Quote: (12-27-2015 05:19 AM)Peregrine Wrote:
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This is why usury was seen as the worst of sins because it extracts energy from hosts with no corresponding work being done. It is therefore anti-work and non-productive.
If usury refers to interest charged on debt, it is absolutely necessary and can enhance productivity. For example, business loans. If you mean "unethical or immoral monetary loans that unfairly enrich the lender" (Wikipedia), no arguments here.
Fun fact: the government bond originated in Florence as a means to finance war. The upper class was forced to lend money to the city-state in lieu of property taxes. Known as prestanze, these forced loans paid interest. It wasn't considered usury since the loans were obligatory. Pretty funny loophole if you ask me. Learned this from The Ascent of Money by Niall Ferguson, which I'm currently reading.
I'd wager that most of the compelling arguments against usury were made by guys who borrowed over their heads and never had any intention of paying it back.