The bank crisis is the latest argument to expand Postal Service banking

The recent bank crisis set off by the failure of Silicon Valley Bank and Signature Bank has exposed a reality about how U.S. banking really works. The system’s very existence — for example, insuring deposits, loan guarantees and setting interest rates — depends entirely on the federal government.

Since the government is already in the business of supporting the banking system, the people ought to demand a system that is designed to better serve the public interest and the common good. Any debate about the future of banking in the United States should first take a page from the history of postal banking.

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