On Feb. 5, former CIA agent and Nobel prize nominee Dr. Jim Garrow was a guest of the Hagmann and Hagmann Report radio program. During his three hour interview, Dr. Garrow discussed the current proposal by the Obama administration to potentially allow the Post Office to become an official bank and lending facility, and through this, push consumers to borrow directly from the Federal government to pay off debt obligations they may have in credit card and other loan liabilities.
Doug Hagmann: Today, within the last 24 hours the U.S. Postal Service just announced a very huge ammunition purchase... what are they getting ready for?
Dr. Garrow: They need that ammunition because they're becoming a bank (sarcasm).
What you are seeing, is members of society who are marginally making it, are now going to have to go and borrow money from the government, because the government's going to make it available to them... those that have huge credit card debts for example, they can now go to the government a limited amount of money with no assets needed.
I bet they come out with a first limit of $25000...that's my prediction. People will flood in... 2% interest rate? I'll tell you things I've been hearing about. This lower interest rate, that's going to beat the banks interest rate, the government securing the loan... I'm talking about something that's going to be made available now.
DH: So this is going to be the First National Bank of Obama?
Dr. Garrow: Well, it will be through the Post Office, which is again a protected Federal entity, and we will have a new banking industry from the government that will compete head to head with the credit card companies. - Hagmann and Hagmann Report, Feb. 5
This new proposal for a Federalized bank for consumers falls in line with several other lending facilities the government already has in place, especially since President Obama took office in 2009. Besides an expansion of the FHA, where more home mortgages than ever before are now subsidized by the government agency, President Obama also signed into law an expansion of government subsidized student loans where 100% of former Sallie Mae accounts would now fall under government management.
During that same year, Congress passed the President's Affordable Card Act, or Obamacare, in an effort to place all health insurance, medical procedures, and preventative care under the domain of Federal control.
With these facilities in place, there is but one financial area remaining to be administered by the government, and that is the consumer debt industry, where millions of Americans still languish under trillions of dollars of credit card and other consumer debts. And how best to kill two birds with one stone than the expand the mission of the U.S. Postal Service, which has locations in nearly every community, and is requiring a new business scope to help cover their decades long financial losses as mail service moves from print to electronic media.
There is also one aspect of this proposal that was not addressed in the Jim Garrow interview, and that is the ability of a Federalized bank to help bail out and re-capitalize private banks by using taxpayer funds to pay off the outstanding consumer debts they hold as Americans transfer their current accounts to new ones under government management.
There is an old axiom that states, who is your real master? The one who leads you, or the one who provides your paycheck? And as we enter into the fifth year of President Obama's tenure in office, more and more legislation appears to be forthcoming to move all financial controls away from individual and private entities, and into a nationalized system. And this method of financial control over individuals is already underway in 2014 with the MyRA proposal by the President last month regarding your retirement savings, and may soon expand event more with the creation of the 'First National Bank of Obama'.