Ponzi Scheme: Congress Wants to Turn the US Postal Service… Into a Bank
(This post originally appeared at Sovereign Man.)
It’s news that seems ripped from the pages of The Onion. Or perhaps Atlas Shrugged.
But incredibly enough it’s actually true: earlier this week, Congress proposed a new law authorizing the US Postal Service to provide banking and financial services.
It’s called the “Providing Opportunities for Savings, Transactions, and Lending” Act, abbreviated as… wait for it… the POSTAL Act.
And it provides explicit authorization for them to provide banking services including checking and savings accounts, money transfers, and “other basic financial services as the Postal Service deems appropriate in the public interest.”
Bank of the Post Office. It’s incredible when you think about it.
The US Postal Service hasn’t turned a profit in a decade.
As a matter of fact, its total accumulated losses now exceed $51 billion, easily ranking it among the least successful companies in history.
And the only way USPS can continue to maintain its operations is with regular bailouts from the American taxpayer.
The statistics are just horrendous. Mail volume is down dramatically, which means that revenue continues to fall.
Yet the Postal Service’s expenses and pension costs keep growing, along with its debt.
Just like the US government, the US Postal Service has its own debt ceiling that’s set by Congress.
USPS reached this debt ceiling back in 2012 and has remained at that level for years.
The only way they survive is by moving liabilities off-balance sheet and regularly going back to Congress with hat in hand.
Wow, talk about a responsible financial partner– this sounds like EXACTLY the place we should want to deposit our hard-earned savings!
Seriously, why would these people even consider an idea so absurd as to let an organization with a history of failed operations take over people’s savings?
Simple. It’s a cheap source of capital.
The Postal Service desperately needs cash. So what better way to raise capital than to sucker unsuspecting Americans into opening up Postal bank accounts?
When you deposit money in a bank, you are effectively loaning the bank your money.
In exchange, they pay you a whopping 0.01% interest.
This is what almost all banks do– they borrow money from depositors and (hopefully) make credible investments and loans with other people’s money.
Except in this case, the Postal Service needs to ‘borrow’ depositors’ savings to cover losses from its other operations.
There’s a term for this. It’s called a Ponzi Scheme.
Delivered by The Daily Sheeple
We encourage you to share and republish our reports, analyses, breaking news and videos (Click for details).
Contributed by Simon Black of Sovereign Man.
Source: http://www.thedailysheeple.com/ponzi-scheme-congress-wants-to-turn-the-us-postal-service-into-a-bank_022016
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).