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> Ms. Omarova wants to put an “‘end to banking’ as we know it”—again, her words—and transfer private banking functions to the Federal Reserve, where accounts wo
by seibelj 5y ago
> Ms. Omarova wants to put an “‘end to banking’ as we know it”—again, her words—and transfer private banking functions to the Federal Reserve, where accounts would “fully replace” private bank deposits. The Fed would control “systemically important prices” for fuel, food, raw materials, metals, natural resources, home prices and wages.
> She says the Fed should be remade into what she calls “The People’s Ledger.” By “the people” she means progressive elites like her. She calls for “reimagining” the role of central banks “as the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy.”
https://www.wsj.com/articles/a-regulator-who-hates-banks-saule-omarova-socialist-central-bank-11635101487?mod=article_inline https://www.wsj.com/articles/a-regulator-who-hates-banks-sau...
Maybe she was a bit too radical for such an important post?
- _jal 5y ago> she means progressive elites like her Funny, all the "reporting" mentioned here seems to come from NewsCorp properties. And is "reporting" like the above. I'm not defending her, I'd honestly like to know more. But I'd like to read it from a trustworthy source. Especially considering how much bullshit redbaiting is going on around this - you get that when they don't have anything better to throw.
- fennecfoxen 5y agoRead it for yourself, then. "The People's Ledger" were her words, not the Journal's. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3715735 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3715735
- acomjean 5y ago“The People’s Ledger.”... sounds like blockchain to me
- ohCh6zos 5y agoI think history has shown one should get jumpy about anyone who throws around “The people’s $x”.
- KptMarchewa 5y agoThe exact opposite.
- joejerryronnie 5y agoSounds like a firing squad to me
- missedthecue 5y agoAnyone who openly advocates for wide price controls like the ought to be ridiculed away from public office. Just as anti-science as being antivax in my view.
- WastingMyTime89 5y agoThe FED already controls prices. That’s in its mission: keeping prices stable and limiting unemployment. The ECB is even worth: it’s sole mission is keeping inflation at 2%. The WSJ coverage is just poor.
- twblalock 5y agoThe Fed does not set prices. It tries to keep inflation down but not by diktat -- instead it uses policy tools like the federal funds rate which causes a ripple effect throughout the banking system.
- WastingMyTime89 5y agoWhere did I write that the Fed set prices? Where did you read that Omarova wanted the Fed to set prices? Omarova wants the Fed to exercise more control on prices. The commenter I was replying to implied this was crazy despite the Fed already controlling prices. The fact that it does so through a set of different financial tools (the federal funds rate is only one of them) is not really relevant to this point.
- jonstewart 5y agoBy radical, do you mean willing to get to the root of a problem?