Usury is Slavery

Tell me Sup Forums, why do we allow people to earn interest on money that they weren't using anyway? Why do we let people get rich by taking advantage of the poor and exploiting them? Why do we allow the poor to sell themselves into slavery?

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I have a theory that relatively soon the countries of the world that Trump has been visiting will simultaneously close their central banks.

This is like 10^100000 D chess

Why would I lend someone I don’t know money, without some kind of reward for assuming the risk?

How would poorer people open businesses and grow both their own wealth and the economy, if I am no longer willing to lend them money?

You invest in their company and have a claim on their profits. You don't put the person you lend to in slavery if it doesn't work out.

>Tell me Sup Forums, why do we allow people to earn interest on money that they weren't using anyway?

Because the time value of money. One person has it now and another person needs it now. So they repay the principal + the interest.

>Why do we let people get rich by taking advantage of the poor and exploiting them? Why do we allow the poor to sell themselves into slavery?

Two sides to this coin. These are uneducated consumers who are stuck. It would be to the benefit of the economy to offer community loans if the person meets criteria with the ability to get defaulted money back via tax returns or garnishments. Otherwise cause these people are risky and likely to default they charge high interest.

There is no time value of money. Money that you lend out by definition is money that you weren't going to do anything with anyway. It is valueless when it comes to a time component.

Further, interest means that the borrower sells what he does not have. At worst it is fraud and at best it is indentured servitude. We want neither in a good society

Wrong. You always have an alternative. It could be exchanged for a commodity, rare earth metal, invested in a business.

None of those things have guaranteed returns. Only lending does. That's the problem. The borrower must pay back or else.

Or else what? They get sued? Lending has no guarantees. Borrowers can and do default. This is why interest increases based on the borrowers risk.

The only way they can get out is through bankruptcy, and that's neither cheap nor easy. And it's not always allowed, especially with student loans.

Are you assuming that every business is profitable? If so, you're even more retarded than you're demonstrating here.

Why do I need that assumption? Tell me how consumer debt is different than indentured servitude

Because you are a faggot that loves cock

Student loans are a different animal but they are only allowed to charge a % of your income under hardship.

If you dont pay debts a judge will ask you why and will look at attempts from both parties to resolve the debt outside court. The judge will look at financial situation and make a ruling based on it. Also bankruptcy isn't that expensive.

>If so, you're even more retarded than you're demonstrating here.
Except you're already retarded beyond comprehension for assuming that's his assumption. Like investors are held by gunpoint to invest in something non-profitable. But I guess you want the weaker to bleed for the protection of your "strong" kind of people's retarded mistakes right?

It isn't in the fact that both are promises but you are over simplifying it. Unlike indentured servitude you can.
1. Change jobs
2. Demand more money from a current employer
3. Do whatever you want including get the loan refinanced to a cheaper rate.

>You invest in their company and have a claim on their profits.
This was your assumption, that they will profit. If they do not, then the investor gets no return with assuming all of the monetary risk.

You lend based on that person's character and the profitablity of their planned investment.

I don't give a fuck about other people. That's how I can make rational decisions in light of the bullshit that you faggots peddle.

If the profit were guaranteed, then why would you earn anything?

You can never get rid of the debt, and the interest will always accrue.

Character no, profitability yes but more a business plan which may include the skill of the management team. Profit isn't a given.

I think you all are college freshman drop puts who just got stuck with 40k in debt. Just start paying and find a nice union job or something. Return back when you are mature enough for college.

So a slave isn't a slave if he can till the soil or pick crops. He has a choice, right?

Until you pay the principal off and a judge can force the lender to lower the interest rate.

It is the risk that makes the borrower willing to sell the profits, or else why would he share anything?

Profit is not guaranteed, ever. But creditors are paid with revenue before profit is realized. Payment to creditors is part of the cost of doing business.

I'm sorry you dropped out of Ivy League school and have 80k in debt. Pick Panera or Starbucks. You chose that path maybe you should have been more serious about it.

Look at this faggot boomer. Just get a good paying job. They're just out there waiting for you!

So still a slave, but less of a slave? Greattttttt

It's extortion.

I'm not sure what you're saying here. Can you elaborate?

Ok I'll play your silly game. What would you do if you didn't have a loan? You weren't forced to take one.

He's a faggot who fell for the just get an expensive degree meme.

If you have guaranteed profits then what is your rationale for demanding part of them? No risk means no return.

We all owe somebody something. You trade your labo rand time for a wage, and use those wages to pay your creditors (power, water, cable or whatever) At the end of that cycle is your profit. Are the power company and cable company extorting you?

So your argument is fuck the poor?

So drug dealers dindu nuffin wrong?

How are profits guaranteed? Do I make people buy my product? Was my building free? Do I get my goods for free from my suppliers?

Utilities aren't demanding interest. They provide real, tangible goods.

How am I fucking the poor? You are free to save money.

They aren't, which is why lenders should get some of the profit, but the return on your investment ought not be guaranteed, but that's what interest is.

What's wrong with drug dealing? You're enabling bad behavior AND profiting from it.

Ever not pay your bill on time? 15% charge. Why? Because they can, and you are now a month to month risk.

In other words, you say the poor shouldn't borrow what they can't pay back, but if they do I'm going to profit from it. That's morally repugnant.

if everyone got rewarded for assuming risks that would be a little unbalanced dont u think

That's called an investor. Lenders give money in exchange for a fixed monthly profit.

No, that's what shareholders do. Lenders aren't investors, they're extortioners.

Investor and shareholder are the same thing idiot.

I'll take a Venti Iced Coffee.

Shareholders are investors. I'm fine with investing. I'm against lending at interest.

So I’ll get down upon my knees and bless the Working Man, Who offers me a life of ease through all my mortal span;
Whose loins are lean to make me fat, who slaves to keep me free,Who dies before his prime to get me round the century.
Whose wife and children toil in turn until their strength is spent, That I may live in idleness upon my ten percent.
And if at times they curse me, why should I feel any blame, (John Turmel, Thoughts of a Rich Man on Usury)

The Time Value of Money is a hoax.

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Communities ought to be lending among themselves rather than forcing neighbors to go to banks who charge interest. If we helped each other out, we really wouldn't need these institutions that are a parasite to society