AI defines Usury

On AI’s ‘Copilot’ I simply asked ‘What is USURY]  and received within 10 seconds this neat articulation………………………………. 

USURY  – an intriguing term that has both historical and legal dimensions.

Definition:
o   Usury refers to the act of lending money at an interest rate that is considered unreasonably high or exceeds the rate permitted by law.
o   Originally, in 16th-century England, it pertained to charging any amount of interest on loaned funds. Over time, it evolved to mean charging excess interest.
o   Some religions and parts of the world consider any form of interest charging illegal.

2.  Historical Context:
o   In the past, certain religions abstained from usury altogether. Charging interest was seen as conflicting with their core principles.
o   For instance:
•  Judaism: The Old Testament condemns usury, especially when lending to less wealthy individuals without access to secure financing. In the Jewish community, lending money at interest was allowed only to outsiders.
•  Christianity: Early Christian tradition also discouraged money lending, with some believers expecting nothing in return for loans.
•  Islam: Charging interest is strictly forbidden in Islamic finance.

3.  Modern Implications:
o   Today, usury laws protect investors from predatory lenders.
o   Predatory lending involves imposing unfair and abusive loan terms on borrowers, often targeting vulnerable groups.
o   Each state in the U.S. sets its own usury laws, resulting in varying interest rate caps.

4.  Fun Fact:
o   High interest rates on credit cards contribute to the high consumer debt levels in the U.S.

So, next time you encounter interest rates, remember that the concept of usury has a rich history—one that intertwines finance, ethics, and social norms!

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The open global table network would value any reports on facing up to the threat of USURY in 

contemporary global finance.

Peter