Joe Biden’s nominee for Comptroller of the Currency in the U.S. Treasury Department is Saule Omarova, a native of Kazakh Soviet Socialist Republic and graduate of Moscow State University, which she attended on a “Lenin Personal Academic Scholarship.”
In a May 9, 2020 interview with Chris Hayes of NBC, Omarova revealed she was in an exchange program with the University of Wisconsin in 1991 when the USSR collapsed. The Lenin scholar remained stateside to pursue a Ph.D. in political science. Some of her views on economics emerged in 2019, nearly 30 years after the USSR collapsed. “Say what you will about old USSR, there was no gender pay gap there,” Omarova wrote, “Market doesn’t always ‘know best.’”
Contrary to the Lenin scholar, individuals know what’s best for themselves and a free market empowers them to make choices that reflect those interests. In the old USSR, by contrast, an all-male Marxist-Leninist dictatorship planned the economy. This ran up against the knowledge problem F.A. Hayek outlined in The Road to Serfdom way back in 1944 during the Stalin era.
Economic knowledge is fragmented and dispersed, so no group of people is able to plan an economy that will thrive for the benefit of all. That’s why Omarova’s beloved “old USSR” was an economic basket case.
(unt doesn’t understand that what she is praising actually led to the downfall of the soviet union!