Pinkerton: Biden’s Great Reset Goes Through His ‘Woke’ Federal Reserve NomineesJames P. Pinkerton
14 Feb 2022
In his Build Back Better (BBB) legislation, President Joe Biden wanted to spend $570 billion over the next decade on green causes, mostly focused on climate change. Fortunately, that bill seems to be dead, and yet now the Biden greens (that is to say, the Biden administration) have their eye on an even bigger pot of money with which to pursue their climate agenda: the assets of American banks. Those assets total nearly $23 trillion, according to the Federal Reserve. A crucial vote on whether or not this sneaky policy can proceed will be held tomorrow when the Senate’s banking committee votes on whether to advance Biden’s Federal Reserve nominees, particularly the nomination of Sarah Bloom Raskin as the Fed’s top bank regulator.
Where the Money Is
Speaking of the Federal Reserve System, the Fed, as it is called, is the principal body that oversees and regulates banking in the U.S. After the failure of BBB, the Fed is Biden’s preferred mechanism for advancing his version of the Green New Deal. After all, the Fed has vast powers over the banks—including whether or not they can lend money to, or otherwise finance, fossil-fuel companies. From a Bidenite point of view, this seems like a clever strategy; as has been said of banks, “That’s where the money is.”
Specifically, Biden wants to gain control of the Federal Reserve’s seven-member Board of Governors. Of these seven slots, three are currently vacant. On January 14, the White House named three candidates to fill those slots, all of them friendly to his green scheme. If that trio is confirmed by the Senate, they will join a fourth Democrat already on the board, and the left will have gained control of the Fed.
Yes, the Bidenites have visions of that $23 trillion—and what they can do with it—dancing in their heads. The banks have their $23 trillion, and the Fed has its regulatory power, and so the Fed can rewrite banking rules to choke off financing for fossil-fuel companies.
This regulatory option is a ray of hope for embattled Democrats, because their elected officials, eyeing recent election results and current polls, have grown leery of overt actions to choke off energy, and thus tank the economy. That’s why legislative efforts to block energy lending have ground to a halt.
Instead, sly Democrats prefer covert actions, the kind they hope will leave no political fingerprints. That’s where the Fed comes in: Democrats hope that an “independent” Fed can do all the choking behind the scenes; that is, without Democratic pols actually having to vote on unpopular energy reductions. Far better, Dems figure, to let un-elected bureaucrats do the dirty work.
On January 29, this author sketched the outlines of this sneaky strategy: “Biden’s ‘Big Shift’ on Climate Change Is the ‘Great Reset’ by Stealth.” (The Great Reset, of course, is the green-globalist agenda put forth by the German Klaus Schwab and the World Economic Forum, aka, Davos.)
The key to this Great Resetting strategy is Sarah Bloom Raskin, tipped by Biden to be the Fed’s Vice Chair for Supervision; which is to say, she’d have direct authority over the workings of private banks. The other two nominees for seats on the Board of Governors are Lisa Cook and Philip Jefferson.
Raskin has written many times about bending finance to transform the American energy sector in a way that would gladden the Sierra Club. As I noted last month, “The Biden plan is that the Raskin-ized Fed will join with other mostly obscure agencies, such as the Office of the Comptroller of the Currency, to steer (read: scare) investors away from fossil fuel companies.”
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https://www.breitbart.com/economy/2022/02/14/pinkerton-bidens-great-reset-goes-through-his-woke-federal-reserve-nominees/
