Thanks to AOC: Check Another Box Off on the Attempt to Implement the 'Communist Manifesto' in America

Alexandria Ocasio-Cortez

By Robert Wenzel

Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez introduced legislation on Thursday to cap credit card interest rates at 15%.

This, of course, will do nothing but block credit for low credit score, high-risk individuals.

AOC understands this. Consider this exchange she had on Twitter.

@NahazDota tweeted to AOC:

I whole heartedly agree with the intent here but am deeply apprehensive about the implementation. I worry capping CCC rates will deny many low income households access to credit, or worse push them toward even more exploitative lenders such as payday loan stores (3 digit APRs).

— Nahaz (@NahazDota) May 9, 2019

Her response:

That’s why we pair usury w/ support for a non-profit banking option esp in key communities: aka Postal Banking.

Big banks won’t service poor communities unless they make a killing off them - that’s why they charge predatory rates.

Doesn’t have to be that way w/ competing model. https://t.co/JHJNxcHQbC

— Alexandria Ocasio-Cortez (@AOC) May 9, 2019

In other words, she knows the damage it will do. Her real goal is to move toward a government loan granting bank. That's what her "postal banking" line is all about.

The Washington Post explains this is part of the AOC-Sanders Bill:

 It would also allow the U.S. Postal Service to get into the banking business, including offering savings and checking accounts.

AOC is very shrewd in the advance of the commie agenda. She always frames it in a way the masses will go for: "A cap on credit card interest rates." But anyone who knows basic economics knows that is bad enough but she is going beyond that with her call for turning the U.S. Postal Service into a bank.

Point 5 in the Communist Manifesto calls for this:

Centralization of credit in the hands of the state, by means of the National Bank with the state capital and an exclusive monopoly.

She knows she can't nationalize the entire banking system, yet, so she is doing an end-around by attempting to turn the U.S. Postal Service into a bank that in no time will be required to be supported by taxes as the loans made will be unprofitable.


Robert Wenzel is Editor & Publisher of EconomicPolicyJournal.com and Target Liberty. He also writes EPJ Daily Alert and is author of The Fed Flunks: My Speech at the New York Federal Reserve Bank and most recently Foundations of Private Property Society Theory: Anarchism for the Civilized Person Follow him on twitter:@wenzeleconomics and on LinkedIn. His youtube series is here: Robert Wenzel Talks Economics. More about Wenzel here.