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Note that I'm not suggesting we eliminate private credit creation or that the government issue loans, what I'm advocating is a government supplied and run elect
by dools 3y ago
Note that I'm not suggesting we eliminate private credit creation or that the government issue loans, what I'm advocating is a government supplied and run electronic payment system.
They already supply a payment system (cash), it's just not electronic. Last time I checked we're not hurting for lack of competition in the "minting currency" industry, and in fact when this was competitive (ie. before the Federal Reserve was formed) the US was a total shit show and it couldn't get anything done.
- fragmede 3y agoFedNow is a payment system by the government providing the rails, but we'll have to see how it evolves. Zelle's implementation/rollout, which is a similar product, but owned/operated by the banks/corporations, has been messy. Venmo, and CashApp, however, are fairly popular.
- dools 3y agoIsn't FedNow more like the NPP in Australia that enables things like Osko and PayID? It's not quite the same as a postal savings system because the customer still holds their primary transaction account with a private bank. If, instead, customers have their primary transaction account with a government run service (the reason it's called a postal savings system is because historically this was the post office) it would mean that the government is essentially giving retail access to the central bank transaction clearing service.
- deleted 3y ago[deleted]
- fragmede 3y agoYou're right, it's just the rails. You still need a bank account, but it would be an electronic payment system operated by the government instead of corporations.