Changes

'''Usury''' is the fee, denominated in money, for the use (loan) of money. It is often considered to mean lending money at interest, but it also covers extending credit at interest. In has been modified by modern usage to mean the extraction of interest on a loan above the maximum rate permitted by statute. However, long term usury is mathematically unsustainable in a finite money token system. Due to the exponential equation used to calculate compound interest, an infinite money supply is required. Short term usury is destructive, as well, since a portion of debtors must default because enough money never exists for all to repay their debt and interest. Gain from usury is also subject to an excise tax.

'''Usury''' is the fee, denominated in [[money]], for the use (loan) of money. It is often considered to mean lending money at [[interest]], but it also covers extending [[credit]] at interest. In has been modified by modern usage to mean the extraction of interest on a [[loan]] above the maximum rate permitted by [[statute]]. However, long term usury is [[mathematics|mathematically]] unsustainable in a finite money token system. Due to the exponential [[equation]] used to calculate [[compound interest]], an [[infinite]] money supply is required. Short term usury is destructive, as well, since a portion of [[debt]]ors must default because enough money never exists for all to repay their debt and interest. Gain from usury is also subject to an [[excise tax]].

In the United States, most states have usury laws limiting interest rates. However, since 1933, only Federal Reserve Notes have circulated as current monies. By law, they are obligations to pay lawful money on demand (see Title 12 USC sec 411). But Congress repudiated that obligation in House Joint Resolution 192, June 1933, thus making said notes worthless (no par value).  

In the [[United States]], most [[state]]s have usury [[law]]s limiting [[interest rate]]s. However, since 1933, only [[Federal Reserve]] Notes have circulated as current monies. By law, they are obligations to pay lawful money on demand (see Title 12 USC sec 411). But [[Congress]] repudiated that obligation in House Joint Resolution 192, June 1933, thus making said notes worthless (no par value).  

Though most contracts and taxes are denominated in dollars, due to widespread participation in Social Security (national socialism), Federal Reserve Notes are legal tender at face value. Obligated parties (participants) must accept their own notes as tender in discharge of debt. Due to usury, the national debt is in excess of 15 trillions (December 2011), underwritten by the millions of voluntary contributors of national socialism.

Though most [[contract]]s and [[tax]]es are denominated in dollars, due to widespread participation in [[Social Security]] (national socialism), Federal Reserve Notes are [[legal tender]] at face value. Obligated parties (participants) must accept their own notes as tender in discharge of debt. Due to usury, the national debt is in excess of 15 trillions (December 2011), underwritten by the millions of voluntary contributors of national socialism.

This area of law is complex, particularly since, during the period of high [[inflation]] in the 1970s, the Federal government passed a law exempting national banks from state usury laws. Every state has its own usury law setting a maximum rate of interest that may be lawfully charged.<ref>http://www.lectlaw.com/files/ban02.htm</ref>

This area of law is complex, particularly since, during the period of high [[inflation]] in the 1970s, the Federal [[government]] passed a law exempting national [[bank]]s from state usury laws. Every state has its own usury law setting a maximum rate of interest that may be lawfully charged.<ref>http://www.lectlaw.com/files/ban02.htm</ref>

In many states the "legal rate of interest" may be 6%, but this only applies to rare situations and certainly does not mean that home mortgages at higher rates, or credit card finance charges (often as high as 18%, and even higher for dealings between companies), are illegal.

In many states the "legal rate of interest" may be 6%, but this only applies to rare situations and certainly does not mean that home [[mortgage]]s at higher rates, or [[credit card]] finance charges (often as high as 18%, and even higher for dealings between [[company|companies]]), are illegal.

== Usury in History ==

== Usury in History ==

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''Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury: Unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury: that the LORD thy God may bless thee in all that thou settest thine hand to in the land whither thou goest to possess it.'' Deuteronomy 23:19-20 (KJV)

''Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury: Unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury: that the LORD thy God may bless thee in all that thou settest thine hand to in the land whither thou goest to possess it.'' [[Deuteronomy]] 23:19-20 (KJV)

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(If he beget a son that) ''Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him.'' Ezekiel 18:13 (KJV)

(If he beget a son that) ''Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him.'' [[Ezekiel]] 18:13 (KJV)

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The [[New Testament]] also refers to usury, sometimes indirectly:

The [[New Testament]] also refers to usury, sometimes indirectly:

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''Then he which had received the one talent came and said, Lord,I knew thee that thou art an hard man, reaping where thou hast not sown,and gathering where thou has not strawed: And I was afraid, and went and hid thy talent in the earth: lo, there thou hast that is thine. His lord answered and said unto him, Thou wicked and slothful servant, thou knewest that I reap where I sow not, and gather where I have not strawed: Thou oughtest therefore to have put my money to the '''exchangers''', and then at my coming I should have received mine own with '''usury'''.'' Matthew 25:24  

''Then he which had received the one talent came and said, Lord,I knew thee that thou art an hard man, reaping where thou hast not sown,and gathering where thou has not strawed: And I was afraid, and went and hid thy talent in the earth: lo, there thou hast that is thine. His lord answered and said unto him, Thou wicked and slothful servant, thou knewest that I reap where I sow not, and gather where I have not strawed: Thou oughtest therefore to have put my money to the '''exchangers''', and then at my coming I should have received mine own with '''usury'''.'' [[Matthew]] 25:24  

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''And found in the temple those that sold oxen and sheep and doves, and the '''changers of money''' sitting: And when he had made a scourge of small cords, he drove them all out of the temple, and the sheep, and the oxen; and poured out the changers' money, and overthrew the tables;'' John 2:14 (KJV)

''And found in the temple those that sold oxen and sheep and doves, and the '''changers of money''' sitting: And when he had made a scourge of small cords, he drove them all out of the temple, and the sheep, and the oxen; and poured out the changers' money, and overthrew the tables;'' [[John]] 2:14 (KJV)

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Because of this Biblical condemnation, Christians were forbidden to lend money for interest for centuries. [[Dante's Inferno]] places usurers in the seventh circle of [[Hell]], along with [[blasphemy|blasphemers]] and [[homosexuals]]. In [[The Renaissance|Renaissance]] society, the only people allowed to charge interest were [[Jew]]s, which often led to resentment as the Jews were enriched by their shrewd financial activity. However, Christian thinking on this subject has changed, and almost all Christians now either lend their money for interest, or have an account in a [[bank]] which does it for them. The last Christian denomination to remove the ban on usury was the Roman Catholic Church, in 1918.

Because of this [[Bible|Biblical]] condemnation, [[Christian]]s were forbidden to lend money for interest for centuries. [[Dante's Inferno]] places usurers in the seventh circle of [[Hell]], along with [[blasphemy|blasphemers]] and [[homosexuals]]. In [[The Renaissance|Renaissance]] society, the only people allowed to charge interest were [[Jew]]s, which often led to resentment as the Jews were enriched by their shrewd financial activity. However, Christian thinking on this subject has changed, and almost all Christians now either lend their money for interest, or have an account in a [[bank]] which does it for them. The last Christian denomination to remove the ban on usury was the [[Roman Catholic Church]], in 1918.

== References ==

== References ==