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interest and the bible

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Constittuionalist posted on Wed, Oct 5 2011 7:03 PM

The bible prohibits interest. Could we also claim that interest is the cause of all this debt and fake money being built up over the last 40 years leading to the final straw that broke the camels back in 2008.

That being said, how would interest free banks work in a free banking system. And is rothbard right when he says that fractional reserves are fradulent. If you had full reserve banking, would there be some edict that says all banks must keep 100% reserves on hand. And who would enforce such an edict? Of course not the government.

can prohibiting interest lead to a more stable banking system? Is interest a form of slavery?

insights are appreciated.

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Biblical "prohibitions" on interest are confined to specific circumstances. There is no general prohibition of interest. Interest is the price of money now for payment later, and it helps to allocate capital in a market. There is nothing inherently wromg with interest.

Keep the faith, Strannix. -Casey Ryback, Under Siege (Steven Seagal)
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Bert replied on Wed, Oct 5 2011 11:22 PM

Interest is the price on money, controlling the interest rate and setting it above or below it's value is price fixing, and we should know what various forms of price fixing due (whether it be on goods or services, i.e., the minimum wage).

Mods: Disregard this, I thought I was on my "banned" account thinking the ban was up.

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