3 ms·

Having just read ‘Debt: The First 5000 years’ I don’t think the author contends that price skyrocketing was the reason interest-bearing debt was banned, but I c

• apta 7y ago
  It's a natural consequence of such. The main reason is that it is a predatory practice that feeds off of other people in need.
  • thundergolfer 7y ago
    > It's a natural... It is though? Again, do you have a source? > The main reason is that it is a predatory practice that feeds off of other people in need. Before it was said that the reason was skyrocketing prices?
    • apta 7y ago
      > Before it was said that the reason was skyrocketing prices? There are several reasons, which may be tightly correlated. You can't deny that interest bearing loans are predatory due to the fact that they feed off the needs of others, some of which are beyond their control. Secondly, because now interest bearing loans are a means of making income (particularly for those with a lot of money), we end up with the cycle where loans are advertised to people, such that people who don't need them are heavily incentivized to get them (e.g. mortgages, credit cards, etc.). We end up in the cycle we see today.