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Unleashing Usury - How Finance Opened the Door to Capitalism Then Swallowed it Whole (Paperback)
Loot Price: R539
Discovery Miles 5 390
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Unleashing Usury - How Finance Opened the Door to Capitalism Then Swallowed it Whole (Paperback)
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Loot Price R539
Discovery Miles 5 390
Expected to ship within 12 - 17 working days
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Richard Westra argues that changes across the capitalist world at
the turn of the 21st century put into play a global financial
system which operates as a reincarnation of ancient usury. The book
reexamines the historical record to show how activities of
antediluvian money lending brought Western civilization to the
brink of collapse. Usury corrupted princes and kings by indulging
their conspicuous consumption. It forced them to bleed their
populations to fuel their possessive lust. And it fomented vicious
cycles of indebtedness in the wars it compelled. Money lending to
merchants spread the commercial economy that intervened between
producers and consumers driving populations into debt and
dispossessing them of their land. What saved Western civilization
was the rise of capitalism. Capitalism tamed the activities of
money lending, and endowed them with socially redeeming value. The
cost of borrowing was rationally set in money markets. Bank credit
was offered in anticipation of incomes generated by its determinate
use. All in all, capitalism tethered finance to expanding
production of material goods and increased social wealth. But, as
the 20th century drew to a close, with capital no longer scarce as
exemplified by the aimless bloating of varying categories of funds,
finance again turned to its dark side. With the disarticulating of
production through globalization, there existed no possibility for
bloating funds to ever be converted into real capital with
determinate, socially redeeming use. Instead, systemic rule changes
empowered big banks, big investment firms and finance wings of
giant corporations to unleash vast oceans of funds in a global orgy
of money games. However, the global financial system of casino play
can only operate akin to ancient usury. Wealth for the few is
expanded by expropriation and Himalayan levels of debt befalling
the many! Like usurers of old the new Merchants of Venice are
indifferent to how lent funds are used. And loan repayment is set
arbitrarily, often exacting such a high cost that the borrower is
ruined or forced to strive for the ruin of others. Big government
becomes the handmaiden sweeping as much debt under the public rug
as it can. Yet there is only so much in pounds of flesh left on the
bones of humanity. Greece is really just the hors d'oeuvre.
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