Roundtable Discussion

Just this evening (12/7/21), Saule Omarova’s nomination for the Comptroller of the Currency (head regulator of the OCC – regulates majority of US commercial banks) was withdrawn by the Biden administration.

Bloomberg

Our friend Christopher Lucey brought to our attention (rightly sounding the alarm) to Omarova’s “People’s Ledger” proposal to completely revamp the banking system and Federal Reserve in the process of moving to Digital Dollars by essentially nationalizing/socializing it (“democratization” is code for government take over). The rationale? That the current system favors the rich and disregards the poor. And unfortunately, she’s right.

We need to Repent for our Financial System’s treatment of the Poor

The Lord will enter into judgment with the elders of His people
And His princes: “For you have eaten up the vineyard; The plunder of the poor is in your houses. What do you mean by crushing My people. And grinding the faces of the poor?” Says the Lord God of hosts.

Isaiah 3:14-15

We cannot look the other way on this.

You may think: well, what’s the big deal with our banking system? I can get a reasonably priced mortgage. It’s relatively safe to keep my money on deposit there. We’ve got to put our money somewhere, right? You might argue, hey it’s not perfect, but it works and has worked well for over 100 years now.

But did you know this is only true for the wealthiest 60-80% of Americans with good credit scores? For those in the bottom 20-40%, the system is broken. The working poor turn to Payday and Hard Money lenders for short-term financial needs. The poor, illiterate and/or uneducated use cash and don’t have access to credit. They go to check-cashing stores and pay considerable fees. If you have a mortgage and can’t pay it, you might lose your largest asset – your house – and worse, risk homelessness. If you have a bad credit score, you may never be able to repair it. If you have a bank account with a small balance you might pay $40 overdraft fees, receive no interest and pay $20 in monthly fees on top of that.

You may not like the New Yorker’s politics, but I encourage you to read this insightful article: The High Cost for the Poor to Use Banking

Judgment Starts in the House of God

Do we really want God to turn us over to the reprobate wisdom of man through Socialism? Marxism? Or do we want to respond to God, repent, be his hands and feet, and help bank the poor?

I will give children to be their princes,
And babes shall rule over them.
The people will be oppressed,
Every one by another and every one by his neighbor;
The child will be insolent toward the elder,
And the base toward the honorable.

Isaiah 3:4-5


In other words friends, it’s far easier to point out and criticize the failings of socialism and how government control and government mandates stymies freedom (how dare they!), than to take the plank out of our own eyes, humble ourselves and repent of our own greed, fears, complacency, acceptance of exploitation of the poor through our nation’s financial markets and banking systems.

What? We have to repent of our free-market poor-exploiting practices of capitalism? Yes. Yes we do. And repentance means we have to come out of partnership with these practices.

If we don’t, God will judge us. How? By giving us bad government, and bad leadership (see above scripture). Hmmm. If the shoe fits, wear it.

Wait, so you are essentially saying: more effective than fighting against socialism, we must first repent of the sins of capitalism? Yes. This is the hidden truth of releasing God’s power to fight for righteousness, liberty, equality, freedom, and justice for all – One Nation Under God.

Is not this the kind of fasting I have chosen: to loose the chains of injustice and untie the cords of the yoke, to set the oppressed free and break every yoke? Is it not to share your food with the hungry and to provide the poor wanderer with shelter—when you see the naked, to clothe them, and not to turn away from your own flesh and blood?

Then your light will break forth like the dawn,
    and your healing will quickly appear;
then your righteousness will go before you,
    and the glory of the Lord will be your rear guard.
Then you will call, and the Lord will answer;
    you will cry for help, and he will say: Here am I.


Isaiah 58: 6-9

If we don’t want the “People’s Ledger”, we have to repent and reform (come out of Babylon):

This is the vision of the Storehouse.

This is the inspiration for the New England Center for the Abolition of Poverty

This is why God is saying: “I care about Banking for the Working Poor