Friday, February 7, 2014

USPS might not be going bankrupt.

        A recent article on NPR describes an encouraging source of revenue for the struggling postal service. Apparently there is a proposal suggesting the USPS consider taking up some limited banking services, such as wire transfers and check cashing. This would be a throwback to the policies of the early 20th century, when the post office first began offering an alternative to those that distrusted private banks. This first Postal Savings system became obsolete in the late 60's due an attractive increase in interest rates among the competing banks, but set a precedent that would allow the post office to renew their banking interests without approval from congress. The matter is somewhat controversial, with vocal advocates of both sides, but could potentially signify a path towards a truly Federal banking system, which could herald great change in the nation.

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