Usury

[[File:Quentin Metsys - Les usuriers.jpg|thumb|right|300px|''Les Usuriers'' by  Quentin Massys (1520)]]
{{Economics}}
{{Sources needed}}
'''Usury''' originally was the charging of interest on loans (any interest) or a fee for the use of [[money]]. It actually became an offense to practice usury in 1179 that was punishable by [[excommunication]], and later by [[Capital punishment|death]], until the 16<sup>th</sup> century with the increased need for mercenaries and by [[Catholic]] rulers in response to [[Protestants]]' abrogation of usury laws. As charging interest became more accepted, it later evolved to the charging of excessive interest on loans, even if many people view the high interest rates on items such as credit cards to be acceptable. Such risky and shady lending disproportionately affects those of low socioeconomic status.  

It can be important in the history of thought behind [[antisemitism]], [[fundamentalism]], and some [[cranks]].

==Prohibition of interest==
There are two main reasons why money is lent: it may be borrowed for to pay for [[capital|capital goods]] or to use as working capital, as in modern business, or it may be borrowed by a person who requires it to pay for everyday needs in the past or future. In ancient societies, capital goods did not really exist in the way they do in modern societies, and the greater part of borrowing was for the personal needs of the less wise or fortunate, who needed money, which came from the more fortunate or wise, who had it. This created an [[ethics|ethical]] problem, as lending seemed both to fund the profligacy of the unwise and made the unfortunate exploitable to the more fortunate.<ref>''A History of Economics, the Past as the Present'' by J.K. Galbraith (1991) Penguin. ISBN 0140153950.</ref>{{rp|12}} It was only with the introduction of more [[capitalism|modern practices of commerce]] and the development of machines for production that lending was seen as beneficial to both lender and borrower.     

Interest was condemned by [[Aristotle]], who regarded it as breeding money from money and the most unnatural means of obtaining wealth.<ref>[http://classics.mit.edu/Aristotle/politics.1.one.html Politics, Book 1, Part X] by Aristotle, (350 BCE) Translated by Benjamin Jowett.</ref> Neither was usury condoned in the [[Old Testament]]:
*'''{{bible|Exodus|22|25}}''' — If thou lend money to any of my people that is [[poor]] by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury.
*'''{{bible|Leviticus|25|36}}''' — Take thou no usury of him, or increase: but fear thy [[God]]; that thy brother may live with thee.
*'''{{bible|Leviticus|25|37}}''' — Thou shalt not give him thy money upon usury, nor lend him thy victuals for increase.
*'''{{bible|Deuteronomy|23|19}}''' — Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury:
*'''{{bible|Deuteronomy|23|20}}''' — Unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury: that the LORD thy God may bless thee in all that thou settest thine hand to in the land whither thou goest to possess it.

Note also that there is no low point beneath which the taking of interest is no longer usury: even 1% is too much:
*'''{{bible|Nehemiah|5|11}}''' — Restore, I pray you, to them, even this day, their lands, their vineyards, their oliveyards, and their houses, also the hundredth part of the money, and of the corn, the [[wine]], and the oil, that ye exact of them.

Then the [[New Testament]] further reinforced the point:
*'''{{bible|Luke|19|23}}''' — Finally the master said to him 'Why then didn't you put my money on deposit, so that when I came back, I could have collected it with interest?'
::::(The [[slave]] in this story is apocryphally said to have responded, "They wouldn't let me open an account without at least 200 pieces of silver.")
*'''{{bible|Matthew|25|27}}''' _ "Thou oughtest therefore to have put my money to the exchangers, and then at my coming I should have received mine own with usury."
*'''{{bible|Luke|19|22|23}}''' — "…Out of thine own mouth will I judge thee, thou wicked servant. Thou knewest that I was an austere man, taking up that I laid not down, and reaping that I did not sow. Wherefore then gavest not thou my money into the bank, that at my coming I might have required mine own with usury?"

==''Ribā''==
''Ribā'' is an Arabic term used in the [[Qur'an]] that usually translated to English as usury. It appears in:

'''{{quran|2|275|278}}''' — "Those who swallow usury will not rise, except as someone driven mad by [[Satan]]'s touch. That is because they say, “Commerce is like usury.” But God has permitted commerce, and has forbidden usury. Whoever, on receiving advice from his Lord, refrains, may keep his past earnings, and his case rests with God. But whoever resumes—these are the dwellers of [[Hell|the Fire]], wherein they will abide forever. God condemns usury, and He blesses [[Charity|charities]]. God does not love any [[sin]]ful ingrate. Those who believe, and do good deeds, and pray regularly, and give charity—they will have their reward with their Lord; they will have no fear, nor shall they grieve. O you who believe! Fear God, and forgo what remains of usury, if you are believers.

'''{{quran|4|161}}''' — And for their taking usury, although they were forbidden it; and for their consuming people's wealth dishonestly. We have prepared for the faithless among them a painful torment.

The Qur'an does not actually define what constitutes usury.

In 2021, to combat the high [[inflation]] rate in [[Turkey]], [[Islamist]] [[autocratic]] President [[Recep Tayyip Erdoğan]] decided to cut interest rates, citing the Islamic prohibition on usury.<ref name=erkoyun>[https://financialpost.com/pmn/business-pmn/lira-skids-to-new-low-after-erdogan-cites-islamic-usury Lira skids to new low after Erdogan cites Islamic usury] by Ezgi Erkoyun & Nevzat Devranoglu (Dec 20, 2021) ''Reuters'' via ''Financial Post''.</ref> The announcement resulted in a further plunge of the value of the Turkish Lira in international trading because Erdoğan did the exact opposite of what economists recommend.<ref name=erkoyun/> Erdoğan also ignored the fact that the real interest rate (the interest rate factoring in inflation) was actually ''negative'' when he made this decision. The inflation rate at the time of Erdoğan's decision was 21%, and expected to rise to 30% in 2022.<ref name=erkoyun/> The Turkish central bank interest rate was only 14% shortly after the announcement.<ref>[https://archive.md/wip/KLtVo Central banks - summary of current interest rates] ''Global-rates.com'' (archived from 22 Dec 2021 03:23:35 UTC).</ref> The negative rate meant that one could in principle borrow money from a Turkish bank, immediately exchange it for a stable currency, then slowly pay the money back as the Lira continues to depreciate against the stable currency, thus making a profit.

In 2021, the Turkish Lira was trading at about 7.5 to the US dollar, with an increasingly bad exchange rate over the years Following Erdoğan's reelection in 2023 to yet another term, the exchange rate tanked again to about 20 to the dollar, with Morgan Stanley bank predicting that it would become even worse through the year at 26 or 28 to the dollar.<ref>[https://www.theguardian.com/world/2023/may/29/turkish-lira-plunges-as-erdogan-claims-mandate-to-continue-divisive-rule Turkish lira plunges as Erdoğan claims mandate to continue divisive rule: Re-elected president commits to economic unorthodoxy and culture wars suggesting further trouble ahead] by Ruth Michaelson (29 May 2023 13.06 EDT) ''The Guardian''.</ref>

==Role in antisemitism==
{{main|Antisemitism}}
The church banned the charging of interest by [[Christians]] in 1179. However, [[Judaism|Jews]] had no religious laws forbidding them from charging interest to non-Jews and people still demanded loans. At the same time, Jews were being pushed out of many jobs and into professions considered marginal, such as money lenders and collectors, while being [[tax]]ed heavily. Peasants hated the "front men" of their lords for the heavy taxes since many were not overly bright (rather than actually blaming the people ''actually levying'' the taxes), and no one likes their lender — it was a perfect storm. In 1189, riots in York/London started due to the heavy burden, and when people realized an easy way to get rid of loans was to get rid of the lender.

This led to over 400 years of persecution of money lenders, and exorbitantly high interest rates due to people killing off their lender when they didn't feel like paying. Even after changes in the 16<sup>th</sup> century to make charging interest (and being a Jew) more acceptable, many times Jews were the most experienced at banking — continuing the tradition. As mercantilist economic trade (along with reductions in interest rates) expanded from the 15<sup>th</sup> to the 18<sup>th</sup> century, many bankers who financed it expanded in fortune and political influence.

The most predominate family were the [[Rothschild family]] of Jewish bankers which started in 1744 by Mayer Amschel Rothschild. Jews were still second class citizens at this point. Mayer built a centralized banking system of command and control, as well as fast coded communication, through his 5 sons that was the envy of Europe. This further cemented the ire of many people in seeing a second class group of citizens having such wealth. This in part led to the Hep-Hep riots in [[Germany]], where people just tried to take the Rothschild wealth by force, which failed since the actual currency was held in another location. Some Rothschilds were also large proponents of [[Zionism]] and creation of a Jewish state in the 19<sup>th</sup>-20<sup>th</sup> centuries because of their relegation to less than human treatment by the world at large. To give an idea how wonderful it was as a citizen of "Christian" communities, Jews were confined to [[ghetto]]s with high walls to "protect the outside community" during Christian holidays and required their own judicial system since no one really cared what happened to them outside those walls.

Later, usury (excessive interest) was abused for debt bondage, which is still present today. Rates are placed so high as to make working off a person's debt nearly impossible within their lifetime, letting the debt holder own a person's life and labors. Sometimes jackholes decide to enslave their kids to pay it off as well, while racking up new charges at insane "interest rates".

This leads into today with such a background of hatred linking [[antisemitism]] and finance/banking that can still be seen in modern times. This is nearly all relegated to [[bigot]]s, [[crank]]s, and [[conspiracy theorists]].

==Role in the bizarre==
Due to the passages in the [[Bible]], [[fundamentalists]] have a dim view of usury, but many disagree as to what usury actually is. Definitions range from vaguely defined "excessive" rates, to 12% interest (which was set as a maximum rate for clergy giving loans in 325), to any interest at all. It is good to note that a good number of houses of worship, and likely all of the mega churches in the US were built with some sort of mortgage.

It also often plays into factors of the [[New World Order]] [[bullshit]] conspiracy theories about the Rothschild family pulling the strings on international banking by [[debt slavery]] [[crank]]s. To many nuts, any financial instrument is "usury" (certainly any debt) — including excessive interest, predatory lending, any debt, stocks, futures, options, and so on. This shows the complete and total lack of any financial knowledge by many of these cranks.<ref>[http://theeconomiccollapseblog.com/archives/the-number-one-tool-of-financial-enslavement The Economic Collapse Blog — If you can stomach the stupidity]</ref>

==See also==
*[[Evil Jew]]
*[[Just price]]

==References==
{{reflist}}

[[Category:Antisemitism]]
[[Category:Christianity]]
[[Category:Conspiracy theories]]
[[Category:Economics]]
[[Category:Islam]]
[[Category:Social science]]

Categories: Antisemitism, Christianity, Conspiracy theories, Economics, Islam, Social science