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15190964? ago

Interest is not an evil.

It is a reflection of values inherent in the universal truth about human action, which is positive time preference.

It is an economic law based on what we are.

All else equal, a good or service is worth more the closer in time it is to an individual's utility.

$10,000 received in the year 2068 is worth less than $10,000 received today.

In order to convince me to give up $10,000 for 50 years, which is value given by me voluntarily to a borrower, I am not a sheep, I expect value to be given by the borrower to me. If they're greedy to want the $10,000, I'll be greedy to want something in return.

If the borrower offers me a larger payback in 50 years, I just might agree to lend them the $10,000 today.

CALL THIS "USURY" ALL YOU WANT. POINT A GUN AT LENDERS AND BORROWERS ALL YOU WANT, YOU CANNOT OVERTURN ECONOMIC LAWS BY PHYSICAL FORCE.

In every attempt throughout human history to stop "usury", including some of the backwards civilizations whose governments have laws against it, they don't actually stop it because the economic laws manifest in lenders and borrowers still paying and receiving interest, it just takes a different form, but the interest is there. Only a FOOL would lend and lend and lend and lend and agree to have one sided trade "deals" where the borrowers get value but the lenders don't. If its greedy to charge interest, SO IS ASKING FOR INTEREST FREE LOANS, WHICH IS EFFECTIVELY MONEY FOR NOTHING (and the chicks for free)

15191939? ago

I agree to an extent. If it were evil God wouldn't allow interest (in the Mosaic law) to foreigners. (But your point of how important it is is underscored that it was prohibited against a fellow jew).

What you are really highlighting with the FED perhaps is really inflation - more than interest. Even if you never borrow - your dollars are diluted in value since trillions are printed in the future making them of less value. Worse - you the American tax payer - are saddled with debt and obligation that you didn't have any say over - either through elected representatives or even transparency.

15193335? ago

God doesn't stop evil, people do.

15201692? ago

...uhm...not always...