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The MyRA Propaganda Begins: "A Start To A Secure Retirement" Promises Treasury Secretary
You didn't think the US could at first slowly, and then all of a sudden, expropriate retirement accounts and invest them in the "no risk, guaranteed return" MyRA Ponzi scheme introduced by Obama during the State of the Union address without lots of behavior-modifying indoctrination in the "friendly press" first now did you? Sure enough, here is the first major propaganda salvo, coming from none other than the US Treasury Secretary, Jack Lew, which will be published tomorrow across the McClatchy media empire.
* * *
Just out from the US Treasury Department, "In an op-ed to be published in the January 31, 2014 editions of McClatchy Newspapers, Treasury Secretary Jacob J. Lew discusses myRA - a simple, safe and affordable starter savings account to help low and moderate-income Americans begin building towards a more secure financial future."
myRA: A start to a secure retirement
Over the past five years, our country has accomplished a number of big things. The economy has grown stronger after being shaken to the core by the worst recession in our lifetimes. Our businesses have created more than 8 million jobs. The financial system is more resilient, with better protections for consumers and investors. And investments in domestic energy production have helped put the promise of American energy independence in sight.
In the meantime, health care costs have grown at their slowest rates in years while millions of families now have access to affordable health care coverage so they are not one hospital visit away from falling into financial ruin. Our auto industry is surging even as home values are rebounding. And the federal deficit has been cut by more than half.
So we have made clear progress. But we all understand that we are not where we want to be yet. Too many Americans cannot find a job. Too many Americans who do have a job are not getting paid enough to support their families and make ends meet. And too many Americans do not have the skills they need to succeed in today’s economy.
As President Barack Obama made clear in his State of the Union address, it is time to focus on restoring opportunity for all. That means helping to make sure more Americans can take part in our growing economy and build some economic security for the long term. To get that done, we are putting forward real, concrete solutions to our most pressing problems—from college affordability and job training to fair wages and a stable retirement.
Now, when it comes to retirement, you would think that the vast majority of working Americans would be putting some money away for their future. But the truth is, many are not. For millions of working men and women, it is not easy to save for the long haul. Many employers do not offer a retirement plan. And setting up a retirement account and maintaining it can often be too difficult, expensive and time-consuming.
The statistics paint a stark picture. Only about half of all workers have access to an employer-based retirement plan, such as a 401(k). And left on their own, few workers save. It is estimated that fewer than one out of 10 eligible workers actually contribute to an IRA.
Still, every American deserves the chance to build a secure retirement. That is why the Obama administration has designed a new way for working Americans to start saving for the future. This program, which will begin later this year, is called myRA or My Retirement Account.
This account is designed to help low- and middle-income workers, who are too often overlooked or ignored, begin saving for retirement. We are talking about the waitress who is holding down two part-time jobs to support her kids; the recent graduate who landed a job but is grappling with student loans; the janitor who has never been given the chance to invest in a retirement account.
Here is how myRA, which is simple, safe and affordable, will work.
You will be able to start saving with an initial deposit of as little as $25 and contribute as little as $5 each payday. If an employer chooses to participate, contributions are made through automatic payroll deductions, making them hassle-free.
There are no fees—100% of any contribution goes into the account and is invested in a Treasury security. That means it will be backed by the full faith and credit of the United States, will earn the same interest rate that is available to federal employees for their retirement savings, and the balance will never go down.
Finally, myRA is not tied to any one employer—it belongs to the worker, not the workplace. In other words, the account is portable and can be easily rolled into a Roth IRA. And if myRA savers ever need to, they can withdraw their contributions tax-free, at any time.
MyRA is a specific way in which we can help hardworking Americans save for the future. But there are other things we can do. In particular, the President has consistently called on Congress to help tens of millions of middle class Americans save for the future by opening up access to automatic IRAs in the workplace.
And we will continue to look for ways to help increase economic security, strengthen the middle class, and provide more ladders of opportunity into the middle class. That is how we will help make sure every American can take part in this recovery. And that is how we will help usher in a stronger, more prosperous future for our country.
Jacob J. Lew is the secretary of the Treasury.
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barely enough to cover the increase in you Brosurance deductable
sheeple are dumb, they won't understand at all.
I look at it this way: a couple of fine capitalist young gents at work are being paid to tutor a kid in math.
The kid's father is so dumb that when the FATHER, not the kid, was posed the question "what is 25% interest applied compounding per year to $4600, after 5 years?"
answer: $4600.
Obviously if that's your target selling audience you have no problem making up any shit you want, period.
I'm stacking silver, gold & canned food. Believe me canned food can keep up to inflation on a short-term basis & long-term basis better than a lot of things while gold & silver make for compressed wealth storage per actual gram (or troy oz).
For short-term cash multipliers I'm going HVU shares, AGQ calls & I did grab some VXX shares but I ought to have just gone for HVU. At the time I didn't know about HVU. I had SLV calls for 2014 jan strike 24 but I unloaded them for profit a few months back (just barely: like a 1 week window & only 3% profit net of fees). Still have SLV call for 29 strike for 2015 jan... I guess that's enough time to do OK.
My AGQ calls are all 17jan15 & I'm hoping it won't be a mistake to get the agq1 17jan16 strike 30 to 34, just one of them. AGQ's been re-priced 4:1 but the new prices seem to suit writers of calls & puts much better than me. I simply intend to re-sell for higher than I acquired.
keep fighting the good fight dude
MyRA = DieRA
A stupid concept designed specifically for stupid people.
Its Social Security Tax 2.0, wait till this becomes "mandatory" and "everyone must have a MyRA Scatoola account".
MuppetyRA
It appears to be "legal"
Because the annointed Messiah says so. I wouldn't invest in precious metals if he said to. I wouldn't trust one God damned word out of that lying crooks mouth. No matter how true I knew it to be.
I'll do my own thinking and deciding, thank you very much.
Eat shit and die you elitist scumbag!
Fully agree Herr Colonel. He can shove MyRA up his arse (probably likes that though)...I got MyAR!
Sure, it's backed by the full faith and credit of the United States...
Except that I have no faith and S&P down-graded the credit rating.
Ponzis are voluntary. This will eventually become mandatory.
* Except inflationary risk,
but what are the chances of the USA inflating away it's debt because it
is denominated in its own currency that is backed by nothing?
Hello, FINRA? This jive-talking Wall Street cat is trying to sell me some debt and saying there is no risk.
MyRA. Sounds Greek to me.
No shit, HH. If I told my clients there were 'no risk' and they could prove I said it.........no more work for me.
No risk.
HA!
First step is voluntary enrollment, which will be about as successful as the Obamacare rollout.
Second step is enticing people in by creating special bonds just for MyRAs (ie. 50 year, 5% interest) and special treatment of assets inside the MyRA (ie. exempt from wealth tax / confiscation).
Third step is to require everyone to have a MyRA account, even if they don't use it.
Fourth step is to require everyone to invest a minimum amount in their MyRA account. If there is non-compliance, the amount can just be contributed by the government on your behalf and can be collected through taxes.
Once as many assets are locked into MyRAs as possible, and mandating ongoing participation in the "special bonds", last steps is to aggressively speed up debt monetization.
Excellent summary of the next five years. In goldfish memory, that's about 40 years.
"Second step is enticing people in by creating special bonds"
They most certainly will not create or issue any bonds, special or not. Even Lew's statement called them "treasury securities" not bonds. Very similar to the IOU's that the Social Security Trust is supposedly "invested" in. If they were to actually issue bonds, they'd have to have a face value of 1 cent, otherwise you'd never be able to purchase them in $5 increments. This skips over the fact that bonds would show up on the official gov't debt statistics, but these IOU's would not.
Oh, and how are they guaranteed to not ever lose value? Um if interest rates go up, my recollection is that bonds generally go down in price.
Ah, there's the rub. ZIRP has to continue to infinity and beyond. The only way to accomplish that is to neutralize the bond vigilantes. If the nexus of the Fed, Treasury and Primary Dealers control 51% of the bond market, then they control the bond vigilantes. I always wondered how the Fed would increase it's control over the treasury market from 30% to 51% without continuing and increasing QE. It's called MyRA.
Que supporting market crash todrive home, "safe" in 5.. 4.. 3.. 2..
Once this is up and functioning, that will be the move. They will also force people to roll their traditional IRAs and 401ks into the MyRA ponzi.
and incrementally - 2% at first - then 5% - then 10% - etc...
Dirty thieving cocksuckers, they are.
We're bumping up against actual resource limits, and instead of trying to deal with that, they're trying to keep the status quo, which is at odds with resource limits, going by stealing through various scams from everybody. This isn't just window dressing, it is very ugly see through window dressing. Can we just end the USD ponzi already?
Soon cowboy, soon. TPTB are positioning bitcoin now; it's almost ready.
Yeah, because they HATE getting money on every credit and debit card transaction.
Marie Antoinette invented and deployed the guillotine, too, I hear.
Riddle me this:
Who's technology does bitcoin depend upon?
Who holds patents that cover bitcoin?
For whom does that person work?
Now I've lived in the real world for a good long while. The people pumping bitcoin here sound more like believers than rationalists to me. Moreover, I know the answers to the three questions I posed, and understand what those answers add up to in the real world.
What bitcoin seeks to do is replace face to face, hand to hand transactions, with computer to computer transactions, whether they are face to face, or not. I realize we use the former on a daily basis, but only if we so choose. If bitcoin is adopted in the fashion its believers desire, there will be no choice.
And that is what makes bitcoin dangerous. Because any computer mediated transaction can be traced, archived and stored, nowithstanding bitcoin believers confused and conflicted denials to the contrary. Indeed, bitcoin technology actively embraces exactly that for every bitcoin -- the block chain. Bitcoin is, prima facia, not an anynomous medium of exchange -- yet that is exactly what its believers most loudly proclaim -- anynomous transactions.
You do whatever you want. My grandfather used to say that to me, usually right after giving me some advice. I found out pretty quick that Poppa's advice was valuable since he believed in suffering the consequences of your actions.
So I guess about the only question you could answer for me, on the topic of bitcoins, is:
Do you put your money where your mouth is?
And just for good measure, the stock market crash could be combined with a false flag terrorist attack or threat and the proceeds of the MyRA are invested in "For the Children" bond investment program where the bond proceeds are designated to fight and/or fund Al Qaeda. It helps if it's "for the children".
Que supporting market crash todrive home, "safe" in 5.. 4.. 3.. 2..
If Congress goes along how voluntary will it be right from the start? He asked Congress for legislation that would REQUIRE employer's to offer them and the carrot for now is employee's could opt out BUT they would have to opt out.
Voluntary for now - MANDATORY by executive order later. Just remember kid's the government (which is YOU) owes the Social Security Trust Fund $2.6 TRILLION dollars, imagine what the interest is on that alone - now add the interest on MYra to that.
If you like your ObamaIRA...
...tough shit! It is ours, BITCHEZ
Geez..at least they stole the SS funds secretly to finance their illegal wars. With MYRA they are coming right out and telling you your retirement money will be borrowed to finance government spending.
Maybe they are counting on the sheep not knowing what investing in US bonds actually is
I think that's a safe bet. Just ask people what a dollar is. You'll either get some sort of kindergarten-esque response ("It's got what plants crave" type of response) or you'll get a blank stare from a lot of people.
(I'm rather vocal about describing the dollar as a ponzi scheme.)
Most folks don't know what a Ponzi scheme is, either.
No need to explain and can you move to the side ... you're blockin' the Teevee.
Bingo. And of course they CAN count on it, because they "educated" the sheep in "public school."
Ding Ding Ding... a winner. They'll target 2 types of sheeple, the Free Shit Army and the White Guilt Army. For the first, it's "Open a MyRA, get a free iShit gadget". For the second, it's "You've benefited from the greatness of the USA for decades, so invest in it's future... for the children."
they most vertainly are counting on that and it will probably work. You are lending your money to the most indebted nation in the history of the planet, and the interest paid to your loan won't even outpace inflation. and while this is going on, your are trusting the most indebted govt in history not to print more money, inflating away its debts and your savings at the same time. And its pretty much like a second social security, except the make it voluntary, FOR NOW. I wish I could sign a waiver opting out of SS and keep that money myself, and it boggles my mind that people are stupid enough to voluntarily participate in yet another govt run ponzi scheme, but such is the world we live in
Brought to you by the trustworthy folks at Uncle ScamTM . We gave you free proctology exams with Obamacare, we'll give you the same reaming on your investments!
That would be an awesome pic for WB7 to do. Obama as Uncle Sambo hocking his fraudulent programs.
And which fund management company is vying for the contract to manage these accounts and the said money that will collect in there ?
Vanguard & Fidelity or JPM & GS..
Of all the absolute crap that has come out of the Obama administration, this more than anything else has made me want to flee the country.
If I didn't have a family I would have left this shithole long ago.
Same here.
I brought 2 kids into the world before I realized what a craphole this country has become. So I owe them to help get them on their way. Otherwise I'd have been gone already.
If I have to make a last stand, it'll be here in Texas.
I have one too. He is very young. I really do worry about the world he will grow up in. I brought him into the world, so I owe it to him to raise him right and help him get started. The wife understands all this, and veiws things in a similar fashion, but still wants another kid. I just don't know if its a good idea. With my job, homeschooling isnt very realistic, and what public schools are becoming is appalling. The idea of sending my kids into a govt indoctrination center for 12-16 years is very offputting.
One of the best things my father did was get his kids out of Britain back in the 1970's. He could see Britain becoming poorer and poorer and made the decision to emigrate to Canada. Granted the education system in Canada is far worse than the British one, but I've been given opportunities I would never have seen in Britain.
You may have to make a similar decison.
We are retaining the Honorable Jon Corzine to manage the MyRAs
Does it have a web site ?
Yes, and I hear the beta version is quite reliable and trouble free.
Just like the one for Obamaca..........oops, bad comparison there.
What a pile of BULLSHIT!
VERY nice. Let small employers “bundle” up the first $15K and THEN give it wall street, so they can start skimming their management fees!
Would it not be better if the government contracted with Vanguard or Fidelity (and impose a FIDUCIARY duty on them) and let all employees invest their contribution of $25 each pay period right away into the S&P500 SPY if they want, or perhaps 3-5 other ETFs – so they can average their purchases over 15 years say, if they contribute $1000 a year?
But of course, as MyRA grows, Wall Street is drooling already!
What would happen if I transferred the $20,000 in MyRA to an IRA with a mutual fund, and the market crashed or we had a prolonged bear market?
Looks like the govt. is creating a program to fatten up the pigs and leading them to the slaughter house, unless the "no loss" guarantee would apply to such an IRA transfer (which of course, is not possible). Another thoughtless Obama program to make it appear as if he is (suddenly) worried about the poor! And where will the unemployed and the poor or those supplementing their income with food stamps get $25 a week to put into this latest scheme/scam?
Lord please. Tell me the American Sheeple aren't really this stupid. Give me some reason for hope here....... I'm begging!
There's no hope. Just hit the slopes and enjoy yourself.
People who were filled with HOPE elected obama and look what that go us. Hope is not a plan it is a scam don't be a victim.
Hope & Change was never anything but Hoax & Chains.
If my mid 20's kids decide to go with this MyRA thing will they then have the option of opting out of Social Security?
"If my mid 20's kids decide to go with this MyRA thing will they then have the option of opting out of Social Security?"
No they need them to keep SS funded you can read the plan here
http://www.treasurydirect.gov/readysavegrow/start_saving/retirementaccou...
You mean the Social Security that is underfunded by about $16.8 Trillion? Yeah, I know it's the biggest Ponzi in history and that it has to be continually fed with no "contributors" in order to fund it. I've read the two major SCOTUS opinions on it (Helvering v Davis and Flemming v Nestor) and looked closely at the CBO numbers, the program is doomed. As are those that are dependent on it in the coming years.
Finally, myRA is not tied to any one employer—it belongs to the worker, not the workplace. In other words, the account is portable and can be easily rolled into a Roth IRA. And if myRA savers ever need to, they can withdraw their contributions tax-free, at any time.
Oh, so let me get this correct,UNLIKE regular IRA's,you get to withdraw tax free anytime, and into a ROTH?,LOL doubt it seriously.
The banksters and the DC burocrats are all beginning to hear the music start to fade. The last housing bubble really went nowhere at all. Nobody has signed up for O'Care. The Syrian war blew up before it started. The NSA has strangled intellectual property. Taxes and regulation strangle any new business.
Its amazing they still continue to percive any consent to govern at all.
Government itself, is a scam.
Nice return?
lol.
The fog of propaganda is so thick you could only cut it with a chainsaw.
Better to go in-doors, this might be China Fog, I wouldn't breath it in.
Fuck that shit, young people won't buy it.... this shit... the only ones who will buy it are mega banks that wana gamble it up and flip them every 1/3rd of a sec using some god-forsaken quantum computer.
Only way I would even remotely be itnerested is if it offered a 20% return in a year, and even then I would only grab it with a 3 foot pole extender arm.
But a shit bond that I can't redeem till im dead over 60~70 years old? lol wtf good use is that, by then the dollar won't even be around and this shit obligation will be void.
Cue commercial with pajama boy asking his parents to cash in their retirement plans to start a Myra for him. "don't you love me mom and dad?"
They wouldn't dare, youtube would have some viral video up in an hour making fun of it.
They call it the lost generation, because the generation took off and just started its own economy outside of the "system", no young people "trust" government.
No young people "care about retirement" because "they don't have jobs now", so how the fuck are they gona retire?
No young people want health-care, because its a SCAM system designed to tax young people to pay for 90 year old hugh hefner's viagra prescription.
Young Peoples Health care = "I take vitamins and work out"
Young peoples retirement plan = "I have some Doge Coins"
How young people plan to buy a house = "Im just gona wait till all these old - farts die and everyone sells houses off in droves, demographics don't lie".
How young people plan to work = "this and that, none of your business".
How young people plan to pay taxes = "what are taxes?, that sounds stupid".
Good Luck Government, you clearly lost, because the next few generations simply don't give a shit enough about you to even think of you as a legitimate authority figure.
Most young people ACTUALLY WANT a zombie apocalypse, because their odds of being a success would be much better if the corrupt money grubbers were wiped out.
Obama doesn't give a shit about young people, all he wants to do is bail out the people this government robbed for the past 40 years and throw 1 ~ 30 year olds under the buss, this entire governments track reccord is to fuck the next generation to pay off the past 3 generations obligations.
I am 38 and I agree with everything in the above post.
I'm 29 and agree with it...
Why did I emigrate to this country again?
Today's 30 and under generation may not understand the problems. But, they know somethjing is wrong, "like a splinter in their minds". Plus, many are smart enough to stand back and "wait and see"
Momma didn't raise no dummy.
Great post Wolf. I actually like the way these kids think. It makes a lot more sense than the shit I was told by my boomer parents
Well said Wolf.
Just wait, like Obamacare... they'll figure a way for all of us to pay for them.
I'm 36 and agree with you 10000%. Training our kids to think the same way - Work innovatively, own REAL assets, and piss on anyone that comes to you with their hand out, politician or otherwise.
It's sad that we have to be this way, but our country fell off a cliff too many years ago.
Im 29 and I agree completely. That is govt track record for a very simple reason. Children, and future children are very easy to rip off and screw over. They can't vote or fight. And most people either arent aware or don't care that they are screwing over the next generation. Do you think my grandparents care where their social security comes from, that it goes out of my paycheck and directly into theirs becasue the govt wasted their money decades ago?
I am 55 years old. My generation has totally jacked this economy and this country for our own benefit. We have sucked the marrow from a great economic power so we can retire on Viagara, Cruise Lines, and "legal" pot. Our parents and our children can go fly off a fracking bridge because we manipulated this system to serve US, and no-damn-one else! I'm ashamed.
Our kids need to cowboy up and tell US baby boomers to stuff ourselves! You need to refuse to be mortgaged to our debt. You need to stand up to Obama, Boehner, Pelosi, Ryan, Reid, McConnell and the rest of US losers or we will beat you down. Get off your damn X-boxes & engage with this stuff or you will be food stamp-QE "to infinity" toast!
This pisses me off!
-rant off-
Nice rant. +1. I have taken it upon myself to try to educate just one young person (under 40 outside my immediate family) about what is going on. By educating, I mean mentoring them. Youths today are totally networked. Educate one the right way, and you are educating hundreds. Time to use leverage against the sociopath bankers.
Pretty sure that guy has two moms. Just sayin'
That must be one lucky father.
Lesbians.
I would call the SEC on this one, if I thought it would do any good.
"Full faith and credit..." LOL!
Sign me up! Sounds too good to miss out...
This is actually a good thing
Hear me out.
Jackloo has been way too low profile.
Don't we miss Timmah, yet?
Jack's chance
Goody goody goody...
"..they are not one hospital visit away from falling into financial ruin." - Lew
I agree, becuase your old HOSPITAL is no longer covered in your new "Affordable" plan. Your financial ruin begins immediatley followed by lowcost "Affordable" DEATH.
And we will continue to look for ways ....
To rob you blind under the guise of aiding you.
This is NOT high speed rail...these fuckers are serious. George Carlin was right.
"They're coming for your retirement money."
-George Carlin
> George Carlin was right.
That's why he's dead.
Now I'm drunk on koolaid
"Over the past five years, our country has accomplished a number of big things...."
FUCK OFF BANKER CONTROLLED BITCH.....
"Biggest" achievment is the zero risk, high return wellfare for Wall St oligarchs.
And for the 99% to keep them in check the "terror threat".
All is rounded professionally up by a fascist organization.
-3
For...
Putting one post in three.
"Over the last 5 years me and mine have accomplished quite a bit. One, we have realized that for most of our lives we have been the debt slaves of the MoneyChangers who almost 200 years ago set out to usurp all governments via the control of debt coupon currency issuance; and they succeded. Our second accomplisment, understanding the previous, has been to remove oursleves as much as possible from their debt and death paradigm by ridding ourselves of the debt coupon dollar and converting them worethless pieces of shits into real money with every disposable Federal Reserve Note that enters our Matrix free hands. I could go on but suffice it to say - FUCK YOU BERNANKE, YELLEN, GREESPAN, AND DEATH TO THE MONEYCHANGERS!"
thank you,
EveryDay Im'a Stackin.....
so will the contributers to this plan be considred government employees? if so, i guess they qualify for increased wages too.
MyRA is a specific way in which we can help hardworking Americans save for the future. But there are other things we can do. In particular, the President has consistently called on Congress to help tens of millions of middle class Americans save for the future by opening up access to automatic IRAs in the workplace.
When will they launch a program that wipes your ass. Americans are lazy!! Put the plate of Buffulo wings down and go open an IRA for yourself.
Over the past five years, our country has accomplished a number of big things.
Lets see, destruction of the social fabric of the country, selling out our childrens (and childrens childrens future), shredding the constitution, sliding from 'capitalism' to all those other -'isms' we were taught to fear.
And if myRA savers ever need to, they can withdraw their contributions tax-free, at any time.
As long as the time frame is NEVER.
Never will be way too soon.
Not just tax free, penalty free.
What a relief since my contribution is post taxes
I don't see the problem here; as long as you cash it out a few days before you die, you can still pass it on to your kids.
So when you feel a stroke coming on, fire up the 'Sell MyRA' app and hit 'dump everything' - 'confirm'
Then it's off to the hospital, carried on the mighty wings of ObamaCare.
Actually, 0zer0care will mandate when you have to die. So I think the govt is really screwing itself here because once the mandate is issued, you have the time to cash out, before you actually "cash out". I'm sure the govt. will fix that little loophole before MyRA goes live.
You have to do these things in proper order in your last days:
1) Cash out
2) Sign up for Brown Clown Care (since pre-existing conditions are allowed)
3) Then off to the hospital.
See?? Piece of cake.
They are counting on a market crash... "You see, MyRA is safe!"
I'd rather burn my money rather than trust it to a criminal organization.
Didn't we used to have something called bank accounts for this? Or are we officially admitting we no longer have a functional banking system, as people with any clue already know?
When Glas-Steagle was killed, there were no longer savings accounts, only investment accounts. The greenlight to wealth redistribution from the sheeple to the elite.
Thank you Robert Rubin and sSndy Weill for blackmailing Bill the boygoy Clinton into repealing Glass Steagall.
Someone needs to print Quinvarius' quote on billboards across the entire country, since apparently the banking cartel is no longer in the business of... Banking.
because given how stellar the treasury has done lately, advice should certainly be taken. i'll be seeking advice from a homeless addict on the street before this guy.
When you have to reiterate this....
What is even more helpful is that people can't do math. Investing $10/month in treasuries and factoring in inflation makes this a negative rate of return and certainly no retirement in terms of a human's lifespan. This won't work unless they change tactics and force people to do it.
Miffed;-)
It's not a retirement account. It's a monetize the debt account. Learn to think like a sociopath. They thinik that since the sheeple get free shit from govt, it's only right for the people to contribute by buying treasuries in that free shit. Negative interest is not really accurate because we are monetizing the debt to the tune of about 20% per year (revenues versus expenses). So unless the dollar collapses 20% per year, the net effect is stimulative by 20% minus whatever the dollar collapses. So it's not negative interest, it's actually double digit positve. Learn to think using circular logic (circle jerk) like a sociopath and you understand why we are so screwed.
"won't work unless the change tactics and force people to do it'
Don't think for one second that isnt in the cards. The fed is able to taper their bond purchases as the govt corrals idiots into this hair brained ponzi scheme. And this whole appeal to low and middle income people is perfect. Take the people who are already being raped by QE and zirp, and rape them yet again with treasuries that will provide negative real return. And most are too stupid to ever realize this.
Clearly, one entrepreneurial McDonalds employee would rather wager her retirement fund on modified 'HappyMeals' than MYRA...
[SCMP] -McDonald's employee accused of selling heroin in Happy Meal boxes
...“The way that the deals would happen is that the customer looking for heroin was instructed to go through the drive-thru and say, ‘I’d like to order a toy,’?” wrote Mike Manko, a spokesman for the district attorney’s office, in an email. “The customer would then be told to proceed to the first window where they would be handed a Happy Meal box containing heroin.”...
http://www.scmp.com/news/world/article/1417711/mcdonalds-employee-accuse...
i threw up after the second sentence
"Aren't we NOT supposed to put our eggs in more than one basket?"
"Er, um, something something diverse yields something something ."
Actually it is an end around to the debt limit. You can hear the arguments now. We need to raise the debt limit again because all of these people "invested" their money in good faith with us. We just need to pay off what we owe. It has nothing to do with government spending.
I just can't believe how much propaganda I see coming out of this administration. I have never seen anything like it. They can not tell me they actually believe that waitresses holding down two jobs...blah blah blah is going to put money into this scheme. The bottom line this is the first step to grabbing private assets to buy their shit bonds.. They won't have to do it by force, they'll wait until the markets become insanely volatile (probably introduced by them), and really start hitting people with the bullshit about the "benefits" of their Myra. The savers will get a 1% return inflated away at 6%, and they won't have a damn thing for their heirs when they die.
-1
For...
I just can't believe how much propaganda I see coming out of this administration. I have never seen anything like it. -- Dr. Engali
Sorry Doc, but I assume you're old enough to remember 9-11 and the propaganda run up to the Iraq invasion...
Yes I do, and this administration is still running with the official story. You may want to think about it.
I do Doc... and I'm not giving these asshats a pass. Simply observing that the propaganda firehose is always running -- whether a flood or a trickle.
If you don't mind my asking: When (and how) did you "awaken"?
[Edit] BTW, I agree with the rest of your assessment.
I'll be glad to share that another time. Right now I have to head off for a meeting.
Not that I'm defending W, but even all that doesn't even compare to what's gone on since then.
Actually, I see them confiscating all private retirements of any kind. When you 'retire,' it will be to a nice camp with sing-alongs and bonfires at night.
As long as we get showers... ;>)
if you ever need to to you can withdraw the complete amount tax free with no penalties???
yeah it is just a bank account with gov employee interest rate.. just lip service to say they did something.. someone's wife must of been holding her legs tight demanding retirement for the poor
I am sorry. But how the F does the balance never go down if it is invested in Treasuries? Those things have been doing nothing but going down since mid 2012.
Has Jack Lew learned to write cursive yet?
No. Hebrew will do , for jack lew.
@B2u
Cursive should be part of the required curriculum. :)
For those far wiser than I here, is it really pretty much inevitable that existing regular IRAs and/or Roth IRAs will eventually be forced into this MyRA fraud? Is that a real concern or a slim chance, worst-case scenario slippery slope thing?
I have a friend who has an IRA that includes PMs and he's wanting to know if he should be concerned about that & if so, what the signs of it would look like. Last, if this were to happen, would there be time to cash out, penalties & all, before it gets converted to Treasuries?
tell you friend if he doesnt physically hold them, he doesn't own them. and yes it is a real concern. they will use the next market downturn/black swan/false flag and use that to move in and 'protect' retail investors from the volatility of the market, predations of wall street, etc. nevermind it was mostly gov/fed created in the first place, but the moronic populace of this country doesnt know that. so, they will mandate an ever-growing % of your ira/401k must be invested in the 'safety and security' of US treasury bonds, which will allow them to force citizens of this country who are lucky enough to have money to invest at all, into buying govt debt, essentially stealing trillions of dollars, allowing this farcacle can-kicking exercise to crawl along a couple more years. and the brain dead people of this country will buy it hhok, line and sinker, cheering for it along the way
Time to end all this bullshit: the govt and the Fed.
Easily done:
Everyone quit your job and sign up for every govt assistance program you are able to.
How long will that take to crash & wipe out the system? A quarter? Half a year?
Then we can rebuild from scratch.
Hmmm, contribute to a MYira and get 0.85% return or pay off some of my creditcard debt at 28.95%.
If you look at McClatchy's Knight Rider purchases, they are almost all in convervative bases. The ones that weren't (San Jose, Philly, etc) were sold. Very interesting.
Double your IQ or no money back - act now!
"and the balance will never go down"
So how does that work when interest rates go up?
No mark to market.
The statistics paint a stark picture. Only about half of all workers have access to an employer-based retirement plan, such as a 401(k). And left on their own, few workers save. It is estimated that fewer than one out of 10 eligible workers actually contribute to an IRA.
I didn't realize you needed a retirement account to save money, or plan for retirement. And what are the costs exactly? I need to remind myself who the messiah is aiming his messages at.
I'm unclear on why I need MyRA; Ill be able to start collecting SS in 24 years.
So if these are invested in Bonds, and the bond market goes down, who makes up the difference in the account value and the now depreciated bond?
The accounts will never show market value. They will always assume a held to maturity. Which also means there will be no cashing out without market risk. When it comes time to retire they will probably make them annuitize the payments. This is nothing more that an SSI program.
going where bush was afraid to go...
Going where no dicktaster ever went before.
"And if myRA savers ever need to, they can withdraw their contributions tax-free, at any time."
What happens IF Everyone suddenly wants out NOW ?
Will the FED be on hand with semi-truckloads of FRN to absorb ALL of these MyRA cash-outs should they happen simultaneously?
This is just another nail in the coffin intended to bring "fiscal collapse" to the US government.
I'm struggling to find which part of the US Constitution authorizes Obama to do this. It isn't in the pocket version I have.
"the balance will never go down."
ah, so then they can't cash out till the treasuries mature...
"And if myRA savers ever need to, they can withdraw their contributions tax-free, at any time."
ah, so then the myrons face market risk
Ummm...? How is this supposed to work again?
I cant wait to read the comment sections on that article tomorrow.
Sure, park your savings with the local spendthrift who is hopelessly in debt, What a business plan! ...........
That means it will be backed by the full faith and credit of the United States, will earn the same interest rate that is available to federal employees for their retirement savings, and the balance will never go down.
Does that mean that if the treasuries in the account go down in value then the Fed will make up the difference?
There's a swap to be made here somewhere.