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Obama To Unveil Treasury IRAs, Or Planning For A Post-Monetization World
Wondering who will take over the mantle of Treasury bond buyer now that the Fed is stepping away? Curious of the government's next steps towards repression and control of wealth? Wait no longer. As the AP reports, President Obama will unveil a new retirement savings plan tonight that allows first-time savers to buy US Treasury bonds tax-deferred for retirement. Of course, this is not the mandatory IRA that remains somewhat inevitable (as the muddle-through fails) but is certainly a step in the direction we alerted readers to a year ago by which the government generously offers to help manage your retirement savings. Two words spring to mind... remember Poland.
Eager not to be limited by legislative gridlock, Obama is also expected to announce executive actions on job training, retirement security and help for the long-term unemployed in finding work.
Among those actions is a new retirement savings plan geared toward workers whose employers don't currently offer such plans.
The program would allow first-time savers to start building up savings in Treasury bonds that eventually could be converted into a traditional IRAs, according to two people who have discussed the proposal with the administration. Those people weren't authorized to discuss it ahead of the announcement and insisted on anonymity.
Of course, this is not what the CFPB suggested a year ago... We're sure the government is just trying to protect your retirement account from terrorists. From Bloomberg:
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.
That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.
But it's getting close.
Though Poland remains the strawman...
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Whelp, here comes the BIG Grab
If 2008 didn't wake people up, nothing will.
fonestar does not feel bad for them.
What about an IRA margin account within which I can short US treasuries? No?
Please, shorting and selling will be outlawed by the next "state of the police state."
If you like your retirement account, you can keep your retirement account. With us.
AND IT SHALL BE CALLED OBAMA-1-K, AND ALL WILL CONTRIBUTE HEARTILY AND DESPAIR.
We were wonderering when they would roll out Operation Grab Yer Ankles.
The hand writing on the wall - it seems the gov't is desperate to find the next marginal buyer for US treasuries...
No thank you
The biggest problem for the government now is they have to maintain the illusion of a free society.
So they can't force you to "invest" in treasuries, but they will make it easy to do so. Maybe even have treasuries be the "default" IRA plan unless you change it. This way they can capture a good number of sheeple, while maintaining the illusion of freedom. So basically, robbing from those who don't know better and don't manage their own finances well
He needs to have his head checked!
Impeach this POS failed 'leader'. SOB, QE queer....etcetera, etcetera, etcetera....
They would like us to buy their shit so they don't have to
moral of the story: this must mean bonds are going to crash once the program starts.
and the Republican response:
Immigration Reform!
The O-K affordable retirement plan...
"Going to crash?" Hell, treasuries are already brain-dead, in a coma, and the only thing keeping them warm is constant life support from the fed. If they cut QE by any substantial amount - the patient would flat-line in an instant.
All these comments (I read 4 pages of them before my eyes glazed over) and nobody caught this:
"first-time savers"
Could somebody explain to me what the hell a first time saver is?
A muppet.
'The program would allow all savers to start building up savings in traditional IRAs that eventually could be converted into Treasury bonds , according to two people who have discussed the proposal with the administration. Those people weren't authorized to discuss it ahead of the announcement and insisted on immunity from prosecution. Fixed it.
One thing they failed to mention, this will be a MANDATORY investment in your future... And oh how they larfed...
Check your annual 401k statement. Many 401k's were switched to 100% T bonds recently without the knowledge or permission of the owners. In many cases even AGAINST the explicite instructions of the owner.
http://sherriequestioningall.blogspot.de/2014/01/check-your-401k-and-retirement-plan.html
This is already a done deal thanks to the Obama / Wall Street crime syndicate.
Jim Cramer fans
It means young people. The people who aren't buying Obamacare
Bingo, Town Crier. That is exactly who the mark is in this presidential Ponzi. After 12 years of public schools, Obama thinks that these poor idiots won't even know they're being screwed until way after Obama and cohorts are dead. Let's see, 2.75% interest on 29.5 hour a week minimum wages. Oh HELL YES!!! Sign 'em up! /sarc
This will get as much support from the young kids as Obamacare did. Obama is going to have to force people into this rip off, just like he did Obamacare.
Anybody with a job not sucking of the .gov tit
if i got this clear, moar debt promisses into the future. debt tp cover debt coming due and created currently. more ponzi debt to cover the demand part of the ponzi debt scheme. and let us talk about how this going to work out. if s.s. is an example moar promisses with money spent today and a promise, from the worst money managers known to mankind-the federal goberment, that there will be a payment in the future. NOT! are you kidding me. are people this stupid. thank god i emptied my wife 403b! wew! fukin-eh!
the squid grows another huge tenacle! oh, and i supose bak of america is going to manage the money-hehe-transfer agent-hehe. is this the last straw? or is comingthe bail-in?
deparation, just plain desparation, like a junkie for next fix...
Just like fucking income tax, never officially ratified ('America: freedom to fascism'), starts off as obligatory, ends with Nicolas Cage having his houses thugged from him. This whole UST ponzi is a joke, +$200Tril in debt, never to be paid back, just another form of tax and control. Will Cramer whore this crap?
Hey government, take a walk.
Will Cramer call this crap? No Obama will call the new plan CRAP:
CRAP: Compulsory Retirement Account Plan
Impeach? Did you ever look at the next guy in line?
A brain dead zombie would be a vast improvement.
I would have said an "old yellow dog" would be a vast improvement, but that could be misunderstood.
Well we will get a brain dead (and soul dead) zombie, you can count on that.
...or the guy after him!!!!
At this point they are all cardboard cut-outs.
Thing-1?
Thing-2?
Thing-3?
Do you believe it really matters?
Buying Treasuries for your retirement is akin to handcuffing yourself to a railing on the Titanic - after it's hit the iceberg.
One has to consider the possibility however, that the FedGov will run up treasuries for the first year in order to bring the sheep into the pen for the subsequent shearing, in which case one might expect treasuries to do very well for a year or so before the dumpfest really ensues. I'll hold what little I have for now and see how it plays out, but obviously they're garbage in the longer scheme of things.
You are assuming they will let you out once you are in. Remember, they want to do "what's best for everyone". That means theyre in control.
duplicate
Running Treasuries up would also have a few side effects :
Quite right -- but, sorry, an automatic -1 for the supercilious "sheeple".
I don't even worry about retirement savings or funds or any of that shit anymore. The numbers are not going to work out such that millions upon millions of Baby Boomers retire and cash out all at the same time. It is not going to happen, it will not happen, period. So by all means, buy your bonds, your stocks, your Bitcoins, or what have you, but it's all going over the cliff. Silver and gold coins aren't going to help either, that is a total pipe dream.
Sounds like the gubmint is now the Godfather.
"We'll just hold onto it for...safekeeping. Joey and Vinny will give you a little dough, ya know, when you really need it."
TREASURY BAIL OUT or TREASURY BAIL IN - (depending on your point of view ) who else is going to buy our debt now that China's no longer able to extend and pretend.
Fed Owns 64% More U.S. Government Debt Than China
Classic Socialist trick just like Social Security
(kicks the tire) This is a piece of shit.
this shit has been pondered for a while-now they see the need mathematically to get the ten year back under 2. many problems solved. housing, spending deficeits, current funding of s.s ponzi shortfall. all american plan to buy time to keep this ponzi alive and well. all good, green light buy, buy, the gov has it all figured out for you. uncle sam for president-he wants you!
WE'RE ALL IN!.... TROUBLE!!!
401K plans have already been switched to 100% government bonds without people knowing it or being notfied. They found out on their end of the year statement.
http://sherriequestioningall.blogspot.com/2014/01/check-your-401k-and-re...
Everything belongs to them, and they'll prove it, or die trying.
Ok, let's hope it's "die trying". Them, not us. ;)
fed.gov: SPEND don't SAVE! But if you do SAVE, buy TREASURIES!
So we can do the spending for you.
Just enroll on our Website......
And, it's gone.
LOL. And for that, I just had to ..
http://www.youtube.com/watch?v=-DT7bX-B1Mg
Actually, it never existed until they imagined that it did. And that, my friend, is how it works in the real world, believe it or not.
We will gladly pay you nothing Tuesday,
for your five cent fiat today.
No shit. "Optional" my ass. the "optional" period is just to test the infrastructure/administration before the seizure and confiscation of all IRAs and 401Ks.
And yes I am still amazed people don't see this coming and they don't protect themselves with a combo of pm/bitcoin/physical cash.
From Bloomberg (cont):
The funds, tentatively named Madoff 1 and Madoff 2, will be administered by JP Morgan Chase. To encourage participation and get things rolling, Jamie Dimon has announced a $200 "signup bonus" for all new accounts. A spokesman said that JP Morgan will treat the expenditures as "Prepaid Fraud Penalties" on its balance sheet, recognizing that "its only a matter of time till we get caught stealing money from these folks".
LOLROTFF
HILLARIOUS
AGAIN...WHAT. WHO Is A FIRST TIME SAVER
Please protect me from YOU!
Someone who has been visited by the Tooth Fairy?
So... Obummer's gonna help Old Yellen taper by sticking it up our ass?
Citizen: "But I poop from there."
Yellen: "Not right now you don't."*
* Warning, NSFW, Google this and you will be fired. *
Awesome! Totally awesome! All right Hamilton!
everybody knows you should put all your savings into iCons*.
*i'm not for nor against them.
My Nana would love to be smoking her Virginia Slim 100s while shorting 10 yr UST's on a tax exempt basis as part of a safe long-term IRA strategy.
obamma is like a trumpet player with no lips.....what a sour note.
+1 to One and Only for the lulz
We are living in surreal times
Are you familure with the faint distant high altitude sound of a 4 cylinder Lycoming spining a pusher prop?
Avoid weddings, Toyota Hi-Lux Trucks.
Send your kids to boarding school
lmao!
Ah there he is, "the virtual man", by his own statement. I guess he found it too stressful to be a real man.
A virtual man is far more powerful than "real man".
That is a completely crazy statement.
Can't handle the RSBT eh?
No it is not and he is completely correct. In fact, that is why corporations use cartoon characters. Indedstructlble and never age. I remrember when Mr. Clean was a real man...
A virtrual man can transcend generations.
No it is not and he is completely correct. In fact, that is why corporations use cartoon characters. Indedstructlble and never age. I remrember when Mr. Clean was a real man...
A virtrual man can transcend generations.
in the same way that virtual, or paper, gold is more powerful than physical gold?
Precisely. Can your "real man" blog like this?
fonestar is a disruptive technology.
"fonestar is a disruptive technology"
Fonestar is a disruptive psychopath. Fixed it for ya
http://en.wikipedia.org/wiki/Hare_Psychopathy_Checklist
Missing from the checklist - speaking of oneself in the third person. Dead giveaway.
holy shit guys i was being sarcastic. I would have thought that would be obvious
Oh massah. May I pleeease post something on ZH? You've been here for yeeears. And oh, your powerful virtual presence... I prostrate myself in the glare of your virtual awesomeness.
Prove the bitcoin crypto unbreakable, fonestar.
Bitcoin: NSA technology wrapped in a USN onion. Fingerprints at the scene of the crime.
Hey fonestar, is there anyway you can stop being an Ass on issues non-bitcoin?
Or is it always about you?
It's always about him; and his MOM; who bought him a thrift store desk-top; and brought all this insane babbling to us.
Huh. My brother knew 'Murph-the-Surf' in Miami back in the late '60's, early '70's. Second-story man, right?
So did I! Then he moved to NorCal
Shhhh...I retired
fonestar only lives to serve in Satoshi's name.
you are insane. And you're starting to bother me.
fonestar is known to have that effect upon "real" people.
starting?!
Bitcoin start-up founder Charlie Sheen arrested for money laundering. Wimming!
What will you do once you realize that ALL of your actions work against your intentions?
Or like most other White Knights, will you fail to judge your actions, focusing only on your intentions?
Honestly, at this point, I've got you labeled as an anti-bitcoin troll, doing your best to smear Satoshi's name by acting like a pro-bitcoin dick.
If you really are pro-bitcoin, you'd serve Satoshi well by considering my questions.
Otherwise??? Carry on.
My infections have always been clear, fonestar is here to proclaim a Bitcoin victory in Satoshi's name. Now whether the likes of you are for or against is no concern of mine, nor are your feelings or remonstrations. Bitcoin is the future and you are welcome to fight against the future, for the future cares not.
Your reply was also completely evasive.
FWIW, I have no problems with bitcoin. I'm merely pointing out that your tactics do NOTHING to aid your stated cause, as you do NOTHING but spread discontent in your so-called "service."
So, are you a careless zealot, or a disingenuous troll?
fonestar says a lot of things.
Up arrow for the Duffman reference.
He's just fonestar, the unwavering virtual disciple of Satoshi the invisible.
fonestar is a troll, but without the funny wit of MDB. Basically someone who morphed from a regular here into a hero in his own mind.
He is a troll when it comes to bitcoin:
http://www.zerohedge.com/news/2013-11-21/peter-schiff-gold-vs-bitcoin#comment-4180313
He is just here to stir shit up when it comes to bitcoins. Kinda odd a zealot would be talking like a trader?
pods
Supposing fonestar wanted to move Bitcoin prices he would blog at BTC-E or maybe create some fake accounts on Reddit. Would not waste time with the head scratchers on Zerohead.
Wow, sounds like the currency of the future there big guy. If a couple of Reddit posts can move it I guess I am safe in avoiding it.
pods
But if fonestar wanted to smear bitcoin amongst those head scratchers who might otherwise be inclined to view bitcoin as a fiat alternative (ala "goldbugs"), well... I'd say fonestar isn't wasting any time here at all.
That said, I now realize that the "e" in your name isn't silent after all.
Why are you talking in 3rd person?
Are you trying to sound like Bob Dole?
Third Person Tuesday, although fonestar speaks like that all the time.
Pods on the other hand, only speaks like that on TPT.
pods
"Supposing fonestar wanted to move Bitcoin prices he would blog at BTC-E or maybe create some fake accounts on Reddit. Would not waste time with the head scratchers on Zerohead"
Sounds like an excellent plan! Please spend all of your time at BTC-E instead of ZH!
Where has Satoshi gone? Didn't always agree but he adds (or added if banned) interest to ZH.
Satoshi and Rand had a nice battle the other night. Kinda got ugly.
The early rounds went to Satoshi, however, Rand came back with some furious late round action....enough to win on points, IMO.
Faketoshi can go to hell and take his bags of rice with him.
He sure has (allegedly) gotten around, I will say that.
Is there any way to put fonestar on "Ignore" so his comments do not appear on my screen?
oops doubletap
http://www.investmentreview.com/news/voluntary-pension-plans-for-quebec-...
Sorry, Fonestar, this shit is coming to Canada. Starting in the socialist east and moving west. Tell your friend(s).
fonestar ne comprends pas?
"...and now....they're coming for your Social Security money..they want it back.....to give to their criminal friends on Wall Street. And you know what? They'll get it all from ya....because they own this fuckin' place".....
Miss ya George.
Plus a million.
George Carlin. There was a man with vision and the balls to speak the truth.
George Bush proposed the same-ish thing . Only instead of your slave chits going to The Treasury, they would be thefted into fascist friends of big gov, friends of FedReservCo. No cake today, cake tomorrow. So give up slave the irreplaceable hours and days and decades of your life.....and you'll always have a corner on the abattoir floor when you're old. Real old. Like dumped in a wooded lot, naked, stick boned, ObamaDental gummed old.
Yea, he also proposed Medical Savings Accounts. Who the fook can afford $12,500 to $25,000 annual medical expenses? What's next, large out-of-pocket expenses along with monthly premiums and co-pays in ACA plans? Oh, wait...
where can i buy.........
@kliguy38
Rumor is that the number to call will be 1-800-277-7273. If you need a pneumonic, that's 1-800-ASS-RAPE.
Any nationwide Target store! Digital pin numbers only need apply.
BREAKING: Obama to hold post State of the Coup party at Club Probe
Turning Japanese I really think so. Time for the Great American closed-loop circle jerk!
I'm a big fan of the word "could," especially when used in conjunction with "sometime in the future." I'm certain ponzi schemes always suggest you "could" redeem for cash "sometime in the future..."
Just following orders from the boys at Davos....
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams........
Financial scams? You mean like "inducing" someone to buy Treasuries at decades low yields? You mean like when no one else on the freaking planet wants to buy them, you get the individual sucker to do it?
God they must be getting desperate now. Sounds like Japan to me.
Wait for it....
Somewhere over the rainbow....
Skittles and chocolate-flavored g-strings.
In the arrrrrrrms of an angel, fly awayyyyyy from here..
{roll footage of depressed citizens getting rammed in the stinker}
What am I missing, how is this different from what anybody can presently do inside of a qualified plan?
It's a carrot on a stick that forces people to buy Treasuries versus other choices.
It will be part of a larger bait-and-switch; get people to give their money to .gov, then change the rules.
exactly: once you are in the paper will morph into zero coupon perpetuals at a time of .govs convenience.
Its more insidious. Create a national retirement then absorb all private retirement accounts. Because "Patriotic"
Think of them as war bonds, a form of patriotic support for Obama’s new War on Muppets to be unveiled during the SOTU
It doesn't differ, it is for peeps that do not have an IRA offered by their employer.
They would be better off stashing that cash in an old shoebox and hiding it under their bed.
Or burning it. It would increase the value of their remaining stash.
Gubmint speak. Say something old and make it yer own!
Did you ever see a 401K or a financial advisor offer treasury bonds or a treasury bond fund as an alternative? Very rare.
The average retail investor and 401k investor has close to zero allocation to government bonds. This allocation should grow in a deflationary environment, much like in Japan. This will be a killer for risk assets in the long-run, from high yield bonds to stocks.
This is actually a good move, despite coming from BO.
What most don't realize is that right now the government has zero worries about our debt, and the Fed worries about long rates going down, not up. If one day the have to worry about our debt, then they will have to pick between risk assets (stocks) and government funding (treasuries). They will pick their own funding.
It's all doom for the stock market in the next 10 years.
@madbraz
Uh, I'm preeeety sure the Fed is worried about losing control of the long end of the curve, i.e. long term interest rates rising.
PIMCO offers them in their PISS fund.
'PIMCO Inflation Sensitive Strategy'
http://www.pimco.com/EN/Insights/Pages/Responding-to-Inflation-A-Multi-A...
@Pladizow
It'll probably be something sugar-coated like a tax credit for people under a certain income threshold. Bush II had something similar called a "saver's credit" and it was limited to AGI under $50k.
well that was quick....
"allow first-time savers to start building up savings in Treasury bonds that eventually could be converted into a traditional IRAs"
Waiting for Godot.
They're gonna fall prey to a financial scam, all right!
no shit, you beat me to it. The ulitimate financial scam. What a fucking joke. It actually is hilarious, the people in this country are so hopelessly stupid, they will VOLUNTARILY (now, until it is mandatory) lend money to the most debt-ridden entity in the history of the world, and get 2-3% interst. pretty funny to hear the people of said entity accuse others of a 'financial scam'
pretty funny to hear the people of said entity accuse others of a 'financial scam'
Government is the ultimate paradox. Period
Obama will also release doves on behalf of the Pope and an unabridged Pete Seeger DVD box set
voluntary economic repression, beat me, whip me, make we write bad checks
If you want to keep your retirement let us have it.
... nobody needs to get hurt.