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Obama Introduces MyRA: The "No Risk, Guaranteed Return" Retirement Savings Bond
Zerohedge ^ | 01/28/2014 | Tyler Durden

Posted on 01/28/2014 8:12:10 PM PST by Rusty0604

Earlier today we hinted at what was coming in "Obama To Unveil Treasury IRAs." Well, here it is, and it even has a catchy name. Presenting: the MyRA, and since it offers "guaranteed return and no risk" we now know where all the Fed's bond trades will go to work once QE ends.

From the president:

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. And if this Congress wants to help, work with me to fix an upside-down tax code that gives big tax breaks to help the wealthy save, but does little to nothing for middle-class Americans. Offer every American access to an automatic IRA on the job, so they can save at work just like everyone in this chamber can...

And just like that, the "automatic" continuity to the Fed's Quantitative Easing is ensured.

One final point: in the aftermath of the demonstration that the market is run by absolute idiots, courtesy of TWTRQ and NEST, we fully expect that tomorrow Myriad Entertainment & Resorts, stock ticker MYRA, trading at a lofty price of $0.00, will soar tomorrow to, what else, Obama's target price of $10.10.


TOPICS: Business/Economy
KEYWORDS: retirement
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To: Rusty0604

61 posted on 01/28/2014 8:49:01 PM PST by McGruff (How's that Hopey Changey Thingy workin out for ya?)
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To: Triple

I think the IRS was going to process the accounts and John Corzine was going to be in charge of the funds.


62 posted on 01/28/2014 8:49:14 PM PST by Rusty0604
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To: Zuben Elgenubi

The MyRA isn’t even tax deductible.


63 posted on 01/28/2014 8:50:58 PM PST by Mike Darancette (Do The Math)
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To: McGruff

That’s MY IRA (that’s mine!)


64 posted on 01/28/2014 8:54:03 PM PST by Aquamarine
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To: Richard from IL
I thought Congress passed tax laws. Silly me.

That's why this scheme has no tax benefit. Small return on after tax money.

65 posted on 01/28/2014 8:54:20 PM PST by Mike Darancette (Do The Math)
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To: Rusty0604

Libs always work on the long term. This is the seed they’ll plant to eventually take our 401Ks and IRAs. You can, er, bank on it.


66 posted on 01/28/2014 8:54:28 PM PST by ilgipper (Obama is proving that very bad ideas can be wrapped up in pretty words)
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To: Rusty0604

how about not giving tax returns ro illegal criminals


67 posted on 01/28/2014 8:56:04 PM PST by bravo whiskey (We should not fear our government. Our government should fear us.)
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To: Rusty0604

Yep, hand over your Money to an Entity that’s $17,000,000,000,000 in Debt.

That’s the Ticket.


68 posted on 01/28/2014 8:59:21 PM PST by Kickass Conservative (Nobody owes you a living, so shut up and get back to work...)
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To: Rusty0604

MyRA! MyRA! MyRA! MyRA! MyRA!

-PJ

69 posted on 01/28/2014 9:03:14 PM PST by Political Junkie Too (If you are the Posterity of We the People, then you are a Natural Born Citizen.)
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To: Rusty0604; COUNTrecount; Nowhere Man; FightThePower!; C. Edmund Wright; jacob allen; ...
Guaranteed to be paid off one hundred cents on the hyper-inflated dollar...

Nut-job Conspiracy Theory Ping!

To get onto The Nut-job Conspiracy Theory Ping List you must threaten to report me to the Mods if I don't add you to the list...

70 posted on 01/28/2014 9:06:05 PM PST by null and void (<--- unwilling cattle-car passenger on the bullet train to serfdom)
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To: Vince Ferrer

Then 401ks get rolled into it. And then the levels of required investment keep increading, until finally Atlas shrugs. But it keeps the game going for a little longer.
Get your money out of the Matrix.
****************************
Vince, let’s say, hypothetically, that a guy has $500,000 in a 401K.

If he takes it all out, where does he put it to be safe?

Serious question.


71 posted on 01/28/2014 9:08:41 PM PST by octex
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To: Rusty0604

"That's as good as money, sir. Those are I.O.U.'s."

72 posted on 01/28/2014 9:09:15 PM PST by dfwgator
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To: Rusty0604

I thought that I did this during and after WWII when we all bought US Savings Bonds, where we were guaranteed an interest rate with a tax deferred income stream??

So, Zer0, what’s new from 50-60 years ago. Maybe it’s your attempt to suck up some of the excess, unneeded, $1.8 trillion that your Fed has parked at the big banks, and are paying interest on to the banks to not unleash these trillions into the active money supply to try to contain inflation!

Now, how you be getting out of this here mess????


73 posted on 01/28/2014 9:13:04 PM PST by Noob1999 (Loose Lips, Sink Ships)
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To: octex

After taxes the guy would only have about 250K. I would suggest land and metals (precious and lead).


74 posted on 01/28/2014 9:15:39 PM PST by Rusty0604
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To: octex
I've been asking this question.

Let's say that your $500,000 in your 401K is in the form of Apple stock. Now what happens? Will the government force you to sell the stock so they can convert the cash to bonds? If they force you to sell, who is the forced buyer? And at what price, the current market price or a "government" discounted price?

And then what happens to Apple, who was counting on that stock value for their capital projects for R&D?

If your 401k is held in corporate stock and the government seizes your 401K, is that a de facto nationalization of the company that was represented by your stock?

Maybe it's not Apple, it's Exxon. Seizing all the retirement Exxon stock would be nationalizing Exxon, wouldn't it?

-PJ

75 posted on 01/28/2014 9:16:31 PM PST by Political Junkie Too (If you are the Posterity of We the People, then you are a Natural Born Citizen.)
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To: Rusty0604
"MyRA guarantees a decent return with no risk of losing what you put in."

This is a pretty obvious hint of government's future plans to confiscate these funds. Since they hold the money, there's no potential loss for them and since they contribute nothing to the principle, the return is pretty decent. It looks like another form of taxation without representation. At some point in the future he'll claim that he never meant that these accounts were meant to benefit only the person that actually contributed to it, but were expected to be shared among those that contributed nothing at all.
76 posted on 01/28/2014 9:18:50 PM PST by clearcarbon
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To: Rusty0604

After taxes the guy would only have about 250K. I would suggest land and metals (precious and lead).
**********************
Thanks for the reply, Rusty0604. ...50% tax would be a huge hit, but the guy wouldn’t lose it all. I guess he could just bury the rest in his yard.


77 posted on 01/28/2014 9:48:49 PM PST by octex
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To: octex
Vince, let’s say, hypothetically, that a guy has $500,000 in a 401K.

If he takes it all out, where does he put it to be safe?

When I suggest to get out of the Matrix, what I mean is to get it out of any electronic account that can be closed and raided on a whim by the government, and into something that can't be reached. And I am not suggesting anything illegal.

Collectible art is going up right now, and for 500K you may be able to get something worth owning. Gold and silver are fine, but be careful that the government doesn't put taxes on them when you convert it back. Collectible coins might be better. Jewelry, diamonds, etc might be good. Or put it into some sort of business. You can even just withdraw the cash, or convert it into foreign currencies.

Real estate is a bit tricky, because I expect that governments will raise property taxes on it. This was specifically mentioned by the IMF when considering wealth confiscation, because real estate is not very liquid and people can't flee the tax easily. But if you buy a productive asset that can generate rent, it might be a good investment.

There are hundreds of things you could do, and maybe just do a little of one thing, a little of another.

Most importantly, study how these governments are hunting down money. What is done in one country will be done in a lot of countries.

Argentina's Economy Is Cratering, Again

Bundesbank's Stunner To Broke Eurozone Nations: First "Bail In" Your Rich Citizens

The "Muddle Through" Has Failed: BCG Says "There May Be Only Painful Ways Out Of The Crisis"

IMF Discusses 'One-Off' Wealth Tax

Don't take any of this as specific investment advice. I am not an expert in art or real estate. But there are many things people can do rather than just have their money sit around in a low interest account, waiting for it to be taken. Personally, I am hoping to be able to start a business with just myself, and be able to work it after business hours, while keeping my day job. That for me would be the ultimate security.

78 posted on 01/28/2014 9:50:14 PM PST by Vince Ferrer
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To: Political Junkie Too

Thank you for your thoughtful reply, PJ.

It mirrors somewhat my thoughts, as I’ve been thinking that these curious financial proposals seem to be aimed toward nationalizing private business and the stock market as a whole.

That’s why I asked my original question about what one should do with the 401K $$$. Those funds heavily support the stock market. If the Feds were to essentially confiscate them, the market would crash as would the US and World economy. .......I believe even a threat to take the 401Ks would lead to a major coup de etat in the US.


79 posted on 01/28/2014 10:01:14 PM PST by octex
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To: Rusty0604

Buffet and Soros are buying how many of these?

I’m sure they will be such a good deal that eventually IRA’s and 401K’s will be mandated to purchase them

As Drudge said “Have an exit plan”


80 posted on 01/28/2014 10:12:50 PM PST by silverleaf (Age takes a toll: Please have exact change)
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