Wednesday, March 01, 2006
usu ry n
1. archaic :INTEREST
2. the lending of money with an interest charge for its use
3. unconscionable or exhorbitant rate or amount of interest specif interest in excess of a legal rate charged to a borrorer for the use of money
That will soon be extinct I fear. Why, because the "legal rate" charged is already usurious.
I understand addition and subtraction and multiplication and division. But interest?
How can something that "costs" $1 end up costing you $3, $4 or $5? Isn't 3 Threee times more than 1? Yet if payment on that $1 is "extended" for the maximum interest it's minimum payments compounded with interest charges soon even though you've been paying on that $1 object you now owe $2, and then payments on the $2 become $3. It makes no sense to me.
Credit doesn't make sense to me.
Credit means someone else is in control of your life.
We used to have currency backed by bullion, now it's backed by debt.
Everyone is afraid of cyber terrorists because it would "ruin" the economy by messing up the entire credit structure on which America is based Sometimes I sit and wonder if it wouldn't actually improve it.