Posted on 11/13/2021 7:45:26 AM PST by EBH
The COVID-19 crisis underscored the urgency of digitizing sovereign money and ensuring universal access to banking services. It pushed two related ideas—the issuance of central bank digital currency and the provision of retail deposit accounts by central banks—to the forefront of the public policy debate. To date, however, the debate has not produced a coherent vision of how democratizing access to central bank money would—and should—transform and democratize the entire financial system. This lack of a systemic perspective obscures the enormity of the challenge and dilutes our ability to tackle it.
This Article takes up that challenge. It offers a blueprint for a comprehensive restructuring of the central bank balance sheet as the basis for redesigning the core architecture of modern finance. Focusing on the U.S. Federal Reserve System (“the Fed”), the Article outlines 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.
On the liability side of the ledger, the Article envisions the complete migration of demand deposit accounts to the Fed’s balance sheet and explores the full range of new, more direct and more flexible, monetary policy tools enabled by this shift. On the asset side, it advocates 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. This compositional overhaul of the Fed’s balance sheet would fundamentally alter the operations and systemic footprints of private banks, funds, derivatives dealers, and other financial institutions and markets. Analyzing these structural implications, the Article shows how the proposed reforms would make the financial system less complex, more stable, and more efficient in serving the long-term needs of the American people.
This PDF article from the Vanderbilt Law Review details out the remake of our entire monetary system. And exactly how Saule Omarova will go about it.
This effort is particularly urgent in the wake of the COVID-19 crisis that reenergized the long-standing academic and policy debate on “democratizing finance.”6 Among other things, the crisis amplified recent calls to create free digital-dollar deposit accounts at the Federal Reserve for every American household and business.7 I
The layman’s explanation
INSANE Proposal to Let the Fed DELETE Your Money and SHORT Stocks
“...envisions the complete migration of demand deposit accounts to the Fed’s balance sheet...”
Gee, what could go wrong?
State Capitalism, as proposed by a Kazakh Marxist.
Worked reeeel good in the Soviet Union.
As for Kazakhstan, think Mexico with 10 times less money. That’s how well it worked for them.
Been there seen that...
CONTROVERSIAL isn’t a strong enough word.
this is exactly why they want her
she won’t be in the way of the change, she’ll be leading it
I’ve been warning about her since September but folks are distracted obsessed with conspiracy theories.
Some excerpts from her manifesto:
https://freerepublic.com/focus/news/4003959/posts?page=18#18
Also, she wants to use her new banking system to fund AOC’s Green New Deal.
Her vision:
National Investment Authority
Omarova is noted for her support for a “National Investment Authority” (NIA), a proposal she has likened to New Deal-era programs. The proposal was first developed in 2015 in conjunction with Robert C. Hockett, a fellow Professor of Law at Cornell Law School. Omarova has stated that an NIA would be responsible for “devising, financing, and executing a long-term national strategy of economic development and reconstruction.”
The proposed NIA would be made up of two components: a “National Infrastructure Bank (NIB), as well as and a National Management Corporation (which she nicknames “Nicki Mac”), which would serve to invest in green technologies. A 2020 article published in The New York Times reported that the proposed NIA would function in a manner similar to the Federal Reserve, and compared the NIA framework to the Reconstruction Finance Corporation created in 1932.
Note that Robert C Hockett is AOC’s advisor and designer of the Squad’s “Green New Deal”. So basically, one of the designers of the Green New Deal is about to be placed in charge of regulating banks.
“issuance of general-purpose CBDC (the “digital dollar”) and concurrent migration of all transaction deposit accounts from private banks to the Federal Reserve. Focusing on the ultimate “end-state” whereby central bank accounts fully replace—rather than uneasily co-exist with—private bank deposits”
She's exactly correct - which is why the authors of the Constitution recognized democracy as an evil from the pits of hell, and did what they could to protect us from it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.