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In many countries the post office offers (or used to offer) banking services in a less commercial way than the private banks. Although now many countries have s
by kalleboo 7y ago
In many countries the post office offers (or used to offer) banking services in a less commercial way than the private banks. Although now many countries have sold out/privatized their postal systems. https://en.wikipedia.org/wiki/Postal_savings_system https://en.wikipedia.org/wiki/Postal_savings_system
- fennecfoxen 7y agoThe postal savings systems are designed to help people get access to basic banking and bill-pay services. They may help expand access to these systems to those who might not otherwise have it. It is not the worst idea for a city to open one of these, though they would probably partner with an actual bank to help keep down technology and administrative expenses. Tellingly, postal savings systems are not designed as a way for the government to get money for projects that no sane lender would underwrite. The real purpose of the proposals we see here is to make the government less accountable to taxpayers and reality so they can underwrite their fantasy spending schemes with free money from their own bank. The endgame is the bank's inglorious failure, a federal bailout, and incoherent ramblings about how this is all the fault of the evil capitalists who hate poor people.