⚡️💬 5 years ago I was very close to taking out a home loan (God forbid). But it frustrated me, I couldn't understand why I had to pay rent when I could "own" my own home for the same amount. Then I got interested in economics & finance and discovered the other side of the story and I understood...
Interest-bearing credit allows the rich (creditors) to get richer effortlessly and without risk, while the borrowers (often poor or vulnerable) get poorer because of the high interest payments.
Usurious interest feeds speculation (especially in real estate), and it's the middle classes who pay the highest price for housing.
States are over-indebted and dependent on the financial markets... they pass this on to the population to continue to incur debt and pay ever-higher interest rates (higher taxes, pension reforms, cuts in social benefits, etc.).
Usurious interest is responsible for inflation: the rich get richer by borrowing at low rates to accumulate assets, while the poor suffer the loss in value of money.
Certain powerful countries can go into almost infinite debt, and usurious interest finances and fuels wars around the world.
Over-consumption, waste, pollution... all the ills of this world, going back to the beginning, are always linked in one way or another to usurious interest.
🗣️ Did you know that usurious interest (i.e. lending money at interest) is forbidden in several religions?
➤ According to Islam: Formally forbidden, called riba in the Koran. Riba is considered a serious sin, as it is seen as a form of exploitation.
- Qur'anic example (Sura 2:275): "Those who consume usurious interest will only rise up (on the Day of Judgment) as one who has been upset by the devil's touch. (...) Allah has permitted trade and forbidden usury. (...) "
➤ According to Christianity: Usury was condemned in the first centuries of Christianity. The Gospels call for lending without expecting in return. Councils (Middle Ages) forbade Christians to practice usury. Today, churches no longer forbid moderate interest, but excessive usury remains morally condemned.
- Biblical example (Exodus 22:25): "If you lend money to one of my people, to the poor man who is with you, you shall not be to him as a creditor; you shall not charge him interest. "
➤ According to Judaism: The Torah forbids charging interest between Jews, but allows it towards non-Jews.
- Example (Deuteronomy 23:20-21): "You shall not lend interest to your brother..."
I tell myself that behind every prohibition there is God's wisdom, whether we understand it or not.
There's nothing fraternal about shaking hands with your banker after signing your loan; you literally go from free man to slave in one signature...
That's why bitcoin, that's why I put so much energy into Nostr, I'm looking for financial freedom while remaining FREE!
