Because of its cronyist relationship with Wall Street, we usually think about the Federal Reserve being an institution of, by, and for politicians and the bankers. But when you study the inherent nature of the central banking system, Fed Chair Jerome Powell and his counterparts might as well sport beards and run into a supermarket in a paper bag screaming about socialism. The racist Karl Marx and his vile ideology endorsed central banking. It not only controlled the money system, but it also forced the population into capitulation and submission – core tenets of communism and today’s progressivism. So, what did Marx have to say about central banks, and is the woke crowd of the present regurgitating his inane ramblings?
Central Bank Marxism
In his 1848 piece of science fiction, Karl Marx recommended the need for a central bank to control credit and maintain a monopoly. His fifth tenet of The Communist Manifesto was: “Centralisation of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.”
Marx and his partner in crime, Friedrich Engels, also wrote a note titled Demands of Communist Party in Germany. The two demanded the creation of a state bank that maintained government control over legal tender. Or, in simpler terms, it grabbed the people by the throat.
“A state bank, whose paper issues are legal tender, shall replace all private banks. This measure will make it possible to regulate the credit system in the interest of the people as a whole, and will thus undermine the dominion of the big financial magnates. Further, by gradually substituting paper money for gold and silver coin, the universal means of exchange (that indispensable prerequisite of bourgeois trade and commerce) will be cheapened, and gold and silver will be set free for use in foreign trade. Finally, this measure is necessary in order to bind the interests of the conservative bourgeoisie to the Government.”
Marx fell in love with central banking for the same reason he desired nationalizing the means of production: The concentration of power, a single source in control of the money supply. He did not invent the institution as there were several preceding him, such as the Riksbank (Sweden) and the Bank of England (BoE). But Marx advocated for similar entities to have many of the powers they possess today. From ruling over several countries simultaneously (the European Central Bank) to the artificial credit circulation (Federal Reserve), Marx would be a fanboy of the 2020 international monetary order.
Marxists Coming for the Printing Press
Surprisingly, the petulant Antifa children have yet to try to smash the doors of the Eccles Building. Leftists have learned that if you want to change society, you target the central banks because they have more power than the legislative branch of the government. The left is now doing more than encouraging greater minority representation at the Fed. The militant political ideology is attempting to transform monetary policy to fit their worldview of dancing Karl Marx gnomes on their front lawns.
As Liberty Nation recently reported, former Vice President Joe Biden and his campaign are proposing to add a third mandate for the Fed, which includes being more woke. The idea essentially forces the Eccles Building to monitor race data and extend freshly printed money to companies that hire blacks or black-owned businesses.
But for the Marxist wing of both Black Lives Matter and the progressive movement in the United States, it goes beyond skin pigmentation. Marx’s disciples want to introduce modern monetary theory (MMT), a neo-Keynesian concept that involves printing even more money without the consequence of inflation. They may be unaware of it, but the MMT crowd is militating on behalf of Gresham’s Law. This is an economic principle that succinctly states that “bad money drives out good money” since people would likely hold onto more valuable assets, particularly gold and silver, than whatever the socialists print.
When the leaders of BLM admit they are “trained Marxists,” it is time to be afraid – very afraid. Everything they propose, from trillions in reparations to abolishing the police, might sound like proposals that will not be taken seriously. Unfortunately, when you have a weak establishment too afraid of being called racist and influential minds advocating an MMT, you need to be worried this subservience could lead to handing the printing press keys to these people – good intentions or not.
Woke Monetary Policy
Today, everyone usually views central banks as a capitalist instrument. But while the Fed might appear to be a pro-Wall Street entity, its entire existence is founded on a Marxist premise of controlling money and influencing credit based on the whims of a leader. Indeed, central banks are engaging in a diverse array of horrific tactics to shore up the economy. But imagine if the Fed, ECB, or BoE became woke? If you thought they were printing a lot of money right now, then imagine how they would cover the cost of the Marxists’ astronomical reparations programs.
Read more from Andrew Moran.