Step 1: Create the MyRA bond.
Step 2: Forcibly convert ALL IRAs and 401/403b to MyRAs by forcing them to sell all current holding and buy MyRAs with the resulting cash.
Think about this for a minute.
There is no doubt that the Fed and the treasury have a huge impact on the markets. With a few words from the fed chairman they can effectively crash the markets. They can accelerate easing or speed it up. They can lower or raise interest rates. They can propose new regulations. They can arrest executives. They can offer bail outs or refuse them.
What would you do if the president came out and said "we are allowing you to convert your 401Ks to safe MyRAs if you want to" and then started an intentional take down of the financial markets. What if the Dow was loosing 5% a week for a couple of months?
I can bet a lot of people would jump at the chance to convert out of 401Ks to MyRAs.
There will be no force needed in their quest to transfer vast amounts of private wealth to public wealth.