The system of gouging blood money out of distressed borrowers is primitive and stealthy, worthy only of those without the moral or creative resources to generate profit in a non-predatory way. There is no honor in the exploitation of the desperate. It is not good business no matter what the powers that be might claim. Perhaps it was in the second millennium B.C. however, not in the second millennium A.D.
People are "free to choose" to borrow or not in theory. However, in practice there is really no choice. We are enslaved in a system of credit and debt that has terrorized humanity for 4,000 years.
In this new year of 2010, as the banks that created the credit crisis for ordinary folks continue to rape and pillage the society they feed on, something must be done to turn the tide of vulture credit.
Vermont Senator Bernie Sanders introduced another bill to limit credit card interest to 15%. It was defeated in a landslide of 33 votes for and 60 against. Senator Sanders said, "When banks are charging 30 percent interest rates, they are not making credit available. They are engaged in loan-sharking."
(Riddle # 2: What is the difference between mafia loan sharks, ancient lenders, and the present state of U.S. banking credit? The mafia takes your life; the ancients owned your life; modern banks destroy your life.)
The same distorted system of predatory lending that ended in financial collapse in 2008, echoing the Ancient world, continues with unlimited interest rates that prey on the poor and desperate. Perhaps 2010 will bring a more enlightened system of credit to modern finance one that allows all debtors the same protections and opportunities given to vulture creditors - true freedom of choice.
Haven't we waited long enough?
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