...The most recent example is Biden’s nomination of Cornell law professor Saule Omarova to head the Office of the Comptroller of the Currency, a branch of the Treasury Department.
Omarova is a controversial choice. Born in the former Soviet Republic of Kazakhstan, Omarova was educated in the Soviet Union, graduating from Moscow State University in 1989, and as recently as 2019 openly praised various Soviet policies.
Omarova’s university thesis has raised alarm bells. Although no one knows exactly what she wrote in the thesis, its title, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital,” coupled with her refusal to hand the paper over to members of the Senate Banking Committee, has led many to believe Omarova’s views on Marx are out of step with Americans’ largely pro-market sentiments.
Even more pertinent, Omarova has called for moving most of the consumer banking industry out of private institutions and into the hands of the Federal Reserve.
According to past statements, Omarova’s vision for transforming the U.S. economy involves significant centralization of investment and banking, putting a new public institution in charge, directly or indirectly, of virtually all economic activity. In an extensive interview with MSNBC host Chris Hayes in 2020, Omarova outlined some of her most expansive proposals to reshape the United States.
Omarova’s proposed public institution, which in her interview with Hayes she referred to as the National Investment Authority (NIA), would be a “public entity that acts directly in financial markets and acts as a venture capitalist, as a private equity investor, as a lender, as a guarantor, as an insurer, to basically make it easier, not only for the public capital but for the private capital to flow into more sustainable industries rather than into the dying industries.
”Through “special federal charter government corporations,” Omarova’s NIA would provide banking and investment services directly to industries and projects favored by the federal government. It would, in effect, become, in her words, “the asset manager, like a private equity firm, like a venture capital firm like BlackRock,” except instead of being run by private individuals and groups, it would operate on behalf of the collective, with the full faith and credit of the U.S. government.
Omarova imagines the NIA to be America’s “public manager” that “will select” investment projects for the country, but “not on the basis of what is the most profitable in the next five years, in the next seven years.”
Observe that both “socialism” and “fascism” involve the issue of property rights. The right to property is the right of use and disposal. Observe the difference in those two theories: socialism negates private property rights altogether, and advocates “the vesting of ownership and control” in the community as a whole, i.e., in the state; fascism leaves ownership in the hands of private individuals, but transfers control of the property to the government. ~ ~ ~ Ayn Rand
"NIA", "special federal charter", "public manager", call it what you want, this is clearly a case where the ownership of property remains with private individuals, but the control of the property is ceded to the government, i.e., fascism.
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