Limits on interest rates or Usury--NEEDED or NOT?

Limits on interest rates or Usury--NEEDED or NOT?

Chicago lawyer Thomas Geoghegan has written an article, “Infinite Debt: How Unlimited Interest Rates Destroyed the Economy.” Geoghegan writes, “We dismantled the most ancient of human laws, the law against usury, which had existed in some form in every civilization from the time of the Babylonian Empire to the end of Jimmy Carter’s term.”

Geoghegan says that interest rate limits were the norm in the world until the late 1960s and 1970s. 

As unlimited interest rates grew well past 30% due to arbitrary bank and finance, the  system soon ran amok and producers in societies in the USA and around the globe were encouraged to finance, rather than pay fair wages and invest in local infrastructure and development.  People's whos wages remained stable for decades had to turn to borrowing at usery rates to get by.

Should there be limits on interest rates?

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