Be Wary of Socialism’s Slippery Slope
If you don’t think it can happen here, pay attention to Saule Omarova, Biden’s nominee for Comptroller of the Currency.
by Veronique de Rugy
October 27, 2021, 11:43 PM
For years, progressives mocked anyone who warned that the Democratic Party’s move leftward would produce government officials who might push actual socialist policies once in office. I’ll admit that for a variety of reasons I never found this extreme version of the slippery-slope argument convincing. Yes, both sides have embraced big government policies, and the recent “America First” approach embraced by Republicans in recent years should alarm us. Still, with the Biden administration’s nomination of Cornell University Law School professor Saule Omarova to become Comptroller of the Currency, I wonder if I was too fast to dismiss the possibility.
Consider Omarova’s academic work. The Wall Street Journal notes that she would like to put an “‘end to banking’ as we know it,” in part by transferring private banking functions exclusively to the Federal Reserve, where accounts would “fully replace” private bank deposits. Under her plan, the Journal continues, “The Fed would control ‘systemically important prices’ for fuel, food, raw materials, metals, natural resources, home prices and wages” after the Fed is transformed into what she calls “the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy.’”
If confirmed, she would have an ability to regulate “systemically important” risks as a member of the Financial Stability Oversight Council. Her words and deeds require scrutiny. However, true to the form of some contemporary progressives, Omarova accuses those who highlight this part of her agenda of misogyny, xenophobia and racism, as she is “a woman, an immigrant and a minority.” But I can assure her that this motivation is not what drives me, as a woman and an immigrant myself.
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https://spectator.org/be-wary-of-socialisms-slippery-slope/
