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The allegory of St. Patrick is that he drove snakes out of England. Today, as many of our elite ruling class celebrate St. Patrick's day, the American people are focused on driving the snakes out of Washington, D.C.
The swamp is riddled with snakes.
In the past 10 days, the US economy has been fundamentally altered. Joe Biden is out touting his economic achievements and gaslighting the American People that our economy is heading in the right direction.
The same people who broke our economy – the public-private partnerships that comprise the technocracy in which we find ourselves – think they should be the ones who get to solve the problem they created. This is insanity.
On Thursday, Senator James Lankford (R-OK) asked Treasury Secretary Janet Yellen if the administration's policies are encouraging the centralization of the banking industry by incentivizing people to move their money out of small banks and into big banks.
This line of questioning comes as the Biden Administration appears to be making up new rules for their friends in Silicon Valley and New York City, securing the deposits of the banks’ clientele over the FDIC $250,000 limit.
"Will the deposits in every community bank in Oklahoma, regardless of their size, be fully insured now?" Lankford asked. "Will they get the same treatment that SVB just got, or Signature Bank just got?"
Yellen responded that the Biden Administration was making these decisions – she and the President, specifically – based on whether or not they perceive a big enough impact to intervene. This unilateral behavior is unconstitutional and sets the groundwork for ideological cronyism.
Lankford continued: "I’m concerned you are... encouraging anyone who has a large deposit at a community bank to say, 'We’re not going to make you whole, but if you go to one of our preferred banks, we will make you whole.'"
“That is certainly not something that we’re encouraging," Yellen replied.
But the policies of this government are encouraging centralization. There is no oversight. There is no trust in the system, and these moves appear intended to exacerbate that very issue.
Is the end of community banks – and local communities more broadly – the goal? It seems that way. Remember your oath.
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