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1. Love Thine Enemies (December 2006) 2. Prophecy and Free Will (March 2007) 3. The Sin of Interest (March 2007) 4. Law and Justice (April 2007) 5. Cooperation and the Silent Wars (May 2007) 6. Forgiveness (June/July 2007) 3. The Sin of Interest (March 2007)  The rich ruleth over the poor, and the
borrower is servant to the lender. – Proverbs 22:7Historical the charging of interest on loans was considered, at the very least, immoral if not a transgression against the laws of God. This repugnance to interest stems from both the religious view that charging interest, especially exorbitant interest, was a sin, and the moral standpoint that interest was a flagrant expression of greed. According to the Laws of Moses the charging of interest on loans is a sin. Although like many statement in the Bible, if taken literally, the quotations can be interpreted in different ways (that is why there were so many lawyers!). We read in Exodus 22:25 “If you lend money to my people, to the poorest among you ---- you shall not extract interest from them.” But in Deuteronomy 23:20 “On loans to a foreigner you may charge interest, but on loans to another Israelite you may not charge interest.” There are other quotations, mostly in the Old Testament, that generally condemn interest and in the Sermon on the Mount Jesus emphasised that one should lend without concern for a return – or even repayment. However those who support the principle of interest would be quick to quote the Parable of the Talents, which is the story of a servant who did not increase the money given to him by his master. "But his master replied, 'You wicked and lazy slave! You knew, did you, that I reap where I did not sow and gather where I did not scatter? Then you ought to have invested my money with the bankers, and on my return I would have what was my own with interest’” (Mathew 25:27) Nevertheless in early times Christianity forbade interest charging in general, and in fact from 1179 those who practised it were excommunicated. Judaism followed the commandment not to charge interest to fellow Israelites. Later Islam, following the teachings of Mohammed, also forbade the imposition of interest. In the English speaking world a key change was for the permission to charge interest by an Act of Henry VIII in England in 1545. Nowadays of the three religions it appears that only Islam continues to ban the practice. Since the time of Henry VIII the acceptance of interest charging has permeated throughout the Western world although up until recent times most Western governments imposed controls on credit and strict limits of the amount of interest that could be charged and usury, in the sense of exorbitantly high rates of interest, was often illegal. Nowadays, at a time of globalisation, deregulation, free trade and ‘letting market forces prevail,’ we see very little control and regulation of credit and interest. In fact a number of Governments are in on the game by setting up schemes to loan money to young people for their education. From a moral standpoint the denunciation of interest charging is based on the principle that it is an imposition of the rich on the poor. It is the rich who have the money available to lend and who extract interest from the poor whose only way of repaying the interest as well as the principle, is by working for the money which brings about a form of economic slavery. It is considered morally unjust that by merely having money the moneyed people can live and prosper without having to work and still retain the money they have. As an example: Bill has an inheritance of $1 million and lends the money at 6% interest to Fred. Bill now receives $60,000 a year so does not need to work for a living and at the same time he retains ownership of the $1 million. What is happening here is that Fred is now working as an economic slave to Bill to the amount of $60,000 a year until the loan is repaid. The amount of time Fred must spend in this slavery will depend on Fred’s capacity to earn money. In reality Bill will probably place the money in an interest bearing account with a bank or other lending institution in which case ‘Fred’ may be a number of borrowers who each would be mortgaged for some time working to pay Bill his interest. Another reason given for denouncing interest is that the poorer one becomes the greater the amount of interest one is charged. One may argue that lenders must be able to cover inflation and risks which can eat away at one’s capital and would therefore justify interest. If the interest was only used to cover this inflation then there would be little cause for concern. I recently witnessed a loan from one of our ‘money shops’ in which the interest rate was 29.95% per annum on top of various administration charges which, if included with the actual interest charged would amount to the equivalent of 69% per annum interest! These rates are by no means uncommon and these lending institutions charging these rates target the poorest section of our community. What is becoming of great concern these days is that ethics seem to be disappearing from much of our business world where greed is no longer considered a vice but a virtue. If Scrooge was conducting his business today it would be under the banner of ‘Scrooge Limited’ and as a company would receive accolades for business excellence. Banks in particular, the backbone of our finance industry used to be looked up to for their integrity and business ethics however we now observe the major banks being involved in shady deals and illegal overcharging in the frantic efforts to satisfy their shareholders insatiable appetites for profits. It is interesting to note that while in general Western governments have taken an attitude of ‘laissez faire’ to commerce in general, when it comes to controlling inflation, the governments are very much involved. Inflation in the main has the least effect on the lower income working class, particularly where wages tend to rise in line with prices. Those most affected are the rich, particularly those with large cash assets and money invested in loans. As our opening quote from Proverbs states, ‘The rich ruleth over the poor” so it is these people who have ensured that governments do everything possible to curb inflation and thus preserve the wealth of the affluent. Yet it is this very matter of charging interest charged by those affluent people that puts a constant inflationary pressure on the value of money. While the above comments only briefly touch on a subject of interest, which can be quite a complex issue, I trust the foregoing with leave you with food for thought. Our current economic system has a number of intrinsic flaws, and the negative results of our present policies on interest need to be addressed if we are to curb the widening gap between the haves and have nots and the inability of the wealthy countries to address the basic needs of much of the world’s population. From Edgar Cayce What did Edgar Cayce have to say about interest? I have found no direct reference to the interest charging in the readings but this may simple be explained by the fact that he was never asked about the subject. He did however give readings on world affairs and economics. As to how can things be changed Cayce stated: Hence each would ask, then: "What must I do about it; not what shall this, that or the other ruler, other office holder, or the other individual do" but each should ask, “What must I do about the economic conditions in which we find ourselves?" So live each day, each hour, as to put into practice those precepts, those influences in thine own life, and in the life of all you contact day by day. In all comes down to the following of the great commandment ‘to love one another.’ How can one love your neighbour and at the same time cause him to be economically oppressed? He that says he loves God and sees his neighbour in need of food or a coat, and says "Go in peace - God be with thee," and does nothing about it, is a liar and a thief, wherever he may be; is false to self and will one day create those things that will bring discontent and disputations in the earth. 3976-1 We are not to be greedy, we are not to worship money: In the very nature, though, of a nation, a people, there are some fundamental principles upon which the economic and the soul life of a nation must be founded, if such a people, such a nation, is to remain true to that which is the birthright of every soul; to pursue that which will give it as an individual the right to manifest that it would worship in its Creator. For, the first law that has been given to man from the beginning is: "Thou shalt have no other gods before me." And when man has faltered, has altered that, which has deprived others from giving expression to that birthright, that command that has come to man throughout the ages, then there arises that which creates those things that are the fruits of the evil influences that are in the earth. Such as: Hate, jealousy, avarice, and the like. These make for the creating of those conditions in all walks of life for power, for position, for the love of money and that it will bring in its associations in the lives of individuals. And, as there has been just this experience in the affairs of the nation as a nation, the nation as a nation is passing through that period when each soul must turn to that thought within of what is its relation to the Creative Forces in its experience; and each soul must ask itself what it as a soul is going to do about that command that was given, and that is the privilege of every soul; to show forth that very law of love that is the birthright of every soul. For, with that command has come ever that to which mankind may expect to find himself reduced when he has forgotten that which is his FIRST duty, and the second which is likened unto it; "Thou shalt love thy neighbour as thyself." One cannot separate the economics of a country form the other aspects of our lives: all are free, all are equal before God. The social order, the religious order, the economic order must all be for ONE God! For, know that the Lord thy God is ONE! B.D.A. 1. Love Thine Enemies (December 2006) 2. Prophecy and Free Will (March 2007) 3. The Sin of Interest (March 2007) 4. Law and Justice (April 2007) 5. Cooperation and the Silent Wars (May 2007) 6. Forgiveness (June/July 2007) |
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