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