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We have kept rates low (for rich people and governments, poor people still pay through the nose) because we have to to avoid a debt crisis, which has driven up
by recursivedoubts 3y ago
We have kept rates low (for rich people and governments, poor people still pay through the nose) because we have to to avoid a debt crisis, which has driven up prices to the moon which, again, benefits the existing owners of capital to the detriment of people with little capital, such as our children. Now we are against the wall and have to pick between higher rates and inflation, and we may get both for our trouble. There is a reason the Hebrews, and most stable ancient civilizations, had a debt jubilee roughly every 50 years, and the church, after the Roman empire experience, forbid usury.
I would be willing to wager that have read far more, and far different, history that you.
- glitchc 3y agoI highly doubt your claims of historical acumen given the bold statement calling current interest rates "usury". For reference, here's a plot of the real interest rate in US over 150 years: https://www.longtermtrends.net/real-interest-rate/ https://www.longtermtrends.net/real-interest-rate/ As you can see, it's not even close to the 150 year peak. Now, US is a new country, relatively speaking. Let's look at Europe. From Rutgers, have a look at the graph on page 8 detailing interest rates from 1300 CE to now: https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://economics.rutgers.edu/downloads-hidden-menu/news-and-events/workshops/money-history-and-finance/1823-paulschmelzing/file&ved=2ahUKEwiIpJ-ZkbCCAxXFE1kFHSxyBYgQFnoECBcQAQ&usg=AOvVaw0C2SIam-KD_ihkR3lpjmUt https://www.google.com/url?sa=t&source=web&rct=j&opi=8997844... Speaking of debt jubilees, we are in one right now as far as university and college students are concerned. But certainly, don't let facts get in the way of your rhetoric.
- turtlesdown11 3y ago> Speaking of debt jubilees, we are in one right now as far as university and college students are concerned. What on earth are you talking about? Provide a link of all student loan debt forgiveness please. Don't let facts get in the way of your rhetoric.
- glitchc 3y agoI understand why you are upset. The federal govt. tried to forgive student debt last year and it was declared unconstitutional by the Supreme Court due to challenges brought by some Republican members. The govt. is trying again this year, as of two days ago: https://www.ed.gov/news/press-releases/biden-harris-administration-continues-efforts-provide-debt-relief-more-student-loan-borrowers https://www.ed.gov/news/press-releases/biden-harris-administ... During the pandemic, the federal govt. paused all interest payments on student debt, effectively setting the payable interest rate to zero. That moratorium ran from 2020 and expired just last month, in Sept 2023: https://studentaid.gov/announcements-events/covid-19 https://studentaid.gov/announcements-events/covid-19 Prior to that, the Obama administration launched a student loan forgiveness programe called PAYE (Pay As You Earn) in Oct 2011, which was later expanded to the REPAYE program to reduce the barrier to entry. Lots of sources available online to read about this, here's one: https://www.debt.org/students/obama-pay-as-you-earn/#:~:text=President%20Barack%20Obama%20first%20announced,20%20years%20of%20qualified%20payments https://www.debt.org/students/obama-pay-as-you-earn/#:~:text....
- recursivedoubts 3y agoif you are genuinely interested in a different, historically significant (this was the Wests understanding of usury for over 1000 years) take on usury, this is a good place to start: https://zippycatholic.wordpress.com/2014/11/10/usury-faq-or-money-on-the-pill/#1 https://zippycatholic.wordpress.com/2014/11/10/usury-faq-or-...