This is pretty much the case. Read Jefferson's take on central banking, and what Henry Clay and Lincoln planned to do with central banking ("Internal Improvements"). Federalist No. 7 discusses national debt (enabled by a central bank) and it creating division between classes. This is nothing new. Those crazy Ron Paul fanatics warning about inflation might not know the ins and outs of its complexity, but the basic premise is correct.
Thanks, TD; you sound pretty knowledgable.
So in essence, Rush's caller nailed it! The Federal Government's deficit spending is being indirectly financed by what amounts to the QE policy which is raiding 401ks. Not that those accounts were worth much in '08 anyway, after the crash; but I suspect that if the common low-info voter were ever to realize this...the SHTF.
It would seem that if the R's were serious about deficit spending, they would counter Obama's media attacks with adds designed to explain this fairly simple scenario to people who are smart enough to have money in 401ks. And maybe the fact that they aren't (surely they understand this concept), says more about them than the Cloward-Piven Dems.
Oh well. This is gonna get real interesting! I hope the freeze don't kill my tomatoes; jumped the gun and planted early...spooked by global warming.