The Vicious Effect of Usury

Tadhg Gaelach

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I am a big Aquinas fan but on this usury issue I do not think he got it right.

If I loan somebody 50 euro or any other sum then I,m deprived of the use of that money until the loan is repaid.
Therefore I am entitled to some compensation should I seek it.

Usury is essentially a form of restitution given by the borrower to the lender in compensation for the lenders temporary loss.
Aquinas iinm is big on restitution so it’s hard to understand how he went so astray on usury.

You could charge a fixed fee for the loan of that money rather than interest. That wouldn't be usury.
 

Tadhg Gaelach

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Antisemitic canards are unfounded rumours or false allegations that are defamatory towards Judaism as a religion,
or defamatory towards Jews as an ethnic or religious group.

Since at least the Middle Ages they often form part of broader Jewish conspiracy theories.....


Funny how you associate usury with Jews.
 

The Field Marshal

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You could charge a fixed fee for the loan of that money rather than interest. That wouldn't be usury.
A fixed fee could place the lender at a disadvantage over time.
I don’t wish to enter e detailed technical financial discussion but the principle of charging for the use of money is what usury rests on.
There is nothing immoral about it and without this critical financial mechanism trade and commerce would cease.
 

Tadhg Gaelach

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A fixed fee could place the lender at a disadvantage over time.
I don’t wish to enter e detailed technical financial discussion but the principle of charging for the use of money is what usury rests on.
There is nothing immoral about it and without this critical financial mechanism trade and commerce would cease.

It's impossible to avoid a technical discussion of this matter. A fixed fee is a fee for a limited service - in this case the extension of credit for a period of time. Usury is quite different, as it claims that money, in and off itself, it due progeny, i.e. interest. And this progeny accumulates at all times - even when the money is not lent to anybody. The progeny when it is not lent out is counted as "opportunity cost." This is why usury and sodomy are closely connected. The both claim the rights of progeny, where progeny cannot naturally exist.
 
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bells of shandon

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Usury is a weapon of destruction when the effect of Compound Interest is considered. A small loan can become unrepayable and the borrowers property ,when used as collateral ,can be seized for what originally was a small loan.
 

The Field Marshal

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Usury is a weapon of destruction when the effect of Compound Interest is considered. A small loan can become unrepayable and the borrowers property ,when used as collateral ,can be seized for what originally was a small loan.
This is wrong.
Small investors and savers ar entitled to make a few extra badly needed euros.
As matters currently stand there is no return on money invested
 

Schwarzkunst-Zauberlei

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Until people can accept the ideal of money which relates to industrial fiat, as it is, and the deflation of currency to suit this ideal, I don't see my ideas ever becoming popular.
 

Schwarzkunst-Zauberlei

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So you would be happy to take your salami sandwich on credit one day, and find that the deli owner owns your house the next?
I am saying the opposite. Currency should relate directly to industrial fiat. I suppose in some sense the sandwich is a type of food industry, of a lower level, but essentially all industry is one, and intertwining, and is ordained to the fiat of the industrialist, and the state. The sandwich is, however, not bought by those who are in danger of having their houses taken. I cannot think of any system in which there is not class, Gaelach.
 
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