Obama’s MyRA Scam: Your Savings Pays for US Debt

By: Damon Geller
In one of the most shocking State of the Union Addresses in recent memory, President Obama announced he will create a new kind of retirement account – the MyRA – which uses your retirement savings to buy U.S. Treasures and pay for U.S. debt.  Obama’s announcement follows a number of startling events which demonstrate how desperate the government is becoming:  with nowhere else to turn, the government is making a last-ditch effort to seize personal savings & retirement to fund the nation’s insurmountable debt.  And there’s only ONE thing you can do to stop it from happening. 

The Government Needs A New Source for Funds

The U.S. debt, not including unfunded liabilities, is over $17 trillion dollars.  And the U.S. Treasury estimates our debt to go over $28 trillion by 2018!  In order to finance this debt, the Federal Reserve has been buying 90% of the U.S. Treasury market through money-printing stimulus, to the tune of $80 BILLION per month for the last several years.  And we all know that the Fed has begun tapering its stimulus program because they can no longer afford to fund the national debt.

So if the Fed is going insolvent, who do you think the government will lean on to pick up the slack?  The answer is YOU.  10,000 Baby Boomers will turn 65 years-old every day until 2030.  And while the government has a debt problem of $17 trillion, not so coincidentally, our country's IRAs, 401Ks and other retirement accounts amount to right around $19 Trillion.  What a convenient resource for the Federal Government!

So the federal government is licking its chops staring at YOUR share of the $19 trillion in retirement savings.  Now, if there were only a way for them to get access to your money… 


Master Plan, Stage 1:  Get YOU to Finance the Debt

Obama suddenly announces in his State of the Union Address that he’s got a great “no risk” idea for Americans saving for their retirement.  His exact words:  “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.”

In other words, YOU the American taxpayers will start buying U.S. Treasuries because the insolvent Fed can no longer do so.  Whenever anyone tells you an investment is “no risk,” you know you’re being sold another Wallstreet.gov scam.  No risk?  Nonsense.  If you buy a 10-year Treasury bill now, you’re locked in at a low interest rate – a rate that has been kept artificially low by Fed stimulus.  Well, Fed stimulus is ending.  And that means we’re headed into an inflationary environment where interest rates have nowhere to go but up.  So in other words, your bond investments lose significant value EVERY SINGLE YEAR.  Hardly no risk.

And how do you feel about investing in a mountain of unsustainable debt?  Most experts (and anyone with common sense) have demonstrated how our national debt levels can NEVER be paid off.  And now, those same experts are predicting the imminent collapse of the U.S. dollar as the world’s reserve currency.  So if the market for U.S. Treasuries is drying up and the demand for U.S. dollars implodes, does investment in America’s debt seem like a “no risk” move to you? 

Master Plan Stage 2:  Confiscation of Retirement Accounts

So, what happens if you’re not willing to invest in Obama’s MyRa?  How does the government get the funding it needs to continue financing and growing the debt?  The answer:  FORCE you to make your retirement funds accessible to the government.

If you do some research on US Bill “HB5337,” you will find the plan to nationalize retirement wealth.  On May 6, 2012 Lauren Schmitz, a research analyst at the Bernard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337.  This 401(k)/IRA de-privatization is the brainchild of Teresa Ghilarducci, whom through funding from the White House and the Ford & Rockefeller Foundations engineered a new “Regulatory & Tax Incentive.” The purpose is to force Americans to convert their Retirement Accounts into Government Managed accounts.

The government will nationalize retirement accounts like IRAs, 401Ks, pensions, 403Bs, etc. so that you will be forced to use a portion of your retirement wealth to purchase U.S. government debt – debt that will ultimately default, as it is not possible to sustain our astronomical debt nor the deficits that create it.

This plan to nationalize private 401K and IRA retirement accounts is being deceptively publicized as the government protecting the public against business failings or state bankruptcies.  But the reality is, your cash, your retirement funds, your bank deposits and your investments are at huge risk of being confiscated by the government through some contrived reason or another. 


The Only Way Out 
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