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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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As was posted above, maybe you're forced to hold to maturity?
Al this scam is is a new way to market the current US savings bond program.
http://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_...
Current rate = 0.10%.
anyone stupid enough to ïnvest" deserves what they get.. which as you can see aint much
Buy Savings Bonds for The War Effort! Its all patriotic AND the government gets to keep its money a while longer.
While I support anyone saving, is this not an absolute reversal from their typical "borrow and spend to stimulate the economy" theme? If the poor actually did start to save, how would that effect our GDP?
the treasury will be comming out with a new product. they will be 100 year maturity treasury bonds. you will be able to take out a home equity line of credit to leverage the borrowing against these products.
If there wasn't so much distrust in some fiscal continuation of this money printing Government, It might be good. But when a Fiat Currency is losing purchasing power at such an accelerated rate (Please go and pull up a Dollar purchasing Power chart going back to 1930's), and you guys are printing like crazy, Gee I don't. This must stop when people, all people including governments, quit being allowed to use our and other weak currencies for gold. Then the word "Fiat" only means an Italian Car!
Other countries that did not give up their manufacturing as we have and have not created such an expensive government structure will possibly survive. We don't meet either criteria. We do have agriculture and energy. We could recover but, not under an ever increasing ineffective and Socialistic Government!
I don't know if they'll find enuf suckers for this. Given gold & gun sales me thinks plenty have wised up to their scheme.
SDShack wrote: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.
The petro dollar is toast. Hell will freeze over before this will be stimulative to anything other than their personal tool. Ponzi on top of ponzi that tells me SS is fixin to blow.
http://goldswitzerland.com/the-lost-century/
Yes, but soon agriculture and energy will all belong to TOTUS by decree. If left alone, more people may become independent of .gov
"It is not easy to save for the long haul" because We the People are taxed directly, and indirectly by loss of purchasing power, to our withering life's discontent.
"'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,' but if you think that this will ever mean that the bureaucratic elite will ever back down from that paper shroud that you call a constitution, or that we will ever cease our grand feast upon your shrivellng puny corpse like existence, or that We the Peoples' Masters will ever allow you to declare in the mass media day after day that the Masters have no clothes, you are into-the-gravely mistaken."
Fuck these Barry Bonds.
In the fine print:
1.Is not transferable to heirs.
2.Early withdrawels are not possible unless used to pay for Obamacare.
3.If the government needs the money, IT'S GONE!
Holy shit, I can barely get past the first paragraph without vomiting.
Lack Jew is just a good a liar as the Brown Clown.
We are so screwed. Do I need to read the rest?
" the janitor who has never been given the chance to invest in a retirement account."
Gosh, I didn't know that janitors were banned from opening an IRA at the bank of their choosing. Shocking.
Not just janitors but waitress's also
and hookers
Learn something every day don't we?
(yes I'm being sarcastic)
The Sewdish name MYRA = ANT, a society where 99% are dumb workers whos only purpose in life is to feed the Queen.
Ha! I bet a 1000 Bernanke bucks that is no coincidence.
If our Government did not print so much currency or buy back our own issuance's (Look at a purchasing Power Dollar Chart from the 1930's) Incredible chart. If our Central Government wasn't so large and getting more Socialistic. If "Fiat" meant anything today other than a car and If we hadn't made our government ineffective since the 1970's in getting and retaining Manufacturing for jobs, I might have some confidence in the dollar. The end will come when nobody will sell us gold or silver for any amount of dollars. Tell Lew that along with his predecessors he's following past precedent. He may be the one that runs out the string!
1st rule. Don't ever be worth more dead than Alive. This seems to line up a bunch of people, who will become worth more dead than alive.
great point. after they kill em off, they will have more immigration reform. this will open the flood gates to more ponzi participants.
The official details of myra are here
http://www.treasurydirect.gov/readysavegrow/start_saving/retirementaccou...
http://www.treasurydirect.gov/readysavegrow/start_saving/retirementaccou...
What I don't get is why they are limiting the account to 15K and automatically rolling it over to Wall Street (details to be announced later) once that threshhold is reached. Ordinary Treasury Direct accounts have no dollar limit. Why should there be a dollar limit for the myra? Something smells about this.
They probably did the numbers. If it wasn't limited, rich people would use this fund instead of a bond fund which does flucuate with interest rate movement.
It is the same fund that federal employees have available "G" fund -- the bonds are not marketable securites: they are IOUs.
Correct, big fucking difference if anybody wanted to access liquidity in a hurry. you can sell bonds, IOUs, not so much.
Also, I believe when the debt limit is reached withdrawals from the G-Fund are limited.
Which basically means they can suspend access pretty quickly...
ObamaIRA is to Investing as ObamaCare is to Healthcare -- lip service, too little substance.
How many people can survive on $15,000 in their retirement?
What I want to know is will Goldman, JPM, etc securitize these IOU's? I mean why not? They are backed by the full faith and credit of the US govt. Hell, that makes them as stable as MBS, and they were sure securitized. Slice and dice these IOU's into infinite investment vehicles. Leverage them 40x, What could go wrong? It's 2008 all over again, only this time QE won't be buying MBS or Operation Twist, it will be Operation Save MyRA. The ultimate bailout won't be sold as a bailout of banks, it will be sold as a bailout of the "Patriotic Investors in the USA". The bankers will have effectively removed themselves from the bailout equation entirely next time. Next time, it will be sold as a direct bailout "For the People". Forward Comrade! Hile Hitler!
Ordinary Savings bonds have a 10K annual purchase limit, but there is no total limit on holdings. There is no rational reason to limit a myra account to 15K total unless the real purpose is to act as a feeder fund for some Wall Street firms.
Maybe they were afraid that ordinary Savings Bond investors would go to this instead, and they would have to pay higher rates on EE and I-bonds. But the G-fund does not pay all that high a rate right now. In 2012 (the latest on the table) the G fund paid 1.47% only slightly betterthan an I bond. Look at the table here:
https://www.tsp.gov/investmentfunds/annual/annualReturns.shtml
I bonds are currently paying 1.38% (which includes the inflation adj).
http://www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_i...
Maybe they didn't want to allow the rich to hold tax-advantaged Roth-type accounts in Treasury Direct, but how is that different from having T-bonds in a Roth account with a Wall Street firm?
Because 15k is all you need to retire on, silly.
Do I really need a sarc tag here?
Well, may be 15k will be enough to buy a nice dinner before you blow your brains out. Welcome to the new retirement.
Miffed;-)
http://www.youtube.com/watch?v=uCWduPckexM
( Buy Me )
This educational video explains the soundness and stability of both Social Security and MyRA http://www.youtube.com/watch?v=m_hz5HFmA6A
Where are people getting the idea that this can't be passed on to a designated beneficiary upon death?
The performance of the fund sucks with respect to real inflation with a 1.47% gain over the last year, but is still slightly better than a bank CD or savings account. Check this crap out:
The G Fund's investment objective is to produce a rate of return that is higher than inflation while avoiding exposure to credit (default) risk and market price fluctuations.
The G Fund is subject to inflation risk, or the possibility that your G Fund investment will not grow enough to offset the reduction in purchasing power that results from inflation.
No kidding.
Once a saver’s myRA reaches $15,000, or after 30 years, the balance will be rolled over to a private-sector retirement account.
Oh, really. Which means anything over a measly $15K might as well be invested in a mutual fund subject to equity market crashes.
If 4 million people used this and each account reached the limit of $15K, it would be a fund worth $60 billion.
Limited liability. Chump change for .gov
Government Agent: "Hi, I'm from the government. I am here to help, some more."
PIMPCO is on it...
please stand by...
"And if myRA savers ever need to, they can withdraw their contributions tax-free, at any time."
First, this line will never appear again in any myRA promo
Second, the fact that the prime targets have never saved anything before means they won't save anything now...with no withdrawal restrictions, none of these "accounts" would ever reach 3 figures...even at $5 a week the balances would all be withdrawn every month...
Third, so watch for the next installment where the "its yours and you can have it back anytime" line morphs into "you can withdraw the $$ anytime the rules allow...
"they can withdraw their contributions tax-free, at any time."
It almost sounds like the Tax Free Savings Account here, only we get to invest the TFSA in anything we like (except the really profitable stuff - the really profitable stuff sets the Canada Revenue Agency off). Anything put into the TFSA does not get deducted off your wages, so anything that comes out of the TFSA is similarly tax-free, including the profits.
Kinda sucks that you are limited to special treasury bonds.
I fear kids getting their first job at McDonald's or whatever are going to be automatically enrolled in this bullshit with no way to get out.
WTF? Our government isn't even pretending about lying to our faces any more, is it.
Thomas Jefferson was right. BURN, BABY, BURN. Only a cleansing fire will save this country now.
"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."
Who is the private contractor Lew is going to hire to run the myRA plan? This is the same Jack Lew who as executive vice president at New York University from 2001 to 2006 got $685,000 in severance pay when he quit his job at NYU to work for CitiBank. On top of a salary of $700,000 a year and a $1.5 million mortgage, which was forgiven when Lew left. While at NYU, Lew's major accomplishments were busting the graduate students' teachers union and designating CitiBank as a preferred lender for NYU students seeking loans to pay NYU's tuition, highest in the nation for a private college. NYU officials got kickbacks for steering students to CitiBank. So Lew the looter is now running the new myRA.
The money in your myRA should be at least as safe as in a cyPRUS bank account.
Just another "I'll Gladly Pay You Tuesday for a Hamburger Today" Ponzi scheme to extract money now with the promise of giving it back later. I doubt the rate of return will keep pace with inflation in the long run. Certainly would not in this current economic evironment.
The more you save the more you owe as a tax payer - what a deal.
Does anyone think that the government won't rob or steal blindly from this account once it has any funds?
Remember how social security was the "bottomless bank account"?
Don't be such a tightass. Social Security is in a lock box, Al Gore told us so.
If Social Security actually paid enough to support retirees, nobody would have to worry about "people not saving enough for the long haul". So Lew is admitting with depressed wages, lack of payroll tax revenues, and failure to make SS solvent "for the long haul" they have to resort to a different type of scam.
+1000
I think FDR never said SS was to be a sole form of retirement. As I recall, it was proposed as the "third leg" of a stool, the first 2 being personal savings and a pension. Now that pensions are long gone for most and thanks to ZIRP and inflation allowing no means to save, the whole scenario is pretty much fucked.
Miffed;-)
SS was always destined to fail because of demographics. Eventually too few workers to support ever growing retirees. So it was just another lie and the start of the process to create the Free Shit Army in a cynical way to buy votes. The fact that the govt has to come up with MyRA just proves that SS was a scam from the beginning, and every scheme to "save" it since it's inception was just a scam too. Math doesn't lie, even though economists and accountants do.
The US Federal government needs to get the fuck out of the following:
- retirement promises
- housing funding and guarantees
- college education funding and promises
- proping up the stock market
Ponzi scheme is right... just a WORLD OF DEBT!!! See Video Below "WORLD OF DEBT":
http://www.youtube.com/watch?v=99xsqxzJnXs
Remember, Captain Cocksucker is going to raise the taxes you pay on the MyRA bond you're holding (which yields a paltry 1.0987%).
Stop fucking around with the deck chairs already and raise the rates! THE RATES ARE TOO DAMN LOW!
can't raise rates...when rates go up this whole fucking house of cards implodes. That's why "tapering" is a total lie as well. They absolutely can't ever ever ever stop QE and buying debt.
If they taper or stop it all together, rates go up and the whole fucking thing implodes. If they taper too much they can't pay the interest payments on the debt they've already bought and the whole thing implodes.
And the more fake FRN's they print to buy debt, the more they devalue said FRN's, so they have to print even more in order to keep up with the interest payments of the debt they previously bought, and on and on and on and on and on and on, etc. etc. etc. etc. yadda yadda yadda yadda...
But one of these days in the not so far off distant future the U.S. debt is going to become greater, much greater than our GDP...and our GDP ain't exactly been all that hot lately in case o-bomb-ya and old Jackie boy hadn't noticed. This shit's going to go parabolic at some point when printing FRN's to pay interest only on the debt that our creditors bought off of us will no longer be acceptable...but we won't have anything else to give.
The game has been over for a long time now...we're just basically on life support and either someone's going to pull the plug or the electric company is going to turn off the power...but either way we're done.
Only newly created bonds would have the higher rate - so I see no way debt service (per dollar o/s) would go up until they sell newly created bonds.
What am I missing? Are there a shitload of variable rate bonds outstanding or something?
Bonds are expiring all the time. If we were actually paying off debts as a country, then no problem. But since we run perpetual and ever expanding deficits, these debts are just rolled over into new debt at the new rate. QE and operation twist was all about swapping short end maturities that expired for longer term MBS because the interest rates are so low. This minimizes the service cost. But you can't rotate out of all short term maturities to long ones. If rates are rising, that means more money to service the debt on the rollover of those short term bonds. The fact that so many bonds have already been rolled over to lower rates means the law of diminishing returns. There isn't much left to rollover lower. ZIRP has to continue or your get runnaway fiat printing and dollar dilution. Commodities explode, and equities collapse.
6 years of ZIRP basically broke the bond market. At first, it was fun, but now replacing cheaper and more yielding bonds with costlier, less yielding bonds is thinning the cashflow of a lot of players, risking to break the bond market. I think this is why the Fed is tapering and won't stop anytime soon, and will probably let rates go up sooner than we think.
If the Fed sticks it up to someone, it'll be the equity/commodity traders before the bond market.
Interest payments can't rise because it blows up the budget. All future growth revenue will have to go to pay interest, not "grow the economy" aka give more to the Free Shit Army. Likewise, they can't stick it to equities and commodities because they risk inciting the masses to revolt. That's what caused the Arab Spring, runnaway commodity prices. The only solution is the Fed wants to control the bond market. They control about 1/3 now. Once they go over 51% they neutralize the bond vigilantes. They learnded from the mistakes of the EU. Bond vigilantes have to be taken out so unlimited bank/govt control can be established. ZIRP is the means to this end. It takes out players in the bond market and makes the Fed the buyer of only resort.
and the balance will never go down..............you will just get paid back in deflated dollars...what a simple stupid concept this is...but of Course Obama does not know about this...and at $5 a week....how much are you going to retire with...not much
Let me make myself perfectly clear:
- I'm not buying your 1.3% 5-year bond.
- I'm not buying your 2.7% 10-year bond.
- I'm not buying your 3.5% 30-year bond.
Fuck you and fuck your QE/ZIRP interest rate manipulation. Seriously, just fuck off and die.
yo goy..
cos you like this new bail in
you can keep this new bail in.
forever or at least until your dead and your body parts used for cola drinks and tinned soup flavors.
Roth IRA into TSP G fund/Stable Value. BFD. good luck getting our broke ass consumer society to save a penny a paycheck or govt check.
thanks Jack and obama, on that sweet fuckin' deal you're peddlin' there....call me crazy or maybe just a wee bit skeptical, but I think I'll take a pass.
Fuck you very much for askin' though....you fuck faces are really swell for lookin' out for little 'ol me...
Bitchez...
Lew is giving Geither a run for his money in the race for all time *smarmiest* Treasury Secretary.
This is another "tax" just like Obamacare.
The Fed holds a third/half of US Debt with China not willing to buy much more.
MyRA must be considered in the same way as the institution of the payroll taxes when the Fed was created and the banks demanded a monthly source of US government income to service debt.
Here is another government/controller scheme to pick everyone's pocket before the paycheck gets issued to an employee. It starts voluntarily at $5 month, but what happens in 5 years when the debt becomes unserviceable?
Remind me to cancel my McClatchy/Obama/Bankster Propaganda subscription.
The oven will be lit when they convert MyRA UST holdings to bail-in banks.
Regrettably, things will not turn around until some of these elites get killed.
"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. "
A lie.
It is a new way for the government to exploit working Americans for the government's benefit.
And as a reminder from Lacky Jew's mouth himself.
http://www.zerohedge.com/contributed/2013-02-28/jack-lew-social-security...
“The Ideology and Politics of Old Age Insurance in the United States.” The young JL penned some things back in his Harvard days that would turn the blood cold of most SS lovers today. I suspect that some of his words would also tick off a few conservatives.
...
In 1978 SS was headed into a wall. The problem was "fixed" in 1983 when Alan Greenspan pushed Congress for big increases in payroll taxes to shore up SS's finances. JL was in favor of a different approach than Greenspan. He recognized the major flaw in SS - payroll taxes are very regressive. “Congress has denied progressive taxes for insurance benefits” “The logic of this course is difficult to understand but appears to represent a continuation of the deeply rooted belief in the tradition of self-support and individualism which for so long blocked passage of social insurance.”
...
Social Security is "only a beginning” in an “embattled struggle for social insurance.” Yikes! Sounds like Marx? He goes on: Meeting that obligation would require the government to guarantee retirees a fixed amount of money to live on. That sounds "Commie" to me. JL agrees: The specter of Communism, made that kind of solution (progressive taxation for SS) unlikely.
...
Government had an obligation to guarantee, or share the cost of guaranteeing, a minimum income for any American. How would you describe that philosophy? "Communism" does come to mind.... JL has been around the block a few times since he wrote his paper. But I wonder how much he has actually changed.
...
I think we know the answer to that one with MyIRA which is most likely his brainchild since he just happens to be the Treasury Secretary.
More importantly the connection to Social Security and MyIRA. There is no money in the Social Security Trust fund it is all invested in Treasury Bonds.
https://en.wikipedia.org/wiki/Social_Security_Trust_Fund
Knowing how much Lackey dislikes Social Security and he just happens to be in position to do something about it expect in the next year or so as long this current Marxist regime is in place some Doctor Jacob Evil scheme to roll all the current Social Security Treasury Bonds into MyIRA with the health insurance stuff like disability rolled into Obamacare or some other program spelling the end of Social Security outright through playing 3 card Monti shuffling the obligations around.
SocSec, thanks in part to ZIRP, has shifted to net cash outflow which means no net Treasury purchases by SocSec and the net outflow will get worse over time so they need new treasury buyers,as Fed continues tapering they need lots of new buyers. This is financial war and if there aren't enough volunteers they will need to draft retirement assets.
A fedgov program that doesn't involve threats of fines or imprisonment? Sure, that's plausible.
http://www.treasurydirect.gov/readysavegrow/start_saving/retirementaccountfactsheetenglish.pdf h/t to Dr. Engali
The program is for people with incomes up to $129,000 and couples with income up to $191,000. Call me crazy, but folks making that type of income usually have some type of program available for retirement. Smell test = fail.
When they tank the market there is going to be a one time offer for people with 401ks to convert them to MyIRAs amnesty making their savings whole after people get half or more of their 401ks wiped out in the crash.
That is salary range that is going to take the biggest hit and most susceptable to the offer when it happens. That is how they are going to raid the 401k cookie jar mark my words. All these minimum limits are going to be temporarily suspended due to extraordinary circumstances (we've seen this skit before).
You sir, are correct!
By going out on top the TBTF and Fed will tank the market and will send the little people with their 201Ks streaming to the safety of treasuries. A win,win,win for the key players. No PPT this time, YELLIN! will let the free market do it's thing unencumbered.
"Full faith and credit of the United States"
That use to mean something...thanks for the memory.
this is a flat out ponzi. he does not have the authority to pay out interest without authorization from congress.
They will make it legal after the fact and give authorization.
He didn't have authority to screw GM bondholders in favor of the unions, but he did. He didn't have authority to bail out AIG with TARP, but he did. Rule of Law is so 1913.
soon like medicare you will go to jail if you do not have a myra plan.
if you disagree or speak out you will be sectioned under mental health laws.
this is already happening in the uk sectioning lock up's with secret courts.
that is mainly to do with the state taking kids,when the parents create a fuss they are sectioned.
you folks on here suffer a form of denialism this is an anxiety disorder it is a disease one of hundreds that can get you sectioned.
just a warning but what about me?
since eye got my medicare and my myra plan i have never felt so good.
women find me more attractive even gaymen want to be my friend i do not have to get in line at the horse meat gaybar.
so fools
join us donte be a nutter get with the mental normalcy crowd .
bono from u2 just joined how cool is that.
i'm with stupid. All is good. Gubberment uber alles.
They're trying to seize kids in the states too.
Prolly for the peds in DC.
why don't they just roll out the Japanese girl band to beg us to buy bonds??? It's much more sophisticated and respectable than begging in the newspapers... ;-)
http://www.zerohedge.com/news/japanese-girl-band-wants-you-buy-jgbs
"We are talking about... the janitor who has never been given the chance to invest in a retirement account."
A lie.
Any one can open an IRA account. If you need a set amount to do so, you can save the money in order to open the account. If you cannot save the money in order to do so, you cannot save the money to invest in a MYRA, either, as it will be needed for other things, such as food or rent.
If the Janitor works at Golman Sachs or JPM emptying waste baskets he won't need a retirement account as he'll retire very rich from the ""tips" he gets from those baskets.
I don't see what everyone's problem is with this. The people dumb enough to do it and let the government have any more of their "hard-earned" money will get exactly what they deserve.
Not sure the numbers but many people have access to 401ks or other plans through work and still don't participate. We have an almost 2 for 1 match where I work and have more than 10% that don't contribute.
Unless you make it manadatory some people will not invest - can't afford to, don't want to, who knows.
"I don't see what everyone's problem is with this."
The problem is that it is a fraud.
It's only fraud if you believe in the rule of law, and tell the truth. Sociopaths don't have this problem, so it's the perfect investment in their eyes.
So for "their own good" all those who don't have a formal retirement savings vehicle will be forced to save this way and since that wouldn't be fair all those with pensions and IRAs/401K will be forcedtosave a similar % in myRA
Jon Corzine is a janitor - he certainly cleaned out his fund. Well, now he can start saving for retirement with "barry bonds"....
Happily for Mr. Lew most of the country does not read. Of those that do most don't think. Of those that do think most don't have a basic understanding of the topic to come to correct conclusions. He'll be fine.
Need to put on my extra-deep BS waders. We are Japan now officially.
My RA, why not call it what it is "My Bailin".
Ask the Cypriots how they liked it over there, this is not a retirement account it's a FED and treasury Bailout.
if you like your money
you can keep it
period....
Unless you plan to burn it, with flames and all, no, you can't.
Money gets vomitted out and sucked back up. The best we can acheive is access to useful tangible things the Beast has no interest in, using its vomit and the energy we put forth to gain use of it.
I got disowned for liquidating, everyone thought was crazy.
Am I crazy now?
http://youtu.be/aZ3_xbP95lY
If you like being fucked up the ass you can continue to be fucked up the ass.
Barry: "If you like Man's Country Bath House, you can keep Man's Country Bath House. I sure did"
"Finally, myRA is not tied to any one employer—it belongs to the worker, not the workplace."
A lie.
Your 401K belongs to you. The workplace administers the plan. If you change employers, you can roll it over to an individual IRA.
A MYRA gives you one option. Buy U.S. government deficits.
http://www.whitehouse.gov/the-press-office/2013/03/29/presidential-proclamation-national-financial-capability-month-2013
https://www.google.ca/search?q=obama+laughing&safe=active&rls=com.microsoft:en-us:IE-SearchBox&source=lnms&tbm=isch&sa=X&ei=lrrqUsfoFMrNsQTPjoC4Cg&ved=0CAkQ_AUoAQ&biw=1680&bih=848
They figure they won't have to "grasp the clean end of the turd" if they can make us do it. Eff that.
"There are no fees—100% of any contribution goes into the account and is invested in a Treasury security."
A lie.
Who pays the interest. The tax payers. You pay a fee in taxes.
"No risk, Guaranteed Return" just like the phony Social Security Cost of Living Adjustment of 1.5% last year. Or maybe like the Federal Reserve's artificial interest rate scam for the past 5 years, punishing retirees who know better than to get caught up in the stock market Ponzi scheme. Like Argentina, the political whack jobs will eventually confiscate the principle, and dole out only the interest to the muppets...and of course there will be no inheritance provisions.
OK so based on 52 weeks a year and saving $5.00 weekly or $21.66 per month a person will emass a whopping $20,075.00 over a 40 year period at a rate of 3% and $7,120.00 over a 20 year period. Which means Yellin better get busy raising rates so these poor people can save for their retirement! What a JOKE!
"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."
Then Jokob compares directly to 401k.
++++++++++++++++++++++++
Am I to believe that untaxed ccontributions go in and it is untaxable going out? If so, it is a great deal. If not the SEC should have this asshole in manacles and frog marched.
Probably the thing that pisses off the big employers the most. They've grown accustomed to having lots of carrots.
well Potus has said this thing which rings true even if the rest rings the contrary :
Obama Declares Climate Change Is A Fact - Business Insider
Better late than never to own up to reality. Inspite of the millions spent by the Oil Lobby and Kocha doodle dandy to prove the contrary and to smother the proof; if we can talk of proof which is still scientifcically non extablished even if it is empirically demonstrated day in day out.
Falak, While I read and respect most of your comments, I balk at this.
This rock has gone through at least 4 major ice ages and corresponding thaws, at which time man was dressed in animal skins.
His statement is not fact.
The whole scenario is a giant redistribution of wealth,Nothing more.
Repeating a lie, though it may convince some, does not make the claim true.
and besides, what if the Earth wants all that plastic for itself?
falak - you be gettin' high 'bro.
I don't know y'all. Social Security checks haven't stopped going out. Meanwhile, I've known folks who have lost a TON of money in "their" PRIVATE 401K's. Also, how many PRIVATE pensions have suddenly disappeared by a company doing a "strategic bankruptcy"? In other words... they filed for bankruptcy for the sole purpose of getting out of the pension promises they made. What about all the folks who are strategically laid off a year or two before they can collect their retirement? And now, with Detroit getting permission to pay it's pensioners pennies on the dollar, even local government pensions are nothing more than a hope. But... like I said, Social Security checks haven't stopped going out.
And how many can live on only SS? Besides, SS is bankrupt. That lie has been exposed for decades. SS only exists because 40mil seniors would take a flame thrower to Wash DC if their payments were stopped. It has nothing to do with the solvency of the system. The same thing is true of SNAP recipients, almost 50mil. The question is who do you want to be in control of your life? You or sociopaths? Bankruptcy stems from the rule of law and has existed for hundreds of years, and serves a vital function in a true capitalist society. We have corrupted true capitalism so that all we have now is a fascist/socialist oligarchy hybrid whose true purpose is to redistribute any and all assets from the masses to the elites. This same govt that administers SS, administers 0zer0care. This same govt violated TARP to bail out AIG. This same govt violated US bankruptcy laws to steal from GM bondholders and give to the unions. I could go on and on. Your govt that you extoll is bought and sold every day to the highest bidder. TPTB, whether govt or private, are counting on you, and billions like you, to be the next serfs. And you'll gladly comply under the guise of "security", whether it be financial, or physical. Is it any wonder why they are called "sheeple".
My retirement plan consists of going to the Coin Shop every payday.
Prudent plan sir.
Let this be the last time you broadcast this info to .gov
Your words are being logged.
Cyprus was just a test case to see how the sheepole would react...few Molotov cocktails and public demonstrations- no big deal, we've got this!
Capital levies in 3...2...1...
Absolutely correct! +1000. Cyprus really could have been what brought down the whole house of cards. Instead, it is the playbook going forward.
If an employer chooses to participate
Oh shit, that's a goddamned knee slapper.
I'll bet the MYRA website will be a real pistol, too.
In other words, "We need you to buy our Treasuries now, because nobody else will."
the pay day loan cohort they are pitching this to won't make a ripple in the Treasury pond, it has to be mandated for all workers and retirees, small % at first then adding % and catch up requirements to add buying power.
Once it reaches 15k you can flip it to a broker and pay him a 6% commisiion to put it into mutual fund and then forget you exist!
This is a rehash of the GRA [guaranteed retirement account]. This was floated during the beginning of His Majesty's first term. It was initially floated as a co-mingle of ALL fed retirement monies including SSI. No owernership either.
This is a re-launch with a few tweaks. Can't wait for pajamaboy to pitch this.
"... and the balance will never go down." - but the value will go to zero sooner or later, point at which you'll be allowed to type whatever balance you want in your MyRA... just so you can enjoy your safe retirement.
MyRa Shit Sandwich for lunch, immigration Shit Burger for Dinner.
"... contributions are made through automatic payroll deductions, making them hassle-free."
Now, make that automatic SNAP deductions (mandatory, of course) and Lew will rake in US$4 billion in the first year alone! 50mm times 80.
May his pants suffer from spontaneous self-combustion.
There is no such thing as "automatic" deductions. Someone has to pay for all the freakin' paperwork, the additional payroll expense, the audits, the additional accounting expense. Of course the Fed will mandate employers print and hand out information brochures, annual statements and plan audit reports. Then theres the legal fees to make sure the plan and paperwork is Federally approved, or God help the poor schmuck business owner who will be threatened with prison sentences if one thing is missed. Don't forget the "reporting" costs that will be mandated that will require even more hours spent on red tape. Anything, just anything, to keep owners and employees away from what they need to be doing to keep there business running and their families fed. It just gets crazier every day.
TOTUS: "Another great plan to destroy Amerika! Soon all business will be State Business!"
O-Bonds, or Soviet Bonds?
You make it sound as if the costs will surmount the spoils. But look at the bright side, it will create a whole lot of new jobs. /sarc
Just give them links to the .Gov websites.
but, you're encouraged to print copies of Modern Money Mechanics.
And post at least one on the lunch room walll.
These guys are clueless morons. As an employer, who is going to pay all the costs to sign people up, pay our payroll service to distribute the deductions to the various accounts, deal with people trying to quit, or get their money back, or change their withholding? Who's going to pay our accountants to keep track of it all? How about the our lawyers at the audit, when, not if, the Fed comes in on a bogus disgruntled employee complaint? The looters are already taking 12.4% (FICA employer and employee tax) and sending it down the crap hole, while the sheep all get crumbs doled out to them when they retire. Another hell hole burden on small business and another reason to throw in the towel. We and our employees stopped contributing to their 401K years ago, as we were getting screwed by brokerage costs, ridiculous fees, audit fees and stagnant paychecks plus inflation of the things we truly needed, like food, energy and health care. We are living Atlas Shrugged and the only thing left to do is john Galt it out.
sorry for OT but this just hit my inbox
http://www.realtor.org/news-releases/2014/01/december-existing-home-sale...
How does this square with the earlier post of Dec. pending home sales plunging the most in 3 years?
sorry for OT but this just hit my inbox
http://www.realtor.org/news-releases/2014/01/december-existing-home-sale...
How does this square with the earlier post of Dec. pending home sales plunging the most in 3 years?
If the history of government programs tell us anything is that they don't just have 'consequences';they actually have the equal and opposite results of the exact solution they were trying to solve:
War on Alcohol - more booze
War on Poverty - more poor people
War on Drugs - more drugs
War on Terror - more terror
War on Healthcare Costs - higher costs
You get the picture.
War on Retirement Poverty - more Retirement Poverty
hahahaha, a "start" for Backdoor Barry's secure retirement.
how much is funneled to an offshore account??
State sponsored financial terrorism.
As if the type of people that would invest in this type of product have any money to invest. The stupidity continues to astound.
Never underestimate. The Treasury's primary function is to appease the FED.
and it wants its tribute..
LawsofPhysics,
Exactly, physical assets and PMs just keep getting better and better. Wish I could find some 22LR however.
Call you local WalMarts and ask them What day they get their ammo shipments in, and show up early REAL early.I think they have limited customers to 3 boxes(bulk packs) at one purchase.But this is the only way your likely to get any.
"And left on their own, few workers save"...So they can't be left alone...And it wouldn't be fair to force just a small group to save for retirement for their own good,everybody should be forced to save the same way.
The payday loan people Lew describes simply don't have enough money left after expenses to save for anything.
But the key in Lew's op-ed is "LEFT ON THEIR OWN"
"And left on their own, few workers save"...So they can't be left alone...And it wouldn't be fair to force just a small group to save for retirement for their own good,everybody should be forced to save the same way.
The payday loan people Lew describes simply don't have enough money left after expenses to save for anything.
But the key in Lew's op-ed is "LEFT ON THEIR OWN"
All jokes aside, this myRA investment plan will be mandatory in a few years, a supplement to the SS deduction. Then slowly it will expand replacing traditional low-risk cash and treasury bill invested 401ks. The next step will be limiting the amount of retirement funds assigned to equities, paper gold, etc. This will be a lead-up to a fiat re-set.
Not to be left out of stealing from citizens, try this new idea from the Bank of England:
"cocos Bonds":
http://www.bankofengland.co.uk/research/Documents/fspapers/fs_paper27.pd...
What the hell is the matter with these jokers? They're jonesin' for more money and they'll rob their mother and your mother to get it. They're thieves.
Exactly, but since the goal seems to be to take as much wealth from the the lower and middle classes (while assuring the unthinking masses that they are helping them) and transfer it to the .01%, this will just aid them in that thus far successful venture.
Remember boys and girls, when POTUS speaks of the myRA program he is refferring to the first person possessive on that "my" reference,.
Good thing there's another gun show in town this weekend.
The real, unstated algo...and always with the understanding that earnings will be less than inflation
1. contribute now, voluntarily
2. contribute later, involuntarily
3. withdraw later, with a penalty and at a much higher tax rate, if maximally hyperhypothecated funds are liquid
4. mandatory rollover for increasing periods of time, withdrawals temporarily prohibited
5. all requests for withdrawals treated as unpatriotic and treasonable behavior that will result in transfer to forced labor gulags
6. all funds given to supranational interests so that their heroic efforts to minimally feed and warm the grateful global slave population can continue without interruption
7. die; cold, sick, hungry and not at all grateful that your corpse will be used for its caloric value at central energy plants
Now tell me how I can collateralize the hypothetical BTU value of my dead corpse 50 years from now, lever that JPM-style to buy that bugout cabin in Ecuador and retire this summer.
Ah yes, a tax increase and a treasury promise.
Can my minion government deliver MyRA cheque by drone, so we can deploy the new amnesty ghetto rats to intercept the package?
Invisibility Breakthrough for Japanese Researchers
This old technology can be used to hide Central Banking carry trade dealings. /sarc
which healtcare costs could he be referrring to?
created 8 million jobs?????? where??? overseas?
This is a joke, right? Nobody could seriously make these statement with a straight face.
You know what... seriously, FUCK democracy and freedom, if it looks like this...
Liberty and democracy are mutually opposed.
HL Mencken wrote a nice piece on that.