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Biden’s Comptroller of Currency nominee

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  • #1

    Biden’s Comptroller of Currency nominee


    My mind is blown. I am intensely curious as to what this nomination means.

    Saule Omarova graduated from Moscow State University on the Lenin Personal Academic Scholarship. That should go down well with Republican Senators. That’s not the point.

    Omarova wrote the following paper which describing her vision of a Central Bank Digital Currency. Your digital currency and your wallet would be held by the Fed. She proposes transfering private banking functions to the Fed. where accounts would "fully replace" private bank demand deposits. Monetary expansion and contraction? …. We will simply add to your account …..

    instead of you having an account with Wells Fargo you would have an account with the Fed.

    when the Federal Reserve prints money today it credits the Banks accounts. Going forward the Fed would skip the bank and credit your account. We will abandon the banks as the middle men. She is nationalizing the banking system.


    I am still wading in. There is an argument that this is indeed how Central Bank Digital Currency will be executed eventually.

    sonatine, you will crush this in an hour and provide something beautiful. I’m loading your prop gun with live ammo. I’m your armorer.


    https://reason.com/2021/10/28/bidens...as-we-know-it/
    Click image for larger version Name: DBF03D1D-26ED-444B-8CE0-4F2076EB70F7.jpeg Views: 0 Size: 99.2 KB ID: 8373



    https://wp0.vanderbilt.edu/lawreview...e-the-economy/

    first sentence of the paper.
    The COVID-19 crisis underscored the urgency of digitizing sovereign money and ensuring universal access to banking services. It pushed two related ideas—the issuance of central bank digital currency and the provision of retail deposit accounts by central banks
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  • #2
    She uses the term “helicopter drop” into your wallet which is just the next iteration of stimulus checks. As crazy as all this sounds it is, you could argue, a logical progression.

    of course it goes on with a marriage of fiscal and monetary controls where the Fed does wage and price control but I am a slow reader ….

    I’m looking for the universal basic income which Trump gave a trial run last year.

    I am not “that guy”. I’ve proven myself to be moderate in my thoughts but I’m having a moment

    Comment

    • #3
      i heard about this someplace but from a slightly different angle; apparently in the fine print the fed can use those accounts to short securities.

      Comment

      • #4
        i think im jumbling that up because they cant like, use your money in your fed account to short, but the bottom line is that somehow because the fed would own all these accounts, granting them the ability to short securities that are running out of control dovetailed into this... i didnt pay much attention to it but there was a strong case being made that it would offer them some sort of consequential pressure against things like inflation.

        Comment

        • #5
          No no no …. you are not wrong about the short. You are on the scent

          because we are digital we can control how the money is spent. I only want this money I am putting in your account to be spent on eggs, or health care. I want to deflate an asset so I (as the Central Bank) will short it.

          We cannot have Central Bank Digital Currency without running the risk of these sorts of controls. Controls which are described in great detail in her paper. Obviously, some find this scenario desirable.

          .

          • Likes 1

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          • #6
            The thought should be, “how did Biden come to rest on this person who espouses these ideas and why”.

            Comment

            • #7
              i think chinas done like 8.7 billion in digital currency transactions as of october so tbh i think we can guess whats next here.

              Comment

              • #8
                China is pressing US companies like McDonalds and Visa to accept its e-yuan at the Winter Olympics

                CBDC is coming faster than I imagined to Eurasia and Middle East.
                • Likes 1

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                • #9
                  I wrote a bit about this in how adapting crypto by anyone that matters is the end of BTC, in the BTC thread on the other site few weeks ago maybe.

                  This all was known years ago how it was going to play out roughly. We're just writing the details now.

                  I can't think of a single good reason for any major institution choose to build their stuff around an existing shitcoin. If for unknown reasons there was amazing tech, they couldn't just steal, they would just buy the dev team to build them a new coin.

                  Institutions don't hand out gifts to retail. That's just not a thing.
                  • Likes 1

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                  • sonatine
                    #9.1
                    sonatine commented
                    11-05-2021, 04:03 PM
                    Editing a comment
                    this really is a voluptuously coge take
                  • gimmick
                    #9.2
                    gimmick commented
                    11-05-2021, 10:17 PM
                    Editing a comment
                    Obv. Mostly talking about digital RMB/e-CNY. It's crypto adjacent. It does what BTC was supposed to do when it would be adopted by the masses, with non-existing anonymity. It's faster, cheaper and it verifies transactions with minimal involvement compared to traditional e-commerce/banking.

                    A variation of that is going to be every CBDC. Tying them to fiat is just the most convenient solution for central banks. Amazon might do something else. It's just not going to be any publicly traded shitcoin.
                  • gimmick
                    #9.3
                    gimmick commented
                    11-05-2021, 10:56 PM
                    Editing a comment
                    The above was a comment about a comment that doesn't exist anymore.
                • #10
                  The proposed solution/paper solves few problems. Namely that monetary policy has relatively few efficient tools to prop up the real economy. Currently there's the "maybe trickling will work this time" thing, getting a check sent after 3 months in a bill that spends most of the allocated money to something random and spending money to infrastructure. The running theme is that they are all slow and inefficient.

                  The other problem is that people are mildly paranoid about getting a chip in their arm. They don't mind being harvested for data by highly ethical commercial enterprises, being tracked by their phones and/or telling random things in public that are tied to their government name. Those are not the things they're paranoid about. It's the government being able to have a reasonable idea who lives in their country.

                  Free money is one those things that tend to motive people.
                  • Likes 1

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                  • #11
                    Also that paper exists because of crypto.

                    "Issuing a new form of digitized central bank money, or CBDC, became an increasingly hot topic of policy discussion as a result of the rapid rise in the volume and popularity of privately issued cryptocurrencies. The success of Bitcoin paved the road for the subsequent emergence of numerous crypto-assets purporting to challenge the supremacy of sovereign money."

                    Then there's this.

                    "especially urgent in light of the ongoing digitization of finance, which includes rapid proliferation of privately issued digital money and privately run digital payments systems. Notwithstanding their rhetoric of democratization, these technologies threaten to undermine the fundamental balance of the sovereign public’s and private actors’ relative powers and roles in the financial system"
                    • Likes 1

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                    • #12
                      Any thoughts about why this nominee? With that background and those particular ideas. Why? Just to piss off Bernie by making him look like a moderate?

                      Comment

                      • gimmick
                        #12.1
                        gimmick commented
                        11-08-2021, 10:41 AM
                        Editing a comment
                        No idea. Nominations are usually the part of American politics that's traceable, but time consuming. Logical, but rarely tied to merit.
                    • #13
                      She studied finance at a Russian University and clearly enjoyed her experience, Gimmick. You find it hard to speculate? This isn’t subtle politicking. This is incredible stuff.

                      c’mon man

                      this is not a Bitcoin story either. That is a less important aspect.

                      im not Facebook but
                      Biden Treasury Dept. nominee was member of Marxist Facebook group in 2019: Report

                      This is incredible fun and it would appear you are soft peddling deliberately, Gimmick, and that’s not typically like you.

                      Comment

                      • #14
                        Her nomination could be leverage, favor for a donor, previous work relation, recommendation from an advisor or any number of plausible theories. She does fill the merit part as well, but so do 1000 other candidates. I literally don't care enough to find out exactly why she was the nominee.

                        She worked with the Bush administration. She's been vetted like 16 times in the last 20 years.

                        She's roughly anti wallstreet/fintech/crypto. Those are all problems you needed to solve 10 years ago. Investment banks use commercial banking side as a human shield. That's one aspect that makes them too "big" to fail. That paper proposes one solution to that specific problem.

                        You're just going to have to spell out what you mean.
                        • Likes 1

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                        • #15
                          I don't know is this some confusion with how fondly do you expect the ethnic minorities from former USSR to feel about Russia. She's not ethnic Russian. She's a Kazakh.

                          I don't even know what you mean with "studied finance at a Russian University and clearly enjoyed her experience". That was in the 80s. She followed the only possible academic route in USSR. Part of that was to toe the party line. You did that to move up in the society and for survival. It wasn't as strict as it was before the 70s, but people knew not to make noise. They knew people that had disappeared. Silence wasn't optional.

                          Comment

                          • Sanlmar
                            #15.1
                            Sanlmar commented
                            11-09-2021, 11:09 PM
                            Editing a comment
                            Well played. I need to regroup
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