New Reading and Introduction
Counsel for the people charge usury of its crimes.
Notes with links to sources.
- Tabula exemplorum, (13th century) as quoted by Till Düppe, The Making of the Economy: A Phenomenology of Economic Science
The national debt has, in fact, made more men rich than have a right to be so, or, rather, any ultimate power, in case of a struggle, of actualizing their riches. It is, in effect, like an ordinary, where three hundred tickets have been distributed, but where there is, in truth, room only for one hundred. So long as you can amuse the company with any thing else, or make them come in successively, all is well, and the whole three hundred fancy themselves sure of a dinner; but if any suspicion of a hoax should arise, and they were all to rush into the room at once, there would be two hundred without a potato for their money; and the table would be occupied by the landholders, who live on the spot.
Wall Street Owns The Country
This is a nation of inconsistencies. The Puritans fleeing from oppression became oppressors. We fought England for our liberty and put chains on four million of blacks. We wiped out slavery and our tariff laws and national banks began a system of white wage slavery worse than the first. Wall Street owns the country. It is no longer a government of the people, by the people, and for the people, but a government of Wall Street, by Wall Street, and for Wall Street. The great common people of this country are slaves, and monopoly is the master. The West and South are bound and prostrate before the manufacturing East. Money rules, and our Vice-President is a London banker. Our laws are the output of a system which clothes rascals in robes and honesty in rags. The [political] parties lie to us and the political speakers mislead us. We were told two years ago to go to work and raise a big crop, that was all we needed. We went to work and plowed and planted; the rains fell, the sun shone, nature smiled, and we raised the big crop that they told us to; and what came of it? Eight-cent corn, ten-cent oats, two-cent beef and no price at all for butter and eggs-that's what came of it. The politicians said we suffered from overproduction. Overproduction, when 10,000 little children, so statistics tell us, starve to death every year in the United States, and over 100,000 shopgirls in New York are forced to sell their virtue for the bread their niggardly wages deny them... We want money, land and transportation. We want the abolition of the National Banks, and we want the power to make loans direct from the government. We want the foreclosure system wiped out... We will stand by our homes and stay by our fireside by force if necessary, and we will not pay our debts to the loan-shark companies until the government pays its debts to us. The people are at bay; let the bloodhounds of money who dogged us thus far beware.
- "What was the use of my having come from Oakland it was not natural to have come from there yes write about if I like or anything if I like but not there, there is no there there." -Gertrude Stein, Everybody's Autobiography (1937), ch. 4
- Keen may well equally have replied to Krugman that he was not even wrong?
- they were cosmopolitan and international;
- they were close to governments and were particularly concerned with questions of government debts, including foreign government debts, even in areas which seemed, at first glance, poor risks, like Egypt,
Recollection of the famous passage in The Theory of Economic Development
(Schumpeter, 1934,p. 74) should suffice:The banker […] is not so much primarily a middleman in the commodity ‘purchasing power’ as a producer of this commodity […] He stands between those who wishto form new combinations and the possessors ofproductive means. He is essentially a phenomenon of development, though only when no central authority directs the social process. He makes possible the carrying out of new combinations, authorizes people, in thename of society as it were, to form them. He is the ephor of the exchange economy. In other words – as Schumpeter wrote in his ambitious and unlucky
Business Cycles credit creation is the monetary complement of innovation
(Schumpeter, 1964, p. 110):
expressed in money, is called “prices,” while the value of money, expressed in goods, is
called “value.” p.49 (Commercial Capitalism) Quiqqley shows how Bankers make the distinction and real power lays in the Value of money and not the prices of goods.
Review of The Tyranny of Usury
- 126 ff
- Theory of Interest , Etymology.
- Consider case Barclays football, prenier leaugue.
- Is Interest ever questioned? Is it conflated with Inflation
- "cause to be interested, engage the attention of," c. 1600, earlier interesse (1560s), from the noun (see interest (n.)). Perhaps also from or influenced by interess'd, past participle of interesse.
- interest (n.)
- mid-15c., "legal claim or right; a concern; a benefit, advantage, a being concerned or affected (advantageously)," from Old French interest "damage, loss, harm" (Modern French intérêt), from noun use of Latin interest "it is of importance, it makes a difference," third person singular present of interresse "to concern, make a difference, be of importance," literally "to be between," from inter- "between" (see inter-) + esse "to be" (see essence). The sense development to "profit, advantage" in French and English is not entirely clear.
The earlier Middle English word was interesse (late 14c.), from Anglo-French interesse "what one has a legal concern in," from Medieval Latin interesse "compensation for loss," noun use of Latin interresse (compare German Interesse, from the same Medieval Latin source).
Financial sense of "money paid for the use of money lent" (1520s) earlier was distinguished from usury (illegal under Church law) by being in reference to "compensation due from a defaulting debtor." Sense of "personal or selfish consideration" is from 1620s. Meaning "business in which several people are interested" is from 1670s. Meaning "curiosity, feeling that something concerns one, appreciative or sympathetic regard" is first attested 1771. Interest group is attested from 1907; interest rate by 1868.
- usury (n.)
- c. 1300, "practice of lending money at interest," later, at excessive rates of interest, from Medieval Latin usuria, alteration of Latin usura "payment for the use of money, interest," literally "a usage, use, enjoyment," from usus, from stem of uti (see use (v.)). From mid-15c. as "premium paid for the use of money, interest," especially "exorbitant interest."