I was surfing around some various financial news sites, pretty much just speed reading the articles, when something I'd read a paragraph prior set
off an alarm in my head. I re-read the sentence in question and it made me have to do some research to see what the hell the guy was talking about.
I think I may have just stumbled across a smoking gun.
Here's the original article I was reading:
(This article itself is worth a discussion thread of it's own here at ATS. It is about the connection between the every lowering interest rates on
bonds and how the government is using doublespeak to make saving your money sound good, but in actions doing everything they can to discourage you
Anyway, here's the offending quote:
This is simply one piece of the puzzle but in the middle of 2008, the U.S. Treasury suddenly lowered the ceiling of how much money could be
invested in U.S. Savings I-Bonds for each calendar year from $30,000 to $5,000.
Being that I don't invest in bonds and this was the first I'd heard about this action, I assumed that few who don't buy bonds knew of it either.
Upon doing some searching on the web for more information, I found that the author of the previous article was incorrect in a significant way. Had
this change in the ceiling of annual I-bond purchases actually occured in mid-2008 as he stated, this wouldn't be a huge deal. By July/August of
2008, we were already experiencing the bursting of the mortgage bubble and the general attitude, while nowhere near as serious as it became in
September, was very doom & gloom. We'd had stimulus checks issued to encourage people to spend a little to boost the economy, in other words.
Then I found this: www.savingsbonds.gov...
The government's own information page about Bonds...
Effective January 1, 2008, the annual (calendar year) purchase limit applying to Series EE and Series I savings bonds is $5,000, issue
price, for each series. The limit is applied per Social Security Number (SSN) or Taxpayer Identification Number (TIN). Individuals or entities may
purchase up to $5,000 worth of each series in paper form.
Bush publicised the Economic Stimulus Act of 2008 near the end of January. Congress & the Senate signed the ultimate bill on Feb 7th. Granted, the
credit markets were cited by Bernanke as being "troubled" in late December of 2007, but we were all told repeatedly that this was only a slowdown
and nothing to worry excessively over. Time after time they said this.
I then found this: www.treasurydirect.gov...
Again, direct from the government in a posting dated December 3, 2007.
The annual limitation on purchases of United States Savings Bonds will be set at $5,000 per Social Security Number, effective January 1, 2008. The
limit applies separately to Series EE and Series I savings bonds, and separately to bonds issued in paper or electronic form.
Now, to close this loop out, here's the shell casing that I found next to said smoking gun: An article dated December 1st, 2008
NEW YORK (CNNMoney.com) -- The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making
official what most Americans have already believed about the state of the economy .
For 12 months we were blatently lied to by our own government. They vehemently denied that were in a recession, yet from almost day one of this
recession, they demonstrate that they have known what was going on. They took an action over a year ago to make sure that as much money as possible
would manage to somehow make its way back home to roost, within the banks of the country, where it could be locked away. They knew that by dropping
the ceiling of bond investments by $25,000 a year, it would push more people to either spend their money or invest it into riskier, easier to
essentially steal from, stocks & lesser bonds.
I feel like I need to go wash my hands after having visited that .gov site for some reason.