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Saving the Post Office: Letter Carriers Consider Bringing Back Banking Services

WEB OF DEBT BLOG

On July 27, 2012, the National Association of Letter Carriers adopted a resolution at their National Convention in Minneapolis to investigate establishing a postal banking system.  The resolution noted that expanding postal services and developing new sources of revenue are important to the effort to save the public Post Office and preserve living-wage jobs; that many countries have a successful history of postal banking, including Germany, France, Italy, Japan, and the United States itself; and that postal banks could serve the 9 million people who don’t have bank accounts and the 21 million who use usurious check cashers, giving low-income people access to a safe banking system.  “A USPS bank would offer a ‘public option’ for banking,” concluded the resolution, “providing basic checking and savings – and no complex financial wheeling and dealing.”

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What We Could Do with a Postal Savings Bank: Infrastructure that Doesn’t Cost Taxpayers a Dime

the infrastructure in the United States is decaying rapidly, I agree that using a postal savings bank to help fund much needed improvements is a good idea.

WEB OF DEBT BLOG

The U.S. Postal Service (USPS) is the nation’s second largest civilian employer after WalMart. Although successfully self-funded throughout its long history, it is currently struggling to stay afloat. This is not, as sometimes asserted, because it has been made obsolete by the Internet. In fact the post office has gotten more business from Internet orders than it has lost to electronic email. What has pushed the USPS into insolvency is an oppressive 2006 congressional mandate that it prefund healthcare for its workers 75 years into the future. No other entity, public or private, has the burden of funding multiple generations of employees who have not yet even been born.

The Carper-Coburn bill (S. 1486) is the subject of congressional hearings this week. It threatens to make the situation worse, by eliminating Saturday mail service and door-to-door delivery and laying off more than 100,000 workers over several years.

The Postal…

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Warren’s Post Office Proposal: Palast Aims at the Wrong Target

WEB OF DEBT BLOG

Investigative reporter Greg Palast is usually pretty good at peering behind the rhetoric and seeing what is really going on. But in tearing into Senator Elizabeth Warren’s support of postal financial services, he has done a serious disservice to the underdogs – both the underbanked and the US Postal Service itself.

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Saving the Post Office: The Models of Kiwibank and Japan Post

WEB OF DEBT BLOG

Neither rain nor sleet nor snow may have stopped the Pony Express, but the nation’s oldest and second largest employer is now under attack.  Claiming the Postal Service is bankrupt, critics are pushing legislation that would defuse the postal crisis by breaking the backs  of the postal workers’ unions and mandating widespread layoffs.  But the “crisis” is an artificial one, created by Congress itself.  

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The War on the Post Office

WEB OF DEBT BLOG

The US Postal Service, under attack from a manufactured crisis designed to force its privatization, needs a new source of funding to survive. Postal banking could fill that need.

The US banking establishment has been at war with the post office since at least 1910, when the Postal Savings Bank Act established a public savings alternative to a private banking system that had crashed the economy in the Bank Panic of 1907. The American Bankers Association was quick to respond, forming a Special Committee on Postal Savings Legislation to block any extension of the new service. According to a September 2017 article in The Journal of Social History titled “‘Banks of the People’: The Life and Death of the U.S. Postal Savings System,” the banking fraternity would maintain its enmity toward the government savings bank for the next 50 years.

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Corporations may dodge billions in U.S. taxes through new loophole: experts

The big corporations benefit yet again from “tax reform” while the rest of us get the crumbs. This happens no matter which party is in power.

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A loophole in the new U.S. tax law could allow multinational corporations like Apple Inc to avoid paying billions of dollars in taxes on profits stashed overseas, according to experts.

Stemming from a Republican overhaul of international business taxes, the loophole involves the tax rates – 15.5 percent or 8 percent – that companies must pay on $2.6 trillion in profits they are holding abroad.

By manipulating their foreign cash positions, a determining factor under the new law, a U.S. multinational could potentially save money by shifting profits to the lower rate from the higher one, according to Stephen Shay, a senior lecturer at Harvard Law School.

The savings could amount to more than $4 billion in Apple’s case alone, he said.

Read on.

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Student Debt Slavery: Bankrolling Financiers on the Backs of the Young — WEB OF DEBT BLOG

Higher education has been financialized, transformed from a public service into a lucrative cash cow for private investors. The advantages of slavery by debt over “chattel” slavery – ownership of humans as a property right – were set out in an infamous document called the Hazard Circular, reportedly circulated by British banking interests among their American banking counterparts during the American Civil […]

via Student Debt Slavery: Bankrolling Financiers on the Backs of the Young — WEB OF DEBT BLOG

The British and American banking interests have colluded to get as many people as possible into debt slavery.  They are the same banking interests that were going to charge President Abraham Lincoln an interest rate of between 19-24% and this was at a time when the interest rate on United States Treasury bills was around 1%!!!

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