Usury


Usury: … 2 : the lending of money with an interest charge for its use; especially : the lending of money at exorbitant interest rates
3 : an unconscionable or exorbitant rate or amount of interest; specifically : interest in excess of a legal rate charged to a borrower for the use of money

Here is a situation that must be addressed. The obscene finance charges that some "payday loan" operations need to be curtailed – for everyone. An article in USA Today focuses on soldiers and the problems these "services" can cause for them, but it really needs to be fixed for everyone who uses these kinds of loans.

 As many as one in five members of the armed services are being preyed on by loan centers set up near military bases that can charge cash-strapped military families interest of 400% or more, a new Pentagon report has found.

Steep lending charges have long plagued servicemembers, but the problem has become a more urgent concern to the military as it has struggled to fill its ranks during the Iraq war. That's because debt troubles can keep troops from going overseas.

“We're seeing a growing trend of folks who are not eligible to deploy because of financial problems,” says Capt. Mark Patton, commander of Naval Base Point Loma in California. Patton says debt problems can cost some servicemembers their security clearances.

The report says “payday loan” stores (so named because their loans are often due on a borrower's next payday) have sprung up by the thousands around military bases and elsewhere in the past decade.

Lenders typically charge $15 to $25 per $100 loan for two weeks, and most loans are extended for several weeks. The report says the average loan is $350 and has an annual interest rate of 390% to 780%. The average borrower, it says, pays back $834 for a $339 loan. (Emphasis added)

The report cites estimates that 13% to 19% of servicemembers — at least 175,000 people — took out high-interest, short-term loans last year. It said nine out of 10 loans go to borrowers who get five or more over a year.

This is robbery. Period. Whether the victims are service members or civilians, this is loan sharking, writ large and needs to be stamped out.

This is robbery. Period. Whether the victims are service members or civilians, this is loan sharking, writ large and needs to be stamped out.

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One Response to Usury

  1. Hello Gaius,

    (By the way, this missive is presented in support of your efforts, not to dismiss them. Keep up the good works, but temper them with wisdom…)

    Here’s some pivotal knowledge (wisdom) so you and others can stop focusing on symptoms and obfuscatory details and home in like a laser on the root causes of and solutions to humanity’s seemingly never-ending struggles.

    Money is the lifeblood of the powerful and the chains and key to human enslavement

    There is a radical and highly effective solution to all of our economic problems that will dramatically simplify, streamline, and revitalize human civilization. It will eliminate all poverty, debt, and the vast majority of crime, material inequality, deception, and injustice. It will also eliminate the underlying causes of most conflicts, while preventing evil scoundrels and their cabals from deceiving, deluding, and bedeviling humanity, ever again. It will likewise eliminate the primary barriers to solving global warming, pollution, and the many evils that result from corporate greed and their control of natural and societal resources. That solution is to simply eliminate money from the human equation, thereby replacing the current system of greed, exploitation, and institutionalized coercion with freewill cooperation, just laws based on verifiable wisdom, and societal goals targeted at benefiting all, not just a self-chosen and abominably greedy few.

    We can now thank millennia of political, monetary, and religious leaders for proving, beyond any shadow of a doubt, that top-down, hierarchical governance is absolute folly and foolishness. Even representative democracy, that great promise of the past, was easily and readily subverted to enslave us all, thanks to money and those that secretly control and deceptively manipulate all currencies and economies. Is there any doubt anymore that entrusting politics and money to solve humanity’s problems is delusion of the highest order? Is there any doubt that permitting political and corporate leaders to control the lives of billions has resulted in great evil?

    Here’s a real hot potato! Eat it up, digest it, and then feed it’s bones to the hungry…

    Most people have no idea that the common-denominator math of all the world’s currencies forms an endless loop that generates debt faster than we can ever generate the value to pay for it. This obscured and purposeful math-logic trap at the center of all banking, currencies, and economies is the root cause of poverty. Those who rule this world through fear and deception strive constantly to hide this fact, while pretending to seek solutions to poverty and human struggle. Any who would scoff at this analysis have simply failed to do the math, even though it is based on a simple common-denominator ratio.

    Read more here…

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