Unleashing Usury

Usury laid medieval society to waste. Western civilization was saved by the rise of capitalism, which tamed the activities of money lending, and endowed them with socially redeeming value, tethering finance to expanding production of material goods and increased social wealth. Now, as the 21st century begins, bloating tides of money with no possibility of ever being converted into real capital wash over the world. Finance again has turned to its dark side, using money to make money with no socially redeeming purpose. Such is the endgame of economies managed by capitalists without capitalism. As Marx foresaw, capitalist society, like all others, is destined to be outpaced by history as the conditions of its existence decompose and become a drag on the human future. Either we will succeed in bringing about new politico-economic structures—or civilization will collapse into barbarism, just as usury broke it down in the past.

Acknowledgements -- Preface -- It's not just the inequality stupid! -- Shylock unchained -- Shylock chained -- Troubles in capitalist paradise -- Merchants of Venice on Wall Street -- The final "pound of flesh

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1837 edition. Excerpt: ... unchanged, ) limit the rate of interest to six per cent. per annum. They provide that if, in any action on a contract for the payment of money it shall appear upon special plea, that illegal interest has been, directly or indirectly, reserved or taken, the Plaintiff shall forfeit three times the whole amount of interest so reserved or taken, and full costs of suit, and shall have judgment for the balance only, after making these deductions. So also the borrower upon usury may bring his suit against the lender, in law or chancery, * and recover back threefold the amount of interest by him paid, and in these cases both parties to the suit may be sworn as witnesses.t SUMMARY. This general historical sketch establishes several important facts: -- 1. Usury laws have almost always existed, and legislators have, in all ages, manifested a strong desire to meddle with the contract of borrowing and lending. 2. The laws have always been disobeyed and evaded, -- from which it is evident that they have been regarded as oppressive, by both lenders and borrowers. 3. They have always increased the ratio of interest; -- and this they have done -- First. By increasing the risks of the loan. Second. By driving timid and scrupulous lenders, and their capital out of the market; -- thus reducing the number of lenders and the supply of money capital. Third. By rendering the business infamous, and thus inducing lenders to indemnify themselves by exorbitant profits, for the loss of their reputations. * In England the Courts of Chancery do not enforce the usury laws; but the borrower is merely absolved from paying more than lawful interest. (Exparte Scrivener, 3. Ves. and Bea. 19.) It is, therefore, manifest that they regard these laws as inequitable. t If any