Editor’s Note: The following report is excerpted from Jerome Corsi’s Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and columnist. Red Alert subscriptions are $99 a year or $9.95 per month for credit card users. Annual subscribers will receive a free autographed copy of “The Late Great USA,” a book about the careful deceptions of a powerful elite who want to undermine our nation’s sovereignty.
The Obama administration is quietly exploring strategies that would require hundreds of billions of dollars in programs such as 401(k)s and Individual Retirement Accounts to be invested in U.S. Treasury bonds, Jerome Corsi’s Red Alert reports.
Corsi reports the administration is doing so under the guise of making workplace retirement savings accounts available to all Americans and ensuring that existing retirement savings accounts pay lifetime income.
He noted the Obama administrations needs to sell $1.5 trillion in new U.S. Treasury debt in 2010 just to keep the government operating under the federal budget deficit projected for this year.
“With the Federal Reserve scheduled to phase out its direct purchases of Treasury debt, the Obama administration is anxious to find another market upon which to unload hundreds of billions of dollars of Treasury bonds carrying yields much lower than would be required to sell the same hundreds of billions of dollars of Treasury bonds in the open market,” Corsi explained.
He said the Obama administration is contemplating implementation of a so-called “automatic IRA,” packaged as a program designed to guarantee all workers have access to a retirement plan through their place of employment, even if the employer does not currently offer a pension or other tax-favored retirement plan.
“What the ‘automatic IRA’ ends up being is a government mandate that every employee must have a portion of their compensation direct-deposited into a government-mandated IRA,” Corsi wrote, “perhaps whether the employee wants to participate or not.”
To learn more about ‘Automatic IRAs’ and 401(k) account restructuring into what could become U.S. Treasury debt-backed government annuities, read Jerome Corsi’s Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, “The Obama Nation.“
Red Alert’s author, whose books “The Obama Nation” and “Unfit for Command” have topped the New York Times best-sellers list, received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.
In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.