Religion and Money – On Creating New Money and Lending It at Interest by David Boyle




“. . . . the alternative economist James Robertson, who believes the hidden profit the banks are making in the UK just from creating money – by lending it into existence – probably amounts to around 20 billion poundsterling a year . . . . Creating money is a risky business if your client doesn’t pay it back, and it deserves some profit just for that – but because none of us is talking about this, the banks seem to be walking away with absolutely shedloads of the stuff.”

“. . . . should money be created with interest attached to it? ? widening the gap between rich and poor and probably adding to inflation in the meantime.”

“. . . . a decision by the highest court in Pakistan that charging interest on money is against Islamic law, and that the country has to adopt an interest-free money system. This isn?ft as bizarre as it sounds. Islamic banking, which charges no interest, is actually one of the fastest-growing new sectors even in the City of London ? taking joint ownership or charging fees instead of the usual way of doing things . . . .The truth may actually be that the real division is between those who are rediscovering spiritual values ? be they Christian or Islamic ? and the struggling world of modern economics, which clings to the belief that there is no such thing. Religious sensibilities are offended by the old idea of usury, though it had seemed to be a concept banished from the world by the idea of an amoral market ? but it seems to be returning to our consciousness.”

Full article at Resurgence Magazine

Keywords : money, interest, interest-free money system, religion
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