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Line 1: − + − − 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. − −
remove misguided attacks on fiat money that have nothing to do with usury
'''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]].
'''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 [[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).
In the [[United States]], most [[state]]s have usury [[law]]s limiting [[interest rate]]s. 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>
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 [[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.
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.