I assume you think you are a great mind because otherwise you think you can make a sophisticated guess about who are and who are not. If you do not believe in God that is fine with me, and all the other things you think I do not care. Interest definitely exists without money, because of the existence of productive capital. Money is not productive and therefore, money should not earn interest. Interest is associated with productivity.
Too bad that’s nonsense, and that the “therefore” isnt one at all.
Certainly greater than either Einstein or Keynes when it comes to economics.
Interest is associated with time preference and nothing more. Money is merely a medium of exchange, a remedy for the lack of a double coincidence of wants and a remedy for uncertainty in virtue of its wide acceptance. Interest earned is in terms of money, not “on money”; might as well earn interest on wheat (or any good) lent out and then exchange it for money, as this is exactly what happens with money anyway, irrespective of whether it is in that particular order or not.
Even if you take that position you have to explain why usury was allowed to be charged to non-Jews in the OT. Further why the forbidding of interest carries forward into the NT with the locus of the kingdom of God not being a piece of land with the Israelites but in Church.
I assume you’ll ignore Hulsmann.
Correction: “someone set up us the bomb” ![]()
Here is something to think about:
If someone brought a 1/10 oz gold coin to the bank in the year 1 AD, and the money remained there until the year 2000 AD, collecting a yearly interest of 4%, the amount of gold in the account would have been 3.6 * 10^31 kilograms of gold. This is 1.9 * 10^27 cubic metres of gold weighing 317 times the complete mass of the Earth.
Interest on money is not sustainable. It will lead to economic collapse or the devaluation of the money unit. If you have the ability to see long term, you may see that interest on money needs constant growth which is not possible.
Rome lasted only 700 years. The money system was based on gold and silver. In the beginning Rome was able to expand, and therefore capital could grow faster than interest charges. But after 400 years the expansion was over, and slowly growing debt was becoming a drag on the economy. The government was permanently short of funds. The value of money was constantly devaluated. The military was also badly funded, and therefore other people could invade Roman lands. Debt was destroying Rome.
However the corn receipt money system in Egypt lasted more than 1,500 years without Egypt needing to expand.
you have missed the point. I suppose you have made this a lifetime habit. good luck to you.
you will need plenty of it.