escape communism are unlikely to start a sentence, as Omarova did, with, ‘Say what you will about old USSR…’ Her nonsensical and pernicious defense of Soviet gender equality (the rest of the sentence is ‘…there was no gender pay gap there’) ignores the fact that American women lived vastly better lives by every conceivable economic and moral measure. Her comments on that issue alone should be disqualifying. Need it be said that if a Republican president’s nominee had tweeted ‘Say what you will about the tenets of National Socialism, the health care was amazing,’ Democrats (hopefully all people) would have recoiled?”

Joe Biden chose and Senate Democrats are trying to confirm a socialist to a national position of huge economic importance.

Update: On Wednesday just before the Thanksgiving holiday, five Senate Democrats let Joe Biden know that his commie nominee is dead in the water. Political analyst Paul Mirengoff makes an astute observation:

This emerging faction of Senate Democrats already got its way when Biden renominated Jerome Powell for another term as chairman of the Federal Reserve, passing over Lael Brainard, the candidate preferred by radicals like Elizabeth Warren. (Brainard got the vice chair slot.) Now it will force Biden to select a different nominee for OCC head.

I expect Biden to select another radical, given the fact that he disappointed the Warren faction on the Fed chair nomination. But I imagine he’ll find one with less of a footprint in Marxism than Omarova.

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