It’s not a stretch to say that President Biden is embattled. His unwillingness to do anything tough and his reactions to crises leave much to be desired. And increasingly Biden is acting like a referee among the factions in his own party, trying to balance the demands of the handful of more fiscally conservative Democrats with those of the radical left such as AOC and her “Squad.”
But the fight to appease the left wing of the Democratic Party could have one very important victim – your bank account.
That’s because President Biden seems to be attempting to appease his left-wing base by appointing radicals to major regulatory positions. And one recent nominee in particular is making waves due to her belief that the federal government should take control of all bank accounts.
This isn’t just a minor nomination either. This is the nominee to head the Office of the Comptroller of the Currency, one of the nation’s major banking regulators that charters and oversees national banks. She wants to end banking as we know it, which means your savings could be at risk.
What Is the OCC?
The Office of the Comptroller of the Currency (OCC) is the nation’s oldest banking regulator, having been established in 1863 to administer the new National Bank Act and oversee the creation of a new system of national banking. In the aftermath of the 2008 financial crisis and the passage of the Dodd-Frank Act, OCC absorbed the former Office of Thrift Supervision.
Today, as an independent bureau within the Treasury Department, OCC “charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks.” It does so by issuing regulations, examining banks, and assessing penalties on banks that it judges to have fallen afoul of the law.
Who Is Biden’s Nominee?
Biden is nominating Saule Omarova, a Soviet-born scholar who is currently a law professor at Cornell Law School to be the next Comptroller of the Currency. Omarova graduated from Moscow State University, where she studied on a Lenin academic scholarship. She received her PhD from the University of Wisconsin, then her JD from Northwestern University.
But despite the 30 years she has spent in the United States, she has no appreciation for free markets and the prosperity they have been responsible for in this country. In fact, rather than celebrating the opportunities she has been given in this country, Omarova still pines for the old USSR. Her thoughts and ideology are so far to the left that her nomination to head OCC has brought a significant amount of controversy to a nomination that is normally bland and milquetoast.
Omarova hasn’t shied away from defending her radical views. In a paper published just last fall, she floated the idea of what she called “the People’s Ledger.” It envisions giving the Federal Reserve the central role in allocating financial resources throughout the economy. And even more ominously, it imagines giving all of your bank accounts to the Fed.
That’s right, every single cent in your bank accounts would be turned over to the Fed and become part of its balance sheet.
If that isn’t enough to send shivers down your spine, I don’t know what is. Proposals like this abound in academia, and normally they’re just something we can shrug off as twisted fantasies. But now Biden is proposing to hand over the reins of the banking system to someone who is proposing to put all of your money under the government’s direct control.
In fact, you can’t be faulted for thinking that even floating a plan like this is just another step in the ongoing Sovietization of the United States. The end goal is to take control of your assets so that the government can exercise complete control. And unless you act ahead of time to keep your assets out of the government’s hands, you may see your decades of saving and investing go completely to waste.
Protect Your Assets With Precious Metals
With bank accounts being completely digital today, the ease with which the government could take over your bank assets could be insanely easy. A stroke of the keyboard, law of the land, and your money is now the government’s. And that’s why it’s so important to invest in physical assets that aren’t easily seized.
Gold and silver are among the most popular assets for that purpose, and they’ve served that purpose for decades. Many investors have chosen to protect their retirement savings with precious metals IRAs, which have all the same tax advantages as conventional IRAs but invest in physical gold or silver coins and bars.
You can even roll over or transfer assets from existing IRA, 401(k), TSP, or similar retirement accounts into a precious metals IRA tax-free. And when you decide to take a distribution from your precious metals IRA, you can take that distribution in cash or in physical gold and silver. Thus even after your IRA is drawn down you still have the advantage of owning physical gold or silver that can’t be easily seized by the government.
If you want to just take that step today to own physical metal that you can hold in your hands. you could also make a direct purchase of gold or silver. Buying gold and silver is as simple as contacting the precious metals experts at Goldco and letting them help you as you choose the gold or silver coins that best suit your needs.
Investing in precious metals doesn’t have to be difficult. And as political trends continue to develop that put your savings at risk, ownership of precious metals could continue to grow in importance. Call the experts at Goldco today to get on the road to safeguarding your savings with gold and silver.