Wednesday, April 27, 2016

Fast Breeder Manipulators

"The most hated sort, and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural object of it. For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of an modes of getting wealth this is the most unnatural.”
- Aristotle (not Onassis)

Today we accept some level of interest charging as reasonable and necessary.  However, the interest levels which money is loaned out today (at a time when the lenders can borrow money almost interest free) are wildly exorbitant. I think usury is an appropriate term here.

More importantly, so much of the money in America today is in the hands of the ultra wealthy who gained it through such means as stock market manipulations and financial activities which benefit no one except the wealthy, who set the rules of the game.  A reasonable level of interest is requisite for modern life, but these manipulations are merely ways to take money from those who have less and give it to those who have more.

These methodologies were unknown and Aristotle's day, but I think it is clear that he would condemn them. I know I do.

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