The answer to unfairness is not let the government take it over. That is unless you want to raise costs for everyone, eliminate all competition, and end up with the same institutional problems.
Note that I'm not suggesting we eliminate private credit creation or that the government issue loans, what I'm advocating is a government supplied and run electronic payment system.
They already supply a payment system (cash), it's just not electronic. Last time I checked we're not hurting for lack of competition in the "minting currency" industry, and in fact when this was competitive (ie. before the Federal Reserve was formed) the US was a total shit show and it couldn't get anything done.
FedNow is a payment system by the government providing the rails, but we'll have to see how it evolves. Zelle's implementation/rollout, which is a similar product, but owned/operated by the banks/corporations, has been messy. Venmo, and CashApp, however, are fairly popular.
Isn't FedNow more like the NPP in Australia that enables things like Osko and PayID?
It's not quite the same as a postal savings system because the customer still holds their primary transaction account with a private bank. If, instead, customers have their primary transaction account with a government run service (the reason it's called a postal savings system is because historically this was the post office) it would mean that the government is essentially giving retail access to the central bank transaction clearing service.
You're right, it's just the rails. You still need a bank account, but it would be an electronic payment system operated by the government instead of corporations.
