The Vicious Effect of Usury

Tadhg Gaelach

Moderator
Donator
PI Member
Joined
Jan 14, 2016
Messages
43,916
Likes
43,475
Location
By the Gulag wall.
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.

The Soviet Union didn't have class. It had rank. You cannot have class division where individuals do not own the means of production.
 

Schwarzkunst-Zauberlei

PI Member
Restricted
Joined
Sep 6, 2019
Messages
277
Likes
187
Location
North Dublin
The Soviet Union didn't have class. It had rank. You cannot have class division where individuals do not own the means of production.
Industry needs to lie in the hands of the greedy. It's just the way it is. What the state can do, as by way of compensation, is to legislate this activity, and even support it, in certain areas. Abundance, through Greed. It seems like an oxymoron, but it isn't.
 

Tadhg Gaelach

Moderator
Donator
PI Member
Joined
Jan 14, 2016
Messages
43,916
Likes
43,475
Location
By the Gulag wall.
Industry needs to lie in the hands of the greedy. It's just the way it is. What the state can do, as by way of compensation, is to legislate this activity, and even support it, in certain areas. Abundance, through Greed. It seems like an oxymoron, but it isn't.

Greed doesn't make industry better. Quite the opposite.
 

The Field Marshal

PI Member
Joined
Oct 2, 2018
Messages
5,223
Likes
4,551
And does that not tell you that Capitalism \ usury is no longer a viable economic system.
Capitalism?
If by that term you are referring to ownership of the means of production remaining in private as opposed to state control then there is no better alternative.
One only has to look at the smug inneficent ( except when it comes to collecting penal rip off taxes); self satisfied Irish public sector workforce to prove this.
 

The Field Marshal

PI Member
Joined
Oct 2, 2018
Messages
5,223
Likes
4,551
The Soviet Union didn't have class. It had rank. You cannot have class division where individuals do not own the means of production.
Rank= Class.
The few top dogs in the socialist/ communist system had all the power and all the perks.
As a system collectivism and state ownership of the means of production has been proved to be highly inefficient as well as deeply unjust.
 

The Field Marshal

PI Member
Joined
Oct 2, 2018
Messages
5,223
Likes
4,551
Greed doesn't make industry better. Quite the opposite.
The greed of the communist top dogs knew no limits.

This criticism “greed” ,commonly employed by promoters of socialism, is the worst form of virtue signaling implying that they are immune from such vices.
 

Son_of_Tuathal

Donator
PI Member
Joined
Jan 16, 2019
Messages
2,871
Likes
4,606
Location
Ar fud na háite
  • Thread Starter Thread Starter
  • #212
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.
A: one should not be lending what one cannot afford to lose or be without. This wheels back on the argument that a real loan should naturally come with affordable risk. That is not the situation today . And B: compensation also does not need to come in the form of usurious and destructive compounding interest. No one is arguing that no compensation should be forthcoming.
 
Last edited:

The Field Marshal

PI Member
Joined
Oct 2, 2018
Messages
5,223
Likes
4,551
A, one should not be lending what one cannot afford to lose or be without. This wheels back on the argument that a real loan should naturally come with affordable risk. That is not the situation today . And compensation also does not need to come in the form of usurious and destructive compounding interest. No one is arguing that no compensation should be forthcoming.
Once you admit that compensation is owed for the use of money on loan then the case against usury falls.

Usury is just another word for compensation but it has acquired derogatory connotations due to abuses and loan sharking etc.
 

Son_of_Tuathal

Donator
PI Member
Joined
Jan 16, 2019
Messages
2,871
Likes
4,606
Location
Ar fud na háite
  • Thread Starter Thread Starter
  • #215
Once you admit that compensation is owed for the use of money on loan then the case against usury falls.
Not at all. Usury is based on interest. Compensation can come in any number of other forms. And this thread specifically relates to the destructive nature of modern usury based on compounding interest. A recent case example:

The whole deal was financed by a $54 million loan to the vampires from the bigger vampires. This is the inevitable end result of usury; the methodical strip-mining of the economy.
Vox Popoli: White-collar journalists discover financialization

Thomas Cook also recently fell foul of the scam of compounding interest on no risk loans
 

Ragnarok

PI Member
Joined
Aug 4, 2019
Messages
30
Likes
33
This is just Keynesianism on Steroids.
It amounts to little more than the state using the money supply to appropriate resources and direct them towards ends it deems appropriate.

The root cause of the bust boom cycles in the economy is central banks monopolising the money supply and keeping interest rates artificially low.
This results in a misallocation of resources as investments that would've been rendered unprofitable by rising interest rates in the free market are made artificially lucrative (property bubbles etc)

If you want a stable economy, get the state out of the money printing business.
Historically, people tended to gravitate towards precious metals as their preferred medium of exchange and store of wealth.
Same old banker propaganda we've been hearing for over a century now. "You cannot create your own currency, you must let us responsible, pragmatic and above all, private interests to do it for you". Slavery ensues.
Give it a rest.
 
Top Bottom