"If banks can borrow money from the federal reserve at 3%, why cant we? Why do we have to go through a money changer to get access to capital? In all honesty for profit banking should be outlawed like for profit hospitals were before Nixon. Usury is the problem in our society. Not capitalism."

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[–]magnora7 5 insightful - 1 fun5 insightful - 0 fun6 insightful - 1 fun -  (3 children)

I agree. Usury is the main cause of debt slavery, because the high rates makes the debts almost impossible to repay.

Debt can be used to help grow societies, but not when they charge you 15% for it, of which you must pay the interest first before the principal is touched, and furthermore wages never go up.

If all debt was suddenly forgiven once, it would be one of the greatest gifts to humanity we could imagine. Think of all the stress it would relieve.

[–]worm 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

Forgive me for saying so, but if all debt was forgiven at once I suspect that financial markets may break down overnight; which might bring much more stress than it would relieve.

Jokes aside, I don't see what you mean by usury being the cause of debt slavery - whatever you mean by both terms. Is there any way you could lay out the reasoning behind that for me?

[–]Jesus 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

What is your stance on public banking?

[–]worm 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I think that public banking is a good thing and it is possibly one of the reasons why the Spanish Empire collapsed while its competing European neighbours expanded all across the world.

Niall Ferguson's "The Ascent of Money" comes to mind.