Armstrong Economics Blog/Politics Re-Posted Dec 9, 2021 by Martin Armstrong

Saule Omarova will not become the next US Comptroller of the Currency after withdrawing her candidacy. Nominated by President Joe Biden, Omarova has come under fire for her Marxist views and received bipartisan opposition. Omarova previously dispelled notions that she supported Marxism, stating that she could not control the fact that she was born in Kazakhstan when it was part of the Soviet Union.

Biden claims that Omarova was “subjected to inappropriate personal attacks,” and maintains that she would “have brought invaluable insight and perspective to our important work on behalf of the American people.” As a reminder, the Office of the Comptroller of the Currency charters, regulates and supervises all national banks. It also supervises the federal branches and agencies of foreign banks. Her “invaluable insight” could drastically change the course of the economy.

Saule Omarova studied at Moscow State University under a scholarship named after Vladimir Lenin. Her thesis paper entitled “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital,” has been scrubbed from her public record, despite multiple requests for the paper by the Senate. Previous behavior is the best indicator of future behavior, so we can surmise what her thesis stated. Omarova declared that the US needed to “end banking as we know it” by transitioning deposits from private banks to the supposedly independent Federal Reserve. She was encouraging the creation of the  National Investment Authority (NIA), which would sit between the Fed and the Treasury and ensure that the Build Back Better agenda was properly funded. “The NIA envisioned in this Article does not represent a ‘public takeover’ or ‘socialization’ of finance, nor is it an illicit ‘privatization’ of public infrastructure. Rather, it is a means by which all of us can collectively supply what each of us needs, but cannot individually supply,” Omarova penned with Robert C. Hocket in “Private Wealth and Public Goods: A Case for a National Investment Authority.”

To push forward this agenda, the alleged non-Communist wanted to bankrupt coal, oil, and mining industries to tackle climate change. “The way we basically get rid of those carbon financiers is we starve them of their sources of capital,” she said. “Give them a safe asset that pays more than US Treasury bond and take them away from the current carbon financiers.”

Worsening matters, Omarova actually praised the USSR for controlling salaries as it equalized pay (i.e., poverty) for men and women. “Until I came to the US, I couldn’t imagine that things like gender pay gap still existed in today’s world. Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best,’” she tweeted. In response to the backlash, Omarova only dug herself in a deeper hole. “I never claimed women and men were treated absolutely equally in every facet of Soviet life. But people’s salaries were set (by the state) in a gender-blind manner. And all women got very generous maternity benefits. Both things are still a pipe dream in our society!”

President Biden should be charged with treason and impeached for nominating someone who is clearly a threat to the US banking system.

Posted originally on the conservative tree house on December 8, 2021 | Sundance | 229 Comments

Considering the recent Democrat freakout over the ‘economic narrative‘, which included a request for corporate media to circle the wagons, their desperation is starting to make sense.

Patrick Murray is a notoriously partisan pollster from Monmouth University {use searchbar}.  Leftist favorite Murray puts the spin in spin-master when it comes to media polling and narrative engineering.

The Monmouth engineer recently released a heavily spun poll warning the communists and leftist Democrats, showing checkbook issues are the top concern priority for Americans – far beyond any concern about the COVID madness.

Keep in mind, Murray skews polls in extraordinary ways; however, yet even Monmouth cannot avoid seeing that 29% of leftist Americans are very concerned with inflation, while only 18% are concerned with COVID [pdf here].  Monmouth’s polls are always skewed with responses from the DNC base, so consider that result amid their own tribe.  Democrats are twice as worried about their household bills and inflation as they are worried about Omicron or any variant therein.

This explains the massive freakout in the backrooms of the White House and DNC at the moment.  Their economic policy chickens are coming home to roost.

“Concerns about inflation have taken center stage in discussions around America’s kitchen tables. And, as one would expect, many are placing the blame squarely on Washington,” said Patrick Murray, director of the independent Monmouth University Polling Institute. (link)

When you ignore the public spin Murray puts on the polling (Republicans horrible etc), the bottom line is devastating for Democrats.  This aligns with a recent Wall Street Journal survey showing that Latinos are flocking to the Republican Party, and there is now an even 50/50 split amid Hispanic voters.

“One year after giving Democratic House candidates more than 60% of their vote, according to polls at the time, the Journal survey found that Hispanic voters are evenly split in their choice for Congress. Asked which party they would back if the election were today, 37% of Hispanic voters said they would support the Republican congressional candidate and 37% said they would favor the Democrat, with 22% undecided.” (link)

Keep in mind the MAGA movement, which has overtaken the traditional GOP, is an assembly of the blue-collar working class.  The MAGA coalition is not about race, creed, national origin, special interest grouping, or what you do in your bedroom.  The MAGA assembly are aligned in common purpose on commonsense Main Street economic issues.

America First is Main Street first, while AOC sheeple and their champagne socialist base promote economic outcomes favorable to Wall Street and corporate multinationals.  It doesn’t matter how much they use cognitive dissonance to deny that, the economic outcomes are in your face every day.

When it comes to inflation, the AOC ‘Build Back Better‘ program has the direct consequence of making things worse.  They cannot reverse the impacts of leftist policy on energy pricing without changing their structural energy policy – and that ain’t gonna happen.

There’s only about 45 days left (+/-) before the next round of massive inflation hits the country at a retail level.  As the raw material and wholesale price increases hit the retail level, the next wave of compounded increased prices will hit harder -and be more steep- than all preceding increments.

Contract terms for payments inside the supply chain are net 30, net 60 or net 90 days, depending on the industry and sector.   As those prior contracts were delivered, a massive number of new purchase order fulfillment agreements were written without defined prices, because the raw material and processing costs were changing too fast to be quantified.

Those ‘undefined pricing’ contracts and agreements are going to carry the full weight of increased raw material, energy and transportation costs, and those prices are going to stun many of the recipients.

If the leftists in the political establishment are worried about checkbook economics and grocery store conversations today, you can well imagine that worry turning to fear as soon as the next wave of reality hits the kitchen table.

Posted originally on the conservative tree house on December 8, 2021 | Sundance | 307 Comments

This is nuts.  The White House occupant doesn’t have any idea what they are loading into his teleprompter at this point, he just shouts it at the audience as if it’s supposed to make some kind of bizarre sense.   This doofus is totally off his rocker.  What does this even mean?  WATCH (20 seconds):

I’ll look for a more expanded explanation as to what this idiot is supposedly saying.  Good grief, what a knucklehead.

This stuff is just nuts.  This guy is truly a meme of himself….

Posted originally on the conservative tree house on December 8, 2021 | Sundance | 213 Comments

According to media reports of the meetings, the people responsible for the Biden administration are instructing U.S. media outlets to report on the economy as if things are going well.

Unfortunately, massive Biden spending programs, in combination with fiscal policy, monetary policy, energy policy and mandatory vaccination policy, have created a perfect storm of inflation. That storm is growing in scale and scope and is likely to get much worse before it stalls.

The White House demands that media must ignore stunning price increases at the supermarket, jaw dropping home heating costs this winter, prices at the gas pumps that are 50 percent higher than last year, backlogs in the supply chain due to environmental regulation at West Coast ports, and a shortage of critical blue collar workers inside the U.S. Main Street economy due to the vaccine mandate. “Other than that, how did you like the play Mrs. Lincoln?”

In short, the White House wants the U.S. media to apply more cowbell to their propaganda.

Even CNN is having a tough time accepting the instructions:

The White House, not happy with the news media’s coverage of the supply chain and economy, has been working behind the scenes trying to reshape coverage in its favor. Senior White House and admin officials — including NEC Deputy Directors David Kamin and Bharat Ramamurti, along with Ports Envoy John Porcari — have been briefing major newsrooms over the past week, a source tells me.

The officials have been discussing with newsrooms trends pertaining to job creation, economic growth, supply chains, and more. The basic argument that has been made: That the country’s economy is in much better shape than it was last year. I’m told the conversations have been productive, with anchors and reporters and producers getting to talk with the officials… (read more)