this post was submitted on 26 Jul 2024
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Rent seeking and usury (the charging of interest)
Without charging of interest, why would a bank lend you money?
Also you would not get interest on money you have in the bank.
I agree that limits on charged interest on loans are needed, but abolishing them completely would destroy a big part of our society.
Usury means a paticoularly high interest rate.
Also, destroying a big part of our society sounds great!
It might sound great untill it starts affecting you or someone you care about
My aunt works in oil, if it was made illegal tomorrow that wpuld dirsupt her life. I would be glad to help her and glad that the future of everybody just got brighter?
If oil was made illegal tomorrow, society would collapse.
Supply chains would collapse, artificial fertilizer would not be made, crops would die, massive famine would set in, medicine would not be able to be made, power generation would stall, including emergeny generators, and vast numer of people would die globally.
Congratulations, who ever makes oil illegal, will be responsible for the biggest mass death globally ever.
Thanks for making me feel smarter.