3 chapters across the catalog
The U.S. economy is described as being in a deflationary state, prompting the Fed to keep interest rates near zero. Senators Bernie Sanders and Kirsten Gillibrand have introduced a new version of the Postal Banking Act to provide financial services to the "unbanked." The hosts debate the feasibility of a digital dollar and the potential pushback from major credit card companies and commercial banks.
Postal Banking Proposals, Bernie Sanders and Credit Unions
Bernie Sanders and Alexandria Ocasio-Cortez propose the creation of government-owned banks operated through the US Post Office. The hosts compare this to the "Postbank" systems used in Europe but suggest that promoting existing credit unions would be a more effective non-profit banking model for Americans. They express concerns about the customer service and reliability of the current US postal system.
Banking Inefficiency and Automatic Check Processing
A personal anecdote about the difficulty of getting an insurance check endorsed at Wells Fargo leads to a critique of modern banking. The hosts compare the wasteful mailing practices of large banks like Chase to the efficient consolidated check packets sent by smaller credit unions.
