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run by the Fed. If there is a microsecond where you might think this is a good idea, look at what’s happening now to prices at the gas pump and at the supermarket, where we see inflation at a 30-year high. Consider where this is coming from. Yes, the Federal Reserve. Journals and newspapers burst with warnings from private economists over recent years that Federal Reserve monetary policy will lead to inflation, and Fed Chairman Jerome Powell has been poo-pooing these warnings.
Now it’s happening. And this is who professor/ comrade Omarova thinks should be taking over the full scope of our financial lives. If you think turning over your financial security to the wise stewardship of the Federal Reserve is a good idea, consider that the Federal Reserve was created in 1913 with motivations not that different from those of Omarova. The whole idea then was that giving a government entity control over our monetary system would bring stability.
Under this great government stabilizing influence, we have been through the Great Depression of the 1930s, double-digit inflation and interest rates in the 1970s, and, most recently, a severe financial meltdown in 2008.
Since the Fed’s creation in 1913, per economist and blogger Mark Perry, the consumer price index has increased by “27.25 times which has caused the U.S. dollar to lose 96.3% of its value/ purchasing power.” The 1913 dollar is today worth 3.67 cents.
There are notable other areas where Omarova wants much more government power, such as giving government planners vastly more power over climate control policy — to the extent of intentionally driving small oil and gas businesses to bankruptcy.
Maybe why so many Democrats, including our president, take offense at Kennedy’s communist labeling is because they take his accusations personally.
The Wall Street Journal calls the Build Back Better multitrillion dollar spending frenzy, just passed in the House, “the biggest expansion of the entitlement state since the 1960s, and maybe ever.”
We have two competing views in America today. One sees private property, individual freedom and personal responsibility as the answer to our problems. The other sees it as the source of our problems.
The first view I call American. The second — well, if not communist, certainly it is not American.
Please, Senators, do not confirm Saule Omarova to oversee our nation’s banking system.
Star Parker is president of the Center for Urban Renewal and Education and host of the weekly television show “Cure America with Star Parker.” To find out more about Star Parker and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www. creators.com. COPYRIGHT 2021 CREATORS. COM
