Usury

45. Presentist history.

We have been victims of usury in the past; however, now we are oblivious to its potential implications as we willingly engage in it.

We view it from the perspective of the present.

…

“All knowledge that is about human society, and not about the natural world, is historical knowledge, and therefore rests upon judgment and interpretation. This is not to say that facts or data are nonexistent, but that facts get their importance from what is made of them in interpretation… for interpretations depend very much on who the interpreter is, who he or she is addressing, what his or her purpose is, at what historical moment the interpretation takes place.”

Edward Said

…

AI Created: Artificial Intelligence talking about Usury.

Me: Did usury ever take down a civilization?

ChatGPT (jan23):

Usury, or the charging of excessive interest on loans, has been a controversial issue throughout history and has been linked to the economic problems of many civilizations. It has been considered as a form of exploitation, particularly of the poor and vulnerable, and has been associated with the concentration of wealth and power in the hands of a small elite.

Throughout history, there have been examples of societies where usury has played a significant role in economic problems. In ancient Greece and Rome, usury was considered a moral issue and was often banned. However, it continued to be practiced by moneylenders, and the accumulation of debt by individuals and city-states was seen as a major contributing factor to the decline of these civilizations.

In medieval Europe, usury was also seen as a moral issue and was banned by the Catholic Church. However, it continued to be practiced by moneylenders, and the accumulation of debt by individuals and governments was seen as a major contributing factor to the economic problems of the time.

In more recent times, usury has been linked to the economic problems of developing countries, where predatory lending practices have been accused of exacerbating poverty and income inequality.

It’s important to note that while usury can play a significant role in economic problems, it’s not the only factor and it’s not always the main cause of the fall of civilizations. There are many other factors that contribute to the collapse of a civilization, such as environmental degradation, political instability, invasions and war, technological advancements and many others.

Me: It seems to me that once and awhile we seem to forget about usury (and its consequences). Is that a correct observation?

ChatGPT:

It is certainly true that the issue of usury and its consequences is not always at the forefront of public discourse. Throughout history, there have been periods where the topic of usury has been a contentious issue, and other times when it has been less prominent.

There are several reasons for this. One reason is that the issue of usury can be complex and may not always be well understood by the general public. It can also be influenced by cultural, religious, and economic factors, which can change over time.

Another reason is that the financial system and the way of lending and borrowing money has changed over time, making it more complex and harder for people to understand. In some cases, the interest charged on loans is not called usury anymore, but other terms are used, which might make it harder to recognize.

Also, the media and the political agenda can play a role in how much attention is given to certain issues. When other issues are more pressing, or when there is less public interest, the issue of usury may receive less attention.

It’s important to note that the consequences of usury can be severe, particularly for the poor and vulnerable, and it’s important to keep an eye on the issue, to be aware of the potential negative effects of high interest rates, and to advocate for policies that prevent the exploitation of the poor through usury.

Buy the AI a drink (in holofuel)

NFT

Extra:

Yes, it is correct to say that people sometimes forget about usury and its potential consequences. Despite its long history, usury is often overlooked or forgotten in today’s world, especially as banks and other financial institutions offer a wide range of products and services that are not necessarily associated with usury. However, it is important to remember that usury can have serious consequences, such as creating economic instability, inequality, and social unrest. For this reason, it is important to be aware of usury and the potential risks that it can pose. (oa)

Wikipedia:

Affiliate:

List of books:

  1. Debt: The First 5,000 Years by David Graeber
  2. The Ascent of Money: A Financial History of the World by Niall Ferguson
  3. The Shock Doctrine: The Rise of Disaster Capitalism by Naomi Klein
  4. The End of Alchemy: Money, Banking, and the Future of the Global Economy by Mervyn King
  5. Capital in the Twenty-First Century by Thomas Piketty

List of documentaries:

  1. Inside Job (2010)
  2. The Corporation (2003)
  3. The End of Poverty? (2008)
  4. Money for Nothing: Inside the Federal Reserve (2013)
  5. Betting on Zero (2016)

List of movies:

  1. The Big Short (2015)
  2. Margin Call (2011)
  3. Wall Street (1987)
  4. Too Big to Fail (2011)
  5. The Wolf of Wall Street (2013)

List of series:

  1. Dirty Money (2018-2020)
  2. Billions (2016-2021)
  3. Bad Banks (2018-2020)
  4. The Affair (2014-2019)
  5. Succession (2018- )

List of songs:

  1. Money by Pink Floyd
  2. Ain’t No Rest for the Wicked by Cage the Elephant
  3. Can’t Buy Me Love by The Beatles
  4. Gold Digger by Kanye West ft. Jamie Foxx
  5. Material Girl by Madonna

List of artworks:

  1. The Banker and his Wife by Quentin Matsys
  2. Drowning World series by Gideon Mendel
  3. The Currency series by Hank Willis Thomas
  4. One Dollar Bill by Andy Warhol
  5. Debt and Death by Kehinde Wiley

List of podcasts:

  1. Planet Money by NPR
  2. The Indicator by NPR
  3. Freakonomics Radio
  4. The Wealth of Nations by Adam Smith
  5. A History of Finance by Niall Ferguson

Purpose: to create a usury-aware AI

Would you agree…

#Usury #UsuryC #UC044 #UC045 #UC046

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