Governments around the world are near to the solution of eradicating poverty. World rejoice. Exterminate poor people what best way there is, in Britain, in Europe, in USA all have laid out their illustrious plans, budget cuts name it and along with governments, myriad entrepreneurs scrutinize elaborate schemes, steadfast on the tracks of making poverty history. Constantly checking up in their records the rate of success, the poor extermination rate and on the other side what goes hand-in-hand with, their record on their success of making money. Their annual returns of revenue match step-by-step with how many individuals have sent to an early grave. Eradicating poverty? Problem solved.
From the front-runners micro-lending, their reach worldwide. What its inventor has started, was taken up to new heights. Its creator Muhammand Yunus, recipient of the 2006 Nobel Peace Prize, unaware of what he has unleashed upon this earth, the weapon to feed the unquenched voracious appetite of the making more-and-more money accolytes that would drive deeper and deeper into despair individuals around the globe till they can not take any more, they could not stretch their boundaries any further and will bounce back with such a force, a tsunami that would lead to their demise.
The new heights of entreprneurship WONGA in Britain. It charges a typical 2689% APR, and though they are explaining, the reason for charging such an exorbitant APR, reveal the inner workings of societies engrossed in the path that leads to devoted on-the-know practioners, shrewd entrepreneurs in ammassing unreal fortunes.
They are taking compounding of interest to its extremes, every service offered in annualised rate of charge, compounded by the hour or even at increments smaller than an hour, there are barely any limits, to yield astronomical returns when annualised! All for the sake of a constant pursuit of making more and more money.
As the loan period gets shorter, the more times you have to multiply and compound interest to make it into a theoretical annual figure what reveals the underlying scam, what is responsible for the plight of countries worldwide, the crisis they are in, what makes the world a haven for lawnsharks, whether these are small-time WONGA lawn sharks or big-time sovereign lenders, compounding interest.
That is what is quoted in wikipedia, regarding the history of compound interest.
"Compound interest was once regarded as the worst kind of usury, and was severely condemned by Roman law, as well as the common laws of many other countries. [2]
The Qur'an explicitly mentions compound interest as a great sin. Usury (oppressive interest), known in Arabic as "riba", is considered wrong:
“ O ye who believe! Devour not usury, doubling and quadrupling (the sum lent). Observe your duty to Allah, that ye may be successful. ”
— Qur'an 3:130
In one passage, the Bible addresses the charging of interest in the following manner:
“ Take no usury or interest from him; but fear your God, that your brother may live with you. You shall not lend him your money for usury, nor lend him your food at a profit. ”
— Leviticus 25:36-37"
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