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While I do believe you are right in that England’s geographic position is one of the reasons why the industrial revolution occurred there initially, I don’t believe that her position is unique. There are other places in the world that share similar advantages while still retaining trade and communication with the world at large. Japan, Indochina
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Actually the truly striking thing about England in relation to the rest of Europe is its stability. The English fight wars, but they are all either wars of choice abroad, or else they are scuffles between themselves. Since the 11th century they no longer have to fear of invasion. Sure there are exceptions like the Grand Armada, but these only go to
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Jones can file suit, claiming that Smith owes him money... and if Smith doesn't show up to court and answer Jones' challenge, Jones wins by default . That's the meaning of default. The party who shows up to court wins by default, supposing the other party is a no-show. I'm not sure this is entirely accurate. If I sue you and you dont
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I guess what I'm trying to say is that it's mathematically identical. Its not mathematically identical: Lets assume we have a 10 day loan of $100,000 at 1% per day. In the first example you have the interest compounded by adding it to the principal where the next days calculation for interest is based on the new principal balance. In example
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[quote]Overall I think we are moving in the right direction. After all it was not long ago you could be thrown in jail for bad debt.[/quote] I think this is the illusion we are being sold and I think it is precisely the opposite... we already have debtor's prison again, did you know that? If you are a divroced father and you fall behind on your
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http://www.mtgprofessor.com/a%20-%20simple%20interest%20mortgages/simple_interest_nomenclature.htm http://www.washingtonpost.com/wp-dyn/content/article/2008/01/25/AR2008012501739.html http://www.ehow.com/about_7407422_simple-vs_-compound-mortgage-interest.html Just a couple of links might help clear up our understanding.
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But what, exactly, is the agreement ? That's the point. Being "held to terms of agreement" is, as Rothbard notes in EoL, an anti-liberal conception of what a contract is. A contract is, at root, a conditional property title. "Terms of the agreement" is a squishy and ill-defined concept... and, ultimately, it leads to unlimited
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Re-read the sentence you quoted. Yup, misread you. My appologies. No. Compound interest loans operate on precisely the same principle as compound interest in a savings account or other financial instrument. Interest is calculated on principal plus accrued interest. The fact that the calculation is done stepwise during each billing period is irrelevant
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You might want to take the time to reread Clayton's posts more closely. Yea I dont feel like we are talking about the same thing.
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[quote]Your payment at the end of the month pays the entire accrued interest balance and (at first) a little bit of principal. At no point in that process is interest calculated on interest.[/quote] These two statements contradict each other. The fact that the amount of each payment that is applied to the principal is reduced by the accrued interest