Should Usury be a Crime?

[denison]

What do you think about possibly banning usury?

[denison]

I also thing a government entity shouldn't be allowed to borrow money at all. This would limited what they could do to only essentials and prevent them from becoming debtors to foreign entities.

[FrankRep]

What do you think about possibly banning usury?
Charging interest is okay in a free market society.

[paulitics]

I also thing a government entity shouldn't be allowed to borrow money at all. This would limited what they could do to only essentials and prevent them from becoming debtors to foreign entities.

I agree with this much.

[STAND-or-fall]

Voted yes without completely thinking it through. In an informed and intelligent society it should be legal although noone would choose to use it.

[denison]

I agree with this much.

thank you. :)

[FrankRep]

Good luck trying to stop usury! It would be like the war on drugs -- ineffective and wasteful.

[denison]

Charging interest is okay in a free market society.

Is it a major principle of free market capitalism? Are there free market capitalist against usury?


I wonder what anarcho-capitalism think about usury?

[coyote_sprit]

Private contracts between two or more entities are none of the government's business.

[denison]

Good luck trying to stop usury! It would be like the war on drugs -- ineffective and wasteful.

yeah I dont think it'll go away anytime soon, it's too profitable.

[FrankRep]

Is it a major principle of free market capitalism? Are there free market capitalist against usury?

I wonder what anarcho-capitalism think about usury?

A contract between two people would be completely supported by free market capitalists and anarcho-capitalists.

[denison]

Good luck trying to stop usury! It would be like the war on drugs -- ineffective and wasteful.

If there were usury laws the easiest way to enforce them would be to say "any contracts that stipulates usury cannot be upheld in court". So if a person broke a contract that charge interest they won't be held responsible in court.

So people who charge usury won't be fined or go to jail, their contracts would just be invalid in court.

[Cowlesy]

Well if I voluntarily entered into a contract that charged me usurious interest, I'd think that'd be on my head, no? I could always choose not to enter into the contract.

[teamrican1]

So people who charge usury won't be fined or go to jail, their contracts would just be invalid in court.

Which would mean they wouldn't go to court. Instead, they'd have to rely on private enforcement, and since this private enforcement would be likewise banned by the government thugs, those private enforcement duties would be taken up by the mob and the criminal gangs. Since loans are a pretty useful service that tens of millions of Americans would want, the violent black market that this idiotic proposal would create would make the War on Drugs look tame in comparison.

If you want to live in a socialist paradise where usury is banned and an authoritarian strong man sees to all your needs, band together with like minded souls, buy a ranch, fence it up, and commence building your paradise. But don't impose your tyranny on the rest of us.

[Kludge]

Out-of-family loans scare the shit out of me. I'd rather starve to death than be bound by booby-trapped high-interest loan contracts.

[apropos]

If I'm not mistaken, usury is considered sinful behaviour under the stricter sects of Islam. Most Christians and Jews have long since gotten over their opposition to usury.

[amy31416]

I don't think it should be a crime, but I certainly don't recommend it.

[stilltrying]

Although banks dont perform usury because they give you nothing of theirs. You give them a signed note. Your signature is the money. Banks dont create the money, you do with your signature. Ask to look at their balance sheets before and after the loan and I will guarantee you that their supply of money does not decrease. Only their assets and liabilities increase.

[Zippyjuan]

If I'm not mistaken, usury is considered sinful behaviour under the stricter sects of Islam. Most Christians and Jews have long since gotten over their opposition to usury.

Islamic banking may frown on usury (or riba) but they have ways around it. They still make money off loaning you money- they just don't call it interest. More semantics and accounting tricks but they have it too.

[cindy25]

usury was originally defined as any lending of money for interests; because Catholics could not do this Jews such as Rothchild dominated banking.

later it was defined as excessive interest such as loan sharks.

now its allowed because banks charge more than loan sharks.

still, if someone is dumb enough to pay let them