I’m guessing you’ve probably already figured this out. Bill Quick certainly has:
[I]n an effort to save TBTF banks, the government crashed interest rates into negative numbers (adjusting for inflation) which destroyed the incomes of millions of retirees and others, forcing them to depend entirely on government payments of one kind or another.
At which point the government noticed how dangerous the savings and investment environment had become for older folks, thanks to the government’s own actions and so it arrogated to itself the necessity of taking over the management of retirement savings for the saver’s own good.
My bank statements come out today, so I can stare in disbelief at the incredibly low interest rate I’m earning, although it’s only half as low as it was last year.
Eventually, I suspect, the Feds will actually try to confiscate those savings, there being no reason to think that Washington is any more competent and/or scrupulous than, say, Cyprus.