Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Stock Market SEASONAL TREND and ELECTION CYCLE - 24th Nov 20
Amazon Black Friday - Karcher K7 FC Pressure Washer Assembly and 1st Use - Is it Any Good? - 24th Nov 20
I Dislike Shallow People And Shallow Market Pullbacks - 24th Nov 20
Small Traders vs. Large Traders vs. Commercials: Who Is Right Most Often? - 24th Nov 20
10 Reasons You Should Trade With a Regulated Broker In UK - 24th Nov 20
Stock Market Elliott Wave Analysis - 23rd Nov 20
Evolution of the Fed - 23rd Nov 20
Gold and Silver Now and Then - A Comparison - 23rd Nov 20
Nasdaq NQ Has Stalled Above a 1.382 Fibonacci Expansion Range Three Times - 23rd Nov 20
Learn How To Trade Forex Successfully - 23rd Nov 20
Market 2020 vs 2016 and 2012 - 22nd Nov 20
Gold & Silver - Adapting Dynamic Learning Shows Possible Upside Price Rally - 22nd Nov 20
Stock Market Short-term Correction - 22nd Nov 20
Stock Market SPY/SPX Island Setups Warn Of A Potential Reversal In This Uptrend - 21st Nov 20
Why Budgies Make Great Pets for Kids - 21st Nov 20
How To Find The Best Dry Dog Food For Your Furry Best Friend?  - 21st Nov 20
The Key to a Successful LGBT Relationship is Matching by Preferences - 21st Nov 20
Stock Market Dow Long-term Trend Analysis - 20th Nov 20
Margin: How Stock Market Investors Are "Reaching for the Stars" - 20th Nov 20
World’s Largest Free-Trade Pact Inspiration for Global Economic Recovery - 20th Nov 20
Dating Sites Break all the Stereotypes About Distance - 20th Nov 20
THE STOCK MARKET BIG PICTURE - Video - 19th Nov 20
Reasons why Bitcoin is Treading at it's Highest Level Since 2017 and a Warning - 19th Nov 20
Media Celebrates after Trump’s Pro-Gold Fed Nominee Gets Blocked - 19th Nov 20
DJIA Short-term Stock Market Technical Trend Analysis - 19th Nov 20
Demoncracy Ushers in the Flu World Order How to Survive and Profit From What Is Coming - 19th Nov 20
US Bond Market: "When Investors Should Worry" - 18th Nov 20
Gold Remains the Best Pandemic Insurance - 18th Nov 20
GPU Fan Not Spinning FIX - How to Easily Extend the Life of Your Gaming PC System - 18th Nov 20
Dow Jones E-Mini Futures Tag 30k Twice – Setting Up Stock Market Double Top - 18th Nov 20
Edge Computing Is Leading the Next Great Tech Revolution - 18th Nov 20
This Chart Signals When Gold Stocks Will Explode - 17th Nov 20
Gold Price Momentous ally From 2000 Compared To SPY Stock Market and Nasdaq - 17th Nov 20
Creating Marketing Campaigns Using the Freedom of Information Act - 17th Nov 20
ILLEGITIMATE PRESIDENT - 17th Nov 20
Stock Market Uptrend in Process - 17th Nov 20
How My Friend Made $128,000 Investing in Stocks Without Knowing It - 16th Nov 20
Free-spending Biden and/or continued Fed stimulus will hike Gold prices - 16th Nov 20
Top Cheap Budgie Toys - Every Budgie Owner Should Have These Safe Bird Toys! - 16th Nov 20
Line Up For Your Jab to get your Covaids Freedom Pass and a 5% Work From Home Tax - 16th Nov 20
You May Have Overlooked These “Sleeper” Precious Metals - 16th Nov 20
Demystifying interesting facts about online Casinos - 16th Nov 20
What's Ahead for the Gold Market? - 15th Nov 20
Gold’s Momentous Rally From 2000 Compared To Stock Market SPY & QQQ - 15th Nov 20
Overclockers UK Quality of Custom Gaming System Build - OEM Windows Sticker? - 15th Nov 20
UK GCSE Exams 2021 CANCELLED! Grades Based on Mock Exams and Teacher Assessments - 15th Nov 20
Global "Debt Mountain": Beware of This "New Peak" - 13th Nov 20
Overclocking Zen 3 Ryzen 5600x, 5800x, 5900x and 5950x to 4.7ghz All Cores Cinebench R20 Scores - 13th Nov 20
Is Silver Leading Bitcoin or is Bitcoin Leading Silver? - 13th Nov 20
How Elliott Waves Simplify Your Technical Analysis - 13th Nov 20
How to buy Bitcoins using debit/credit card? - 13th Nov 20
Will COVID Vaccine Kill Gold and Silver? - 12th Nov 20
Access to Critical Market Reports - 12th Nov 20
Stock Market Dow Futures Reach 30,000 on News of COVID-19 Vaccine Trials Success - 12th Nov 20
8 Terms & Conditions You Must Know Before Asking For Life Insurance Policy Quotes - 12th Nov 20
Gold Stocks Post 2020 US Election Outlook - 11th Nov 20
Champions’ League Group Stage Draw: All You Need To Know - 11th Nov 20
Stock Market Secular Trend - 11th Nov 20
Stock Market Correction Curtailed by US Election - 11th Nov 20
What Causes a Financial Bubble? - 11th Nov 20
Ryzen 9 5900X RTX 3080 - Scan.co.uk vs Overclockers.co.uk UK Custom PC System Builder Review - 10th Nov 20
Killing Driveway Weeds FAST with a Pressure Washer - Saving Block Paving from LOTS of WEEDs - 10th Nov 20
Trump Fired, Biden Hired, What Next?  - 10th Nov 20
Looking for a Personal Loan? Here Is What You Have To Know  - 10th Nov 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

Our Debts Must be Redeemed

Politics / Global Debt Crisis 2012 Jul 26, 2012 - 12:17 PM GMT

By: Ashvin_Pandurangi

Politics

Best Financial Markets Analysis ArticleIn mid-October 2011, a group of Occupy protesters in London set up tents and encamped outside of St. Paul's Cathedral for almost four months before finally being evicted by the Corporation of London. At first, the Church welcomed the protesters and preached to them, acknowledging the ways in which governments and banks were clearly contravening Christian teachings.


After a few days of lost revenue due to the presence of the Occupiers, though, several high-ranking members of the Church, including the Bishop of London, decided it was best to side with the City authorities in taking legal action to evict. The Canon Chancellor of the Church, Dr. Giles Fraser, even resigned over this issue, saying the Church should do nothing which could "lead to violence" against the protestors, but ultimately the protest was squashed through coercive means.

The legal arguments focused on fire safety, health concerns, blockage of access to and from the Church and other such things, but ultimately it was about lost revenue from tourists (claimed to be up to £20,000 a day) and the message that was underlying the Occupy London Movement - a message of radical change. Protesters showed up at one of the most famous Cathedrals in the world seeking the full support of a Faith which claims to admonish selfish pursuits, corporate greed, interest-bearing debt, dishonest/fraudulent behavior and repressive government policies, but all they received were a few symbolic pats on the back before they were told to get lost in no uncertain terms.

It is occurrences such as these that show us just how badly the radical ideals of Faith are upheld by the institutional arbiters of Faith, and the individuals who occupy political roles in those institutions. The holy texts of Judaism, Chrisitianity and Islam all contain very clear and strict admonitions against societies organized around debt-based relationships. The Old Testament allows for a debt jubilee (or cancellation) every 50 years, at which time people sold into slavery or previously foreclosed land can be redeemed, and relatively wealthy relatives have an obligation to redeem the debts of those who don't have the means to do so themselves. We also find a stiff rebuke of those who charge interest on loans issued to their struggling countrymen.

Leviticus Chapter 25

25'If a fellow countryman of yours becomes so poor he has to sell part of his property, then his nearest kinsman is to come and buy back what his relative has sold. 26'Or in case a man has no kinsman, but so recovers his means as to find sufficient for its redemption, 27then he shall calculate the years since its sale and refund the balance to the man to whom he sold it, and so return to his property. 28'But if he has not found sufficient means to get it back for himself, then what he has sold shall remain in the hands of its purchaser until the year of jubilee; but at the jubilee it shall revert, that he may return to his property.

35'Now in case a countryman of yours becomes poor and his means with regard to you falter, then you are to sustain him, like a stranger or a sojourner, that he may live with you. 36'Do not take usurious interest from him, but revere your God, that your countryman may live with you. 37'You shall not give him your silver at interest, nor your food for gain. 38'I am the LORD your God, who brought you out of the land of Egypt to give you the land of Canaan and to be your God.

39'If a countryman of yours becomes so poor with regard to you that he sells himself to you, you shall not subject him to a slave's service. 40'He shall be with you as a hired man, as if he were a sojourner; he shall serve with you until the year of jubilee. 41'He shall then go out from you, he and his sons with him, and shall go back to his family, that he may return to the property of his forefathers.

The New Testament is filled with parables spoken by Jesus that deal with humanity's indebtedness to God. The general theological message being conveyed is that we are all accumulating debts to God through our sinful lives, and there is no way we will ever be able pay off those debts. However, with Jesus' death and resurrection on the cross, those unpayable debts have been redeemed for us by an external force. Christian theology, therefore, clearly recognizes the impossibility of individual or societal relationships based on debt, which generally lead to enslavement (to our own desires or others), and the need for an external cancellation of those debts.

One such parable is the "parable of the talents" in Matthew Chapter 25 and Luke Chapter 19, which indirectly portrays Jesus' extremely negative view of interest-bearing debt, but is frequently misunderstood by those who read it. Here are the notes on Matthew 25:27 from the Geneva Bible:

Bankers who have their shops or tables set up abroad, where they lend money at interest. Usury or loaning money at interest is strictly forbidden by the Bible, (Exo_22:25-27; Deu_23:19-20). Even a rate as low as one per cent interest was disallowed, (Neh_5:11). This servant had already told two lies. First he said the master was an austere or harsh man. This is a lie for the Lord is merciful and gracious. Next he called his master a thief because he reaped where he did not sow. Finally the master said to him sarcastically why did you not add insult to injury and loan the money out at interest so you could call your master a "usurer" too! If the servant had done this, his master would have been responsible for his servant's actions and guilty of usury.

We also find that usury was outlawed for about 80% of the Church's entire history in the Holy Roman Empire, during which time a usurer could be punished through ex-communication by the Church, on top of fines and imprisonment by civil authorities. This anti-usurious attitude lasted all the way up until the 16th century. The first part of Dante Alighieri's 14th-century epic poem, Divine Comedy, tells us that the money lenders are consigned to the Inner Ring of his Seventh Circle of Hell (violence), alongside blasphemers and sodomites.

Islam also has a long tradition of antagonism towards debt and usury, originally stemming from its holy text - the Quran. In fact, the Quran is even more clear than the Old Testament on what kind of judgment the Faith believes will come to pass on usurers of any sort. Here are a few passages from English translations of the Quran to that affect:

Those who charge usury are in the same position as those controlled by the devil's influence. This is because they claim that usury is the same as commerce. However, God permits commerce, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgment rests with God. As for those who persist in usury, they incur Hell, wherein they abide forever (Al-Baqarah 2:275)

God condemns usury, and blesses charities. God dislikes every disbeliever, guilty. Those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of usury, if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew. (Al-Baqarah 2:276-280)

O you who believe, you shall not take usury, compounded over and over. Observe God, that you may succeed. (Al-'Imran 3:130)

And for practicing usury, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers among them painful retribution. (Al-Nisa 4:161)

The usury that is practiced to increase some people's wealth, does not gain anything at God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold. (Ar-Rum 30:39)

The spiritual condemnations of usury certainly don't stop there. We also have examples of them from the ancient Vedic texts of Hinduism and religious texts of Buddhism. Here is a brief article on that from the Islamic Banking and Finance Network:

Money Matters: Usury in Hinduism and Buddhism

Among the oldest known references to usury are to be found in ancient Indian religious manuscripts and Jain (1929) provides an excellent summary of these in his work on Indigenous Banking in India.

The earliest such record derives from the Vedic texts of Ancient India (2,000-1,400 BC) in which the “usurer” (kusidin) is mentioned several times and interpreted as any lender at interest. More frequent and detailed references to interest payment are to be found in the later Sutra texts (700-100 BC), as well as the Buddhist Jatakas (600-400 BC). It is during this latter period that the first sentiments of contempt for usury are exressed. For example, Vasishtha, a well known Hindu law-maker of that time, made a special law which forbade the higher castes of Brahmanas (priests) and Kshatriyas (warriors) from being usurers or lenders at interest.

Also, in the Jatakas, usury is referred to in a demeaning manner: “hypocritical ascetics are accused of practising it”.

With so much of the world supposedly influenced by all of these different Faiths and their holy texts, why do we find ourselves in a world economy that is defined by a dependency on interest-bearing debt? Why do our political leaders, government officials, mainstream academics and media pundits promote the growth of already unsustainable debt levels with their words and actions, while our religious leaders largely sit by and do nothing to instruct and organize their followers? As the Quran implies, these so-called leaders should be waging spiritual warfare at a global scale on the well-established threat of usury.

In the Middle Ages, the Pope would not hesitate much to exercise authority over the King and excommunicate him for failing to comply with the Church's orders, but now such religious leaders are completely subservient to the Establishment. The reason is rather obvious - institutionalized versions of spirituality have become corrupted by their political ambitions and their selfish desires, just like most other institutions. That's why a landmark such as St. Paul's Cathedral in London will evict Occupy protesters rather than contemplate the prospect of foregoing revenues and joining their Just Cause.

Truly, every influential servant of his/her respective Faith in every nation of the world should join together and call for a debt jubilee to be drafted up and implemented right away. At the very least, the struggling masses should have all interest obligations on their debts wiped out, while the large banks are forced to restructure or liquidate. It obviously won't be a simple matter to work out all of the details, but it is both the righteous and practical thing to do, not to mention the only real option we are left with. Our debts must be redeemed and they will be redeemed - the only question remaining is how.

Ashvin Pandurangi, third year law student at George Mason University
Website: http://theautomaticearth.com (provides unique analysis of economics, finance, politics and social dynamics in the context of Complexity

© 2012 Copyright Ashvin Pandurangi - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules