Usury Laws Quotes

Citigroup, Bank of America, and JP Morgan Chase should not be permitted to charge consumers 25- to 30-percent interest on their credit cards, especially while these banks received over $4 trillion in loans from the Federal Reserve.

Usury lives in the pores of production, as it were, just as the gods of Epicurus lived in the space between the worlds.

Although usury is itself a form of credit in its bourgeoisified form, the form adapted to capital , in its pre-bourgeois form it is rather the expression of the lack of credit .

The credit card companies have put the loan sharks out of business.

To deprive mankind of their natural right and power of creating wealth for themselves, is as great a tyranny as it is to rob them of it after they have created it. And this is done by all laws against honest banking.

Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law.

States used to protect consumers from predatory lenders, but strong state usury laws were obliterated by a 1978 U.S. Supreme Court decision.

There can be no such thing as usury: for what rate of interest is there that can naturally be more proper than another? what natural fixed price can there be for the use of money more than for the use of any other thing? Were it not then for custom, usury, considered in a moral view, would not then so much as admit of a definition…. Putting money out at interest, is exchanging present money for future: but why a policy, which, as applied to exchanges in general, would be generally deemed absurd and mischievous, should be deemed necessary in the instance of this particular kind of exchange, mankind are as yet to learn.

Usura slayeth the child in the womb It stayeth the young man's courting It hath brought palsey to bed, lyeth between the young bride and her bridegroom

The Pentagon got fed up with its recruits getting ripped off by payday lenders and in 2007 got Congress to make it illegal to extend such loans to members of the military. But civilians remain fair game.

Moses (that wise Legislator) in his forbidding the Jews to lend money one to another, and permitting them to lend their money to Strangers; ordained that Law as much to a Political as a Religious intent; knowing that by the latter they should enrich their own Nation, and by the former no publick good could ensue; the consequences being only to impoverish one Jew to make another rich.

No person shall practice usury at a rate of more than one twelfth.

No economic activity was more irrepressible [in the 14th century] than the investment and lending at interest of money; it was the basis for the rise of the Western capitalist economy and the building of private fortunes-and it was based on the sin of usury.

Stipulated interest beyond the legal rate, being against the law, cannot be recovered; they call that a usurious way of lending; the lender is in no case entitled to more than five in the hundred.[5%]

We should be looking at putting a limit on the interest that can be charged on things like store cards.You don't want to end up with totally draconian credit controls but you want some common sense. We want cooling-off periods for store cards so people can't take them out and go straight to the counter and buy things.