What do you call a man trying to sell ice to Eskimos? “Unemployed”, of course!
What do you call a man trying to sell debt to debtors? That would be: “Mr. President.”
In his own words:
Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks. That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in…[Emphasis added]
Notice the deft way he sells to his target audience: “most workers”=working class, “social security check”=the elderly and “folks who don’t have 401ks”=students, unemployed and the illegal immigrants he is about to amnesty.
Then in a truly imperial manner, he claims that “tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA.”
What a guy?
Don’t sing yet!
But don’t we already have the I-R-A? Why do we need the My-R-A? And what’s the difference? Answer: The MyRA is a government program that will soon become compulsory (remember the “if you have a health plan, you can keep your health plan” lie) and the MyRA will invest in government bonds, that is, the debt that the bankers can’t dump on foreign investors anymore!
On this blog and in my book (get a signed copy here) I have warned that the collectivization of all of society’s ills (aka government “solutions”) can only lead to more misery and eventually tyranny. Let’s not get to the point where we hear the fat lady singing. We know her name: MyRA. Reject her now!
I firmly believe this was the groundwork for the eventual takeover of retirement accounts, but I believe under the “right” conditions over half of our American population will hand there retirement accounts over voluntarily. QE can only end if there is a market large enough and willing to buy US debt at yields as low as they are today. Many “economists” have tried to tell us that this stock market has not been driven by Fed stimulus. If the Fed pulls the rug, the market will tank. After two +50% drops in the stock market, another will present the opportunity for our “saviors” to ride in on the white horse to save us. Guaranteed “security” and the market necessary to continue accumulating unsustainable debt. I pray that I’m wrong.
Thanks for the response and I agree that capturing the American people’s earnings and retirement is definitely in the cross-hairs of the banking plutocrats.
David,
What you said is true, but we have to simplify our message. The entire system is ridiculus, and the heart is the tax code and the Fed. Does it make any sense that banks can take in $1 then loan $9? Where does that money come from? We accept inflation as normal, but it isn’t. American’s hate that it costs so much to buy a house or send their kids to college. We hate it so much, we borrow money for both without realizing that the borrowing is what is driving the cost up. Stop borrowing money, and the prices will come down. If people ever figure that out, the banking cartel will collapse, but getting people to understand that and act on it is a huge if not impossible task.
God Bless,
Mickey