This page has been archived and commenting is disabled.
Obama Introduces MyRA: The "No Risk, Guaranteed Return" Retirement Savings Bond
Earlier today we hinted at what was coming in "Obama To Unveil Treasury IRAs." Well, here it is, and it even has a catchy name. Presenting: the MyRA, and since it offers "guaranteed return and no risk" we now know where all the Fed's bond trades will go to work once QE ends.
From the president:
Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks. That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in. And if this Congress wants to help, work with me to fix an upside-down tax code that gives big tax breaks to help the wealthy save, but does little to nothing for middle-class Americans. Offer every American access to an automatic IRA on the job, so they can save at work just like everyone in this chamber can...
Or put another way - if you like your retirement account you can keep your retirement account.
And just like that, the "automatic" continuity to the Fed's Quantitative Easing is ensured.
One final point: in the aftermath of the demonstration that the market is run by absolute idiots, courtesy of TWTRQ and NEST, we fully expect that tomorrow Myriad Entertainment & Resorts, stock ticker MYRA, trading at a lofty price of $0.00, will soar tomorrow to, what else, Obama's target price of $10.10.
»
- 67923 reads
- Printer-friendly version
- Send to friend
- advertisements -
I want to get paid off a potential market crash in 14. I don't care about the loss of the capital.
Does anything have more potency than UVXY options?
If you like your double post you can shove it up your ass.
Gentlemen, start your short positions!
My, my, my, ya'll be a pessimistic bunch !!!
If at first you don't secede (obamacare), lie,lie again !!!
All you have to do is promise it.....and they will come and support it. At least initially.
Remember the "affordable" care act?
War bonds issued after WW2 to series E bonds to Series H and HH bonds disconnected in 2004. Same sh*t different spin. All countries sinking in government debt will try this, so we got capital controls starting out of Asia and America starting it's war-bond cycle again.
Great stuff
called this shit 2 years ago when i said they're comming for your retirement accounts. sheep supported yeild supression.
no wonder they dont teach inflation in high school.
Hmmm. My Ra. I'll not go down that whole Illuminati/Egyptian mystery school path, but kind of interesting name choice, nonetheless.
Just a thought. The funds may be pledged to hold the NWO alliance together.
Myra (Ancient Greek: ????) is an ancient Greek town in Lycia, where the small town of Kale (Demre) is situated today in present day Antalya Province of Turkey. It was located on the river Myros (Demre Çay), in the fertile alluvial plain between Alaca Da?, the Massikytos range and the Aegean Sea.
There is no substantiated written reference for Myra before it was listed as a member of the Lycian alliance (168 BC – AD 43); according to Strabo (14:665) it was one of the largest towns of the alliance.
The Greek citizens worshipped Artemis Eleutheria, who was the protective goddess of the town. Zeus, Athena and Tyche were venerated as well.
They won't be transferable to heirs either, it will be in the fine print.
Oscamba says next to the dike with a hole in it the size of the contaminated radioactive Pacific Ocean and says to the people, there's a leak, will you stick your finger in it while I go to the bathroom?
Matt Drudge's Tweet from a few days ago: "Have an exit plan..."
http://youtu.be/rlgCEYBJOT0
MyAss always says exit only.
MyGreek, get a free greek
what happens when not enough people opt in?
most people without employer sponsored plans would be doing their own IRAs,several types,they are probably living day to day and can't afford to put $$$ into retirement savings (beyond Soc Sec), they can show big paricipation % due to $600 tax credit but the $$$ won't be there to buyup the treasuries the US and the Fed need to sell.
There needs to be someting mandatory that moved big money into treasuries, something administrative, a few% to maintain gov sponsored guarantees like PBGC.
Time to look closer at shifting 401K nest egg into self directed IRA.
If someone had a self directed IRA invested in real estate and some or all of IRAs were required to invest in treasuries would US seize title to property to merely force you to sell the property to come up with the required cash to put into MyRA II?
Guys & Girls .... and even the proprietors of ZH: before you get lost in MyRA .... you better study FACTA which was designed purely to be a 'moat' (Jon Corzine-like) for the TBTF financials .... FACTA is the supporting agent to MyRA
wake up .... it is all there ..... it is happening ..... next we will have Walter Duranty to pass amongst us for the NYTimes to say that you have to break a few eggs to create a new order..... and he will get a Pulitzer Prize ... as any notion of what the "West" was passes under the bottomless dance of Beyonce or twirking of MileyC
Good stuff.
The Twerking Industrial Complex is all gung ho for the TPP, too.
Then the war, then the riots, then the camps, then Winston walks down the brightly lit hall, lamenting his past resistance to The State.
you mean FACTA passed in 2003?
how so?
"return guaranteed"?? As with all things liberal, he who controls the meaning of words, controls the outcome of the discussion. In this case, just what exactly is "return" and "guaranteed"?? If the government is busy creating near-infinite amounts of money out of thin air, someday that is going to dilute the value of the currency. Some day, some how, that is going to work to destroy the buying power of each dollar. It is embezzlement of private wealth. So, yes, I can see where the sucker who puts his money into this scheme will get it back, but it just won't buy as much when he does. In fact, it might hardly buy anything at all.
Hmm MYra does that mean the FED can't get the Chinese serfs to buy our war bonds treasury debt? Oh it is going to be fine just like the AIG payouts to the TBTF and the FED giving 85C for Mr Market 8c CDO"s... Oh wait didn't Poland take Half? Buffet needs more Goldman Welfare or half a trillion for railroads. Gee wait we going to sell insurance on the no lose bonds? Gee bonds based on CPI with nothing in it.. Fannie Freddie and Student loan debt problems all gone.... I'm so glad that 10.10 an hour fixes this.... ALL THESE BONDS WILL GO TO RESERVES AND COMPENSATION NOT CAPX...
UN freaking believable......
"I smell something...
Is it dog? No...
Is it horse? No...
I know. Its BULLSHIT!"
"If I knew for a certainty that a man was coming to my house with the conscious design of doing me good, I should run for my life." -Thoreau
Rebel rebel you tore your dress....
Wait wait I don't understand. So Myra pays ME Gold after I participate in this service?
I have come to the sad conclusion that the vast majority of Americans are catatonic. You fund wars by bankrupting your younger generation or spilling their blood, you allow your savings to be butchered by Bernanke's ZIRP, you have presidents that supply guns to Mexican cartels but who would like to see you give yours up, you jam survivalist blogs with anti government rhetoric, you have your jobs sent happily overseas, you have bankers getting bigger and bigger bonuses while you are being raped, you get sent to jail for jaywalking while Jamie's company pays a fine.
What are you people thinking, dreaming and doing??????
Don't fret. When the chips are really down and they shut off the beer, porn, and fossil fuels, we have hundreds of millions of privately owned firearms at the ready.
Don't kid yourself. America is a powder keg the world has never seen the likes of. Every government thug and collaborator from the Criminal-in-Chief on down will be cowering face first in the mud lest he get his head shot off.
don't ask me ...... what are you doing ? ....writing on a blog anonymously late at night .....
LOL. Midnight in America is almost midday where I am.
I'm thinking that the American people accepted their governnent's 9/11 narrative, indeed in roughly the same percentage as think angels are real.
America has to fail, to collapse. That is the only way it will ever rise and succeed.
Sadly, and predictably, the same tiny cabal that is controlling the collapse will appear as Saviors later... midwives for the glorious rebirth, and once again they wil seize wealth and power and banking and media, and it will start all over agsin...
BTFD
Up my FAFSA
The President of Washington D.C. got a heist underway.
Specifically he is targeting NSA agents, CIA agents, military brass, Lawyers, Judges, Policemen, the FBI and any other upper middle class working folksl.
Fuck you Bammy,my MyRa is in the bottom on couple lakes.
Myra in Turkey is where the original St Nicholas (Father Christmas) was born.
Myra is also an anagram for army and that is what the funds will be used for.
kudos for cleverness
Any way you slice it, we are headed into severe inflation. Handing out raises will force the sytem to adjust and in the end your quality of life stays the same or heads down. Once the world figures it out....whammo.
The rest of speach is nothing more than a side show.
Guaranteed returns, no risk. mmmkay...
Myra Returns are guaranteed in inflated US $$$... You go nowhere.
with REAL inflation rates factored in you're GUARANTEED a loss... but then that's true of pretty much ANY 'investment' these days... we're around 9% inflation now based on the 1980 methodology. what investment is paying that?
drugs
ammo
I think I'd rather take my chances with bitcoin! LOL!
You know what there really is a problem with retirement savings for most and buying government bonds aren't the worst alternative. Frankly anything that pays interest is going to over the long haul be a blessing. Now if they will put interest ratest back where they belong. The Feds should be paying about 4% on the 10 year.
Now having said that what this thing should be doing is giving folks a choice on the best AA corprates. They could pick the duration/s and get the feds out of the debt business and start reducing government not increasing it. How they will do that with 20 million employees is anyones guess.
Just look at all the squaking the DEA is doing over rationalization of the drug laws. How anyone who could starve keep homeless and relentlessly hunt folks who have an illness no less legitamate than diatbetes, albeit not fatal as quickly is beyond me. I for one couldn't look myself in the mirror every morning if in order to ensure job security I had to make war on the poor person down the street.
I digress, the best of the AA corprates weather utilities or anything else over time will make a lot of very happy retirees in a generation.
Just like the GSEs...FNM,FRE,FHA
Do we all ride in to the sunset on our Unicorns?
Do we all ride in to the sunset on our Unicorns?
yeah - without a saddle and sitting on... you get the picture
Giving folks a choice of what they're forced to buy, eh?
I find your ideas compelling and would like to subscribe to your newsletter.
R U FKN SRS?
I could get a better re-sell price on canned food than bonds & if I feel like eating it instead of stelling it I can do that too, saving me the purchase of higher cost food 1-5 years later by just eating what I have. With 10% to 20% inflation coming on those food items that's way better than any bond.
Annnd; you are correct. we have a winner,ladies and gentlemen. the return on a govt. instrument has to be less than inflation; it can't be any other way; if it were a real return, where would it come from? God?
A couple of two word phrases for you.
Hydrolic Dictatorships
Crony Capitalists.
make it an app on the ObombaCare site!
Will buying a few dozen silver coins every week at these low prices trounce the returns on govt IOUs over a 1,3,5, and 10 year period? Probably by a mile, but with MyRA there is no risk... (snickers)
Wow! Look at how many posts came up after this article was posted! Good job Tyler!
O-blab-la is forgetting, he's got to go soon. He can't remain and the clock is ticking down. He's got no time left to do much. Erections for the next Prez will dominate very very soon and he will be marginalized and irrelevant. Why is anyone listening? Times up. Your done.... epic fail. Sucks to be you sucker.
epic fail for you. Like Bush-fool-me-the-2nd before him, Obama does what his Handlers tell him and the next one will do the same. That's why OBama's 2nd term is actually Bush's 4th term.
Sooo, US citizens will be forced to buy treasuries from the chinese while simultaneously paying for an increase in gov min wages while paying 4 times more for health ins while being spied on in every aspect of their life while being frisked at random at sports stadiums and airports and everywhere else eventually while being fed food and water that makes them dumber while being taught complete bs in school while being dosed with japanese nuke fallout while having their right to self defense taken away while bailing out more rich bankers while getting peed on and being told its raining by a Kenyan Muslim Homosexual Communist Dictator. This shit just writes itself.
You have potential kid. real potential!
I agree. Pity about the rest of them.
What he said!
'Treasuries' - is that what the kids are calling war bonds these days?
John McCain and former AIPAC lobbyist/objective reporter Wolf Blitzer are doing their part, and so should you!
https://www.youtube.com/watch?v=w-PppJvHMAs&feature=youtube_gdata_player
Obamamoney! Now all money can be Obamamoney!
next up, all dollars in circulation will be EeeBeeTeeBux!
Well it is tough guy Tuesday. Somewhere.
I wants mah obamamoney!
Son of QE
Stop with the "they're coming for yer retirement accounts"! As if they don't already have them and they're not already skimming 2% in management fees off of them. You eventually go mostly into bonds by the time you retire anyway just to prevent yourself from eating a 30% loss when you're 65-70.
The reason this is flat fucking retarded is that THIS IS EXACTLY WHAT SOCIAL SECURITY IS. Theyre repackaging an idea that they've already had. Right out of that evil U of Chicago fuckhole Cass Sustein's nudge play book. Theyre going to skim another 3-5% off people who have no 401k plan at work, stick it an account that they won't be able to tap, loan the government money with it and give it back to someone at retirement or 50% prior to that to pay for Obamacare. it's no different than the Bush social security individual account "partial privatization" (but make the only "investment" federal bonds) idea. Guess what's in the SSTF? More fucking intergovernmental IOUs -- BONDS.
The other beyond retarded thing is that SAVINGS ACCOUNTS used to pay as much as like 5% just 10 years ago. If you had money, you could put in a savings account and access it any time. What this bankster puppet empty suit is telling you is that banks ain't never gonna pay you interest on your money ever again.
They have no new ideas, theyre desperate to push any idea on people even if it's the same thing they're already doing, and even they know that the low interest rate environment is killing inclination to save.
MyRass is getting sore
Aw, he got us dumbasses a piggybank. Such concern for our well-being shows real compassion. I'm deeply moved.
The name is catchy.. IRA, My RA. That's so clever.
/KMABO
It resonates with the "texters" who have a low buzzing sound in their heads all the time that doesn't bother them anymore.
My
RA
AMEN
http://www.youtube.com/watch?v=BhKGPslPwwA
Wow! Look at how many posts came up after this article was posted! Good job Tyler!
My Mr. prezident, can I get fries with my MyRA?
Its not too hard to see through the smoke.
You figure out the message ....
-------------------
Treasurys in an IRA
Receive a generous, risk free return.
All expenses disclosed up front, no funny business from the govt.
You are in control of your future.
Valuation is guaranteed over time, investors will not lose money.
Ownership of the account is American and will make us stronger.
No other types of accounts compare to this.
I thought this was sarcasm at first, but I think you actually believe this? I guess people do randomly go insane after all.
This is QEternity - it is also stuffing the most egregious garbage into peoples retirement accounts. Even if stocks are way over priced, at least they are unlikely to go to zero - and they also rise against inflation. This is just pure theft from savers, and exposing them to massive currency risks, just to try and support the dollar for a few more years.
People are going to love this because they will be suckered into thinking its patriotic - poor, sad delusional, useful chumps.
I got it. Trayvon
MyRA= even more bail in friendly
MyRA= because the president really will make it his!
Once again, just like his 'change is coming to America' promise, you won't be able to accuse him of lying. When he calls it the MyRA he really does mean that it is his!
ha ha this is the fed's exit strategy.
sadly it will work.
Clever observation but how many times can the public be skinned alive before they scream?
Many more times. And the reason is simple: they do not grasp nominal price of the bond vs its purchasing power.
So Obama isn't reallying lying when he says it's risk free and all that. It is risk free in terms of nominal price (i.e. if you buy a $100 bond you'll get your 100 back)...and nobody understands inflation, so it will work.
Myra is a jewish woman's name. Did Obama do a Janet Myra Yellen trick ?
Al Gore exposed on Global warming to congress. Where is the lock box key?
Obama Pledges Action With Or Without Climate Deal COP15 Copenhagen| Dec 18, 2009| Looks like our Negro forgot this detail during the State of Union Address tonight.
How To Watch The Sun
S0 News January 28, 2014: GPM, Nova Dust, MAJOR Sunspots
Obama asking for volunteers to step forward and buy the banker's crap sandwich. Not going to happen. That's why there's going to be confiscations and putting mooney into US-T bonds is going to be mandatory contribution from your paychecks. But this way they can say they "tried" volunteerism.
Yogi Berra: "Murdering people is a good way to get them killed."
So what's the trade?
Bammy-IRAs are backed by the full faith and credit of the Kenyan government.
Where is Chuck Norris when you need him?
M.Y.R.A- Madoff Your Racist Ass
i dont think people need a Phd to understand that he's lying.
like obombercare, it will be a utter failure.
I prefer ObysmalCare.
Any truly thinking person, and most at ZH, have got to be just laughing their asses off to this shit.
PMPL (Pissing my pants laughing)
"Even my guillotine was laughing."
Great observation Sheila. My brother's half sister's second cousin is earning over $8,545 a month from home by investing in MyRA's. You too can invest in MyRA's from the comfort of your Snuggy if you visit this web site now! - http://fuckallyoustupidamericans.gov/zombies
What next? BozoCoin? an alternative currency for the Free Shit Army?
Apparently, when the treasury notes come due,you get paid in Sham-Wows.
"MY" RA.
Sounds like the name was dreamed up by Microsoft.
.
.
MYRA is in-your-face socialism.
Fancy talk for a tax.
OBONDS
"Because Social Security is Not Enough."
New rule--
Each Congressgangster, every fucking last one of them, must put their entire federal retirement package into MyBoingo IRAs.
Then we'll talk.
No risk? If I recall correctly, it was a little company called Enron that pioneered the idea of no-risk options trading. It didn't work out very well for them.
I remember reading an article about Enron's business strategy as a teenager in, of all places, Scientific American. That incident sticks out in my mind as one of those moments which begins a process of critical thinking. If a reputable scientific magazine is talking seriously about a no-risk economy, one can only conclude that the scientific establishment is corrupt, the economists are insane, and the culture is hosed; we are living in the City of Dis.
But that was back in the late '90s when the swollen stock markets of the tech-boom era had made it possible to defer for a time the consequences of stupidity and malinvestment. The world was optimistic then: gasoline was $1.20/gal, telecom companies were in a race with one another to cocoon the very earth with a web of fiber optic cable, there was a millennarian fever of techno-utopianism in the air, and the goateed, noveau riche programmers who had fashioned it all were cultivating a refined worldliness, developing a taste SUVs, cigars, and fine dining.
There is no such cushion now. The world is already surfeited with its excesses and ready to vomit. Techno-utopia has degraded into a dingy panopticon with revelations of electronic surveillance. We are caught like flies in the World Wide Web. All relationships, all trust, all necessary activity is strained under the exigencies of this Section Eight Society. From now on each incremental increase in Big Government liberalism will be felt as increasing exponentially the pain borne by humanity. It will take a generation at least to climb out of the hole even if we stopped now; and while the social engineering dreams must be growing rather threadbare to an ever-increasing number of people, still it seems we are unable to collectively act in any other manner. This is the curse of Communism, of which Americanism is simply a low-church variant. Russia has spread her errors throughout the world, as Our Lady of Fatima warned. The only cure for this is grace and conversion.
Conversion to what, you might ask. I would like to say, "Conversion to the One, Holy, Catholic, and Apostolic Church." But since Antipope Francis, a Latin American liberation theologian and Marxist, is now the universal public face of apostasy and the one most likely to be indentified with the Church by the average person, adverting to Catholicism often sends precisely the wrong message unless one specifically mentions that he is referring to the pre-Vatican II magisterium, the true faith. Therein lies the only foundation of real social order.
Ajutorium nostrum in nomine Domini!
wow, we have a winner!
The logic is impeccable but the theological slant debatable.
I love these latter day Ayatollahs that in the end have only one thing to say : Apostasy is WORSE than Communism!
Lol, that song never changes; the ENEMY within...Treason worse than false reason.
Well, we are hidebound by our own fundamental beliefs.
When logic faces dogma the choice in the end is very black OR white!
Well, your post started out well then turned into tribal bullshit. You throw around terms like liberalism and communism, and its apparent you have no idea what any of it means. Alas, I'm sure the fake intellectualism sent a thrill up your leg. Those "-isms" feel real good.
The Oligarchs are still kicking our asses.
The Flim-Flam Man thinks we all just fell off the turnip truck.
"If you don't like my plan, Maybe You-bee Raciss A$$hole..."
MY Rheumatoid Arthritis is preventing me from reading this damn teleprompter - must be the meds.
The Principle is VERY SIMPLE :
Its the Application of the TBTF Mantra to the Sheeple.
The State guaranteed to the TBTF cabal that NO BANK WOULD GO BELLY UP AFTER LEHMAN.
That principle was applied to all MAJOR banks on both sides of the pond and that is what has created the current QE dystopia: CB printing to save WS assets and the OWNERS of the FED from awesome RESET.
WE HAVE INSTITUTIONALIZED MORAL HAZARD ABANDONMENT, OR MORE APPROPRIATELY ITS SYSTEMIC PERVERSION TO THE WHOLE WORLD ECONOMY 'COS OF RESERVE CURRENCY HEGEMONY.
All Obammy is doing is EXTENDING the same guaranty and propagation of MORAL Hazard abandonment to the sheeple ONCE AGAIN, like for Freddie and Fanny days of old. The SAME category that got shafted by the Subprimes and RE bubbles of last crisis. All dressed up as "affirmative action" goodies for all; pseudo moral, vote getting, populist logic.
But with whose money...??
That of the Chinese and Arab Sheikhs??
Moral Hazard dissemination and disdain for consequences is the ONLY game in town of new Rome.
Thats called "kicking the can" bigtime or "yes we scan" or "our money your problem baby!"
Ideological hubris. Give a psychopathic SYSTEM enough rope and it'll end up hanging itself! Just like a criminal.
Consequences always a bitch. Cross the Rubicon and await the Ides of MArch.
I will say that with the Turkish crisis bubbling, "the DC pulling their share of world economy" thinking is now looking ragged.
PS : And here is confirmation of this trend from the arch villain who sowed the seeds of the past problem by shafting Lehman and then TARPING. He thinks the economy is now running away again.
Paulson On Post Crisis Mess In Finance - Business Insider
Money You'll Regrett Assigning
who YOU?
@falak pema
No not me I am not American
Uk gov has pulled a simillar stunt with workers having to contribute into a personal pension.
www.thepensionsregulator.gov.uk/
Workplace pensions law has changed and every employer must comply ... ThePensions Regulator is the UK regulator of work-based pension schemes.
hot air eminating from an empty suit
what no unicorn and magic fairy dust
if you want something fucked up, look to the gubmint
if you want it really fucked up look to a libtard gubmint
if you want complete FUBAR... look to obama
You too can get 0% fucking interest.
Please explain how this will work with these bonds now? Will appreciate that. Cause I'm FUCKING lost...
Just wait - the MyRA will be funded from a new retirement savings tax credit of $2000/yr for anyone earning less than $50,000/yr (phased to 0 at 50k that is). No income - no problem - you still get the credit!
if you like your no risk you can keep it
He has it backwards "No Return, Guaranteed Risk". With the Fed printing money, $1 today will be worth pennies in 30 years.
I can tell ya they won't be back to fill it, or take from it next time. Our cubic foot should be available soon enough.
And when you dono't have enough for myRa, the government will start one for you.. Of course you will be required to work for them for the rest of your life to benefit the collective. Remember the ends justify the means. or some horseshit like that.
Fuck obamao and his social security part two bullshit. They already stole the first "safety net" and they want to sucker the plebes into volunteering up the cash for the second one.
Buy gold and go boating or bury a ton of cans and pop tops all over your back yard, stash some coin in one.
This just pushed me over the edge. Things must be really, really bad for them to push such an absolutely stupid and desparate position. Anyone with a living brain cell should be asking "But isn't the no risk and guaranteed returns supposed to be what SS was about?"
Either they are desparate and insane. It is either desparate or both.
This is the foundation for the excuse to redistribute your 401k to the underfunded poor.
Really? Your 401k and tax dollars are being redistributed to the underfunded poor? That's what you have learned since the beginning of the Greatest Depression in 2008? All around the globe the middle class is being robbed and TPTB are giving that money to poor people?
Wow! The financial and economic ignorance some of you posses is stunning. Thats why nothing ever gets fixed. The Oligarchs have us dazed and confused.
No, he said it's the "foundation" for it. The foot in the door, the camel's nose in the tent. A step in the direction of confiscation of all IRAs and 401ks. All though, I can't see how that would work, taking all that money that was invested in the economy and investing it in gov't bonds...what happens to all those businesses with sold stocks? Am I missing something there?
The Facists seize your stocks and issue you bonds.
No stocks get sold.
It's a pretty good deal ... for the Facists.
Next week, I'm going snipe hunting with the president.
Another Ponzi scheme with the government deciding at what age you can retire, age 92 or older.
Of course there's no risk, to the government. And with this interest rate, whatever it is, I'm sure it's less than the actual rate of inflation so the only thing that's guaranteed is a loss.
Invest in monstrous government!
That will end well. NOT!
and like social security and Al Gore they will always keep your myra in a 'lockbox' where noone can touch it until you retire.
So all the people that don't have enough money to pay their food, fuel and utility bills should go hungry, stay at home in the dark, and freeze, so they can contribute money that thwey can't afford to part with. Where is the logic in that?
and like Cyprus and Poland, in a few years all that money you contribute to myra will be bailed-in. Bend over America!
They aren't starting this whole elaborate scheme to establish a voluntary withholding plan mechanism for IRAs. Everybody has Soc Sec, some have pensions and 401Ks and everybody can contribute to a couple types of IRAs now.
They must have done studies to determine how many additional workers would be willing and able to save for retirement via an IRA if ONLY THERE WAS A WITHHOLDING PLAN for it and I bet it's not a very big number,these are payday loan people. They must have done other studies that showed what happens when FED and Soc Sec swing from net buyers of treasury to net sellers,interest rates and US debt financing will skyrocket if they don't find suckers with deep pockets.
This is the camels nose in the tent of mandatory investments in treasuries on a massive scale to step in when when the Fed steps out. And with Soc Sec going cash flow negative early due to ZIRP effect they will no longer be net buyers of treasuries.
Since nobody with lots of money is that stoopid they'll have to mandate private investments in US gov debt that will be locked in for decades and only pension type funds fit those parameters.We may have to start a war with China to justify these modern day war bonds. The war to save US jobs and pensions.
Fewer people will sign up for this thing than Obammacare. Why would the lower middle/poor use this when the govt has promised to provide everything for free? Well not really, but it's what they want you to believe. Anyone else who signs up for it doesn't understand the concept of capital controls. When he says "My IRA" he means your IRA becomes his and the govt's. Mark my words they will find a way to make you pay for the "gaurentee". Meaning if the 30-yr treasury is paying 4%, you will likely be getting 3% or less and they take the difference for their own use. Then they will continually raise the retirement age so that you are less likely to withdraw from it. Finally, you will be taxed heavily if you inherit this "IRA" from a relative who died before they withdrew the majority of it. MyIRA should be My (governments) IRA.
This ponzi-scheme of a country won't last long enough for anyone to collect anything before it all goes RIPYA.
Was anyone else curious enough to check out the company behind that MYRA ticker symbol? Well, here they are:
Myriad Entertainment and Resorts, Inc.
Apparently the company was a venture to build a gaming resort in Tunica, Mississippi. Reading between the lines of their old press releases and media coverage (last updated in 2010), one can sense the characteristic dissimulation and desperation surrounding a project falling apart. This sort of internet archaeology is replete with life lessons for those who undertake it.
What next from these clowns BroIRA?
BroRa might sound better. Obama sounded like he stumbled on the MyIra. The more polished MYRA slides right out. Better to ease our pain before taking our money.
Could this be classified as a "Bail In" for the federal reserve bank??
Every Bond is a bail in for the Central Bank; that's what inflation is for. they always pay back less than they collected. How could it be otherwise? where would the excess come from? Magic? God?
You can bet the big banks will MANAGE these accounts ....for a fee of course...and A large doantion to the Democratic party no less....but the people investing will not spend a single dime of their own money..it will be free to them like the Obamaphone....it will be given to them for free...like a reperation...to many rich folk out there now they say...so its time to give some of that to the Obama folk....that is what his plan is....
The only way this will be more successful then the Susan B. Anthony dollar is if it gives a tax free retun that pays interest with a inflation adjusted guarantee. If if does anyone with money including the wealthy will flock to it. I do not expect this to happen!
GUBMINT = 100% RISK = HIV
"No Risk" - that's what they told the people in Cyprus.
Technocrats really have no fucking clue. The way to solve income inequality isn't offering financial savings instruments.
It's, you know, JAILING THE FUCKING BANKERS, STOPPING FRAUD, AND KILLING OFF THE TBTF PARASITE.
Where do I sign up? Healthcare.gov?
There is nowhere to sign up
and that is too bad,
... cause you have to sign up by Dec. 31st.
MYRA? FUKYA is more like it.
It's 2014. No one saves any more. Plus we are all too broke, even if we wanted too. How am I supposed to consume AND save ?????
You're gonna buy My RA's...
Or you're gonna buy war bonds.
Maybe both.
But of course, government had to come up with a new buyer of US debt to make up for the $85B monthly lost to a QE taper. While treasuries held to maturity can be equated with a form of guarantee (to principal, in an inflationless utopia), the Fed has been spending half that money on MBS which are certainly not guaranteed. More importantly $85B monthly is a little over a trillion a year. Is the federal government going to set aside that much for american retirements together with social security and medicare? I think not.
IT'S A TRICK!
That's a nice little retirement plan you got there. It would be a shame of anything were to happen to it. We think it would be best for everybody if you had [x] amount of our bonds in it...for your own "protection", of course.
Now, I wonder if return is based on income... Hmmmm. That is one way around Congress on many fronts.
Shame we couldn't get Brian Blessed in the audience to shout out "WANKER!" half way through his speech....That'd have been nice.
Why can't Barry just ask the Fed to unleash those old interest rates from 2007, so I can get 5% laddered CD's back into my IRA. That was working pretty good for this 67 year old retiree.
Simple folks - its the end of Social Security - This is just .gov following the private sectors lead and eliminating pension style retirement programs with fixed payouts over a variable length of time (lifespan after retirement) with a program that will provide a fixed amount of capital to be disbursed over a variable amount of time (until it runs out)
Anyone who has been through those Age + years of service grandfathering exersizes at their employer knows how well this will treat those within 10-15 years of retirement.
At age 65, more like 75, you'll be safe knowing you own an IOU from a bk gov't and with financial mass weapons of destruction somehow this massive debt will be structured as a positive and you'll be filthy rich on paper.
Hmm; well, I just don't know; I think I'll get me some of those Turkish Stocks, instead.
Obama is nothing more than a carnival barker in a suit and tie. Go encroach on some other country's liberties you hack!
Maybe we can mix MyRA with everyone having an individual cryptocurrency.
Each one based on each persons Social Security number and managed by Jaimie at Chase....
MyRA
Allowing new taxpayers to save for retirement by purchasing Treasuries. These treasuries are bonds of IOU 's also known as debt.
Facts:
1. This is a soft bail in.
2. QE (qauntitive easing) will not continue forever from the private federal reserve.
3. This allows the market to contiue without the Fed's QE.
4. There is no such thing as "no risk" investment.
5. The interest rate isn't enough to cover the inflation.
6. The purchase power of the currency you invest will NOT have the same purchasing power when you remove it.
7. The government couldn't leave social security alone, what says they will stay out of MyRA?
8. MyRA funds could be used to keep the social security from failing.
Mark it on the wall, if this gets passed by congress. It will go from volunteer to madatory and kick the can thirty years down the road. You have to admit, its a great idea to keep the fiat currecny going.
No its not a good idea to keep the fiat going. This is what African countries do. If anyone cannot see that a 2.7% or lets be generous , 3% yield is going to be a negative eal return given the US inflation rate and subsequent loss of purchasing power of the USD.... then they shoud seriously go work for the Gov't.