You will only read here anyone saying all interest, at any rate for any duration, does damage.
I never say criminalize usury, as it has been for almost all history in all places. I argue only delegitimize it, that is, make it like gambling debts, not enforced in law.
The funny thing is from top to bottom, left to right, all economists and financial experts profess interest charges and rates have an effect on the economy. They only argue about the right rate, or the right to manipulate the rate to engineer socially acceptable outcomes.
All will say the interest rates can have a mal-effect on the economy, but whether a given rate is doing damage all depends on whose ox is gored.
We now have massive claims on paltry productivity. This occurred because we legitimized banks lending credit (not money) which turbo-charged the usury mal-effect. People used to pay cash for cars and education, and now can't make the payments on either. Clothing is trashy, housing is hyper-inflated and food is good, if you can afford the good stuff. Medicine has gone downhill, except for those who can leave the country.
It all gets back to charging interest for vast swathes of the economy where we once never did, like only 40 years ago. Lending credit instead of money profoundly harmed out economy. Can't fix what is not understood.
When this economy crashes, it will be merely "an economy" even "their economy." it does not have to be "the economy" or even "our economy." We need not be inconvenienced by the desolation brought by the country allowing the bankers free reigh.
Feel free to forward this by email to three of your friends.
I never say criminalize usury, as it has been for almost all history in all places. I argue only delegitimize it, that is, make it like gambling debts, not enforced in law.
The funny thing is from top to bottom, left to right, all economists and financial experts profess interest charges and rates have an effect on the economy. They only argue about the right rate, or the right to manipulate the rate to engineer socially acceptable outcomes.
All will say the interest rates can have a mal-effect on the economy, but whether a given rate is doing damage all depends on whose ox is gored.
We now have massive claims on paltry productivity. This occurred because we legitimized banks lending credit (not money) which turbo-charged the usury mal-effect. People used to pay cash for cars and education, and now can't make the payments on either. Clothing is trashy, housing is hyper-inflated and food is good, if you can afford the good stuff. Medicine has gone downhill, except for those who can leave the country.
It all gets back to charging interest for vast swathes of the economy where we once never did, like only 40 years ago. Lending credit instead of money profoundly harmed out economy. Can't fix what is not understood.
When this economy crashes, it will be merely "an economy" even "their economy." it does not have to be "the economy" or even "our economy." We need not be inconvenienced by the desolation brought by the country allowing the bankers free reigh.
Feel free to forward this by email to three of your friends.
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