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Showing posts from December 13, 2013

Rationalizing #Usury: the Time Value Hoax #riba #interest

by Anthony Migchels, realcurrencies.wordpress.com
December 11th 2013 (Left: a famous Usurer)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,
For in my place, I know that they would do the very same.
(John Turmel, Thoughts of a Rich Man on Usury)The idea that 'the lender can't use the money when he lends' is the classical argument to rationalize Usury. But the bank doesn't lend anything. It's all credit by bookkeeping.The 'time value of money' is the notion that holding money today is worth more than tomorrow. Between today and tomorrow there will be inflation and the missed opportunity of…