Usury is currently defined as charging ‘excessive’ interest. But that is not the correct definition, all interest charged on loans is in fact Usury.
Why Usury was banned
When multiple lenders ask borrowers to return the principal, plus interest, it is inevitable that some borrowers will default.
There simply isn’t enough money for all of the borrowers to satisfy their debt…
Usury is the root of all evil
The benefits of unions, consumer protections etc. are outweighed by the evil of Usury.
Usury inflates prices and encourages businesses to engage in exploitative practices.
Backing the loan with collateral is the acceptable way to manage risk when lending. Usury is not.
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