I’ll be the first to admit it: I’m not that great with managing money. Oh sure, I’ve been fairly good at earning money by working most of my adult life, but when it comes to investing and managing my income, not so good.
It’s all so confusing what, with stocks, bonds, mutual funds, real estate, securities, precious metals, derivatives, IRAs, 401K’s, Roths, etc. to think about. Even the experts can get it wrong, and sometimes in a really big way. And, as one of the “little guys”, if professionals can get it wrong then I’m really nervous: I’d like to think I worked hard to make myself employable, work hard to stay employed, honestly earned my income, and have the individual freedom to spend it as I wish in a free market economy, and I sure don’t want to lose it all.
Gosh, if there were only some way to simplify all this “money management”.
Fortunately, Saule T. Omarova – a Kazakh-American who graduated from Moscow State University in 1989, currently a law professor at Cornell University, and Joe Biden’s nominee to serve as US Comptroller of the Currency – appears to have it all figured out:
According to her recently-published, 70-page article “The People’s Ledger: How to Democratize Money and Finance the Economy“, by Saule T. Omarova, Vanderbilt Law Review, Vol. 74, No. 5, October 2021, Pgs. 1231-1300, the answer is simple, at least as far as I can tell (to paraphrase Star Trek’s Dr. McCoy, “I’m an Engineer, not a Banker!“)
Have the Federal Reserve assume and handle all bank accounts, end the current banking system as we know it, abolish the FDIC and bank reserves, put money into certain eligible accounts – or take it away – as needed to create jobs, control inflation, ensure wealth equity, fight climate change, enable social justice, or a host of other social initiatives as decided by the government, essentially get rid of Money Market Mutual Funds, and severely limit the Securities and Derivatives markets.
And, if the United States Senate approves her nomination as Comptroller of the Currency Saule T. Omarova would be in a position to simplify all this “money management”, as she would be supervising all of America’s banks. Because, as she’ll say to the US Senate at the start of her confirmation hearing: “Every American family should have the same opportunities that my family has had.”, and with her plan to have the Fed be the “People’s Ledger” she could make it a centrally-run Socialist banking a reality.
But don’t believe me…read these quotes taken directly from her article:
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