Debt is a large part of the problem with the modern economy.
Agreed...
Maybe it's time to rethink if it should even be legal to make money simply by lending it on an industrial scale.
Criminalize voluntary behavior? I don't think so.
Especially when it is fabricated out of thin air.
I think you finally arrived at what the problem is. When banks lend money (at least here in the US), the overwhelming majority of that money is zapped into existence by the mere act of writing the loan. And the bank gets to later collect not only the interest, but indeed the principal thusly created. Which, while being an advantage to the bank conferred by law, would not be immoral in and of itself. The immorality is due to the fact that the writing of a loan does not create wealth (products, services, materials, etc) at the same time that it creates money. Accordingly, more money ends up sloshing around the system chasing the same amount of tangible wealth. Which devalues all money extant previous the loan. The purchasing power of the money loaned into existence is thusly stolen from the purchasing power of the money that existed before the loan was written. This is a very real theft of purchasing power from the people at large. And is the true evil of the partial reserve banking system, as encoded into law.
Absolutely totally true. Merited for truth.
Funny thing is that it can also work to your advantage. I pay less then inflation for my mortgage. Also hardly any costs for energy because of solar panels and system that pumps up warm water (which conversely cools my house in the summer). Basically living for free, I only have to pay insurance and maintenance.
And about rethinking if lending (on an industrial scale) should be legal, at least there's one thing that Ibian and Islamic scholarship agree on. Always good if people find common ground!
