The American Prospect
•74% Informative
The Silicon Valley Bank collapse illustrates a common misconception about banking.
Morgan Ricks, John Crawford, and Lev Menand worked up a proposal for “FedAccounts” back in 2018 for The Great Democracy Initiative.
A FedAccount program would solve multiple chronic problems simultaneously, they say.
A bank account that is absolutely secure would be extremely valuable for all kinds of firms that want to reduce their risk.
This, in turn, would make financial regulation simpler.
The net effect of FedAccounts would be to shrink the size of the financial sector, as many (or even most) depositors move their money out of banks.
VR Score
76
Informative language
74
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20
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informal
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English
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47
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medium-lived
External references
13
Source diversity
12
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