Tuesday, January 5, 2010

Time for a debtors revolt!

There are a multitude of reasons why all cultures complex enough to have money have eventually resorted to sanctions against usury. In Christianity, usury was considered a more serious crime than murder for over 1200 years, the Koran forbids it, etc. It is a theme I will return to often.

Nothing would do the global economy more good than a coordinated crackdown on the practices of usury. And since it is damn unlikely that banksters will agree to regulation of interest rates out of the goodness of their hearts, the only way they will agree to restrictions is if they are forced to do so. And the only likely way they will be forced to change is through a revolt of the debtors.

Here's hoping this is a start.
Ben Pavone, California Lawyer, Refuses To Pay Bank Of America Credit Card, Threatens To Sue
Arthur Delaney (arthur@huffingtonpost.com)
Ben Pavone told Bank of America in a letter last week that he refuses to pay off his credit card debt until the bank lowers his interest rate. And, he added, if they try to ruin his credit, he'll sue 'em.
"They've got to have some kind of obligation to not totally extort the public," said Pavone.
The San Diego, Calif. attorney is angry about two things: his interest rate, which has gone up to 27.99 percent, and his credit limit, which has gone down to just above his balance. "I'm sure I'm going to be hit with penalties," he said.  more

1 comment:

  1. Jct: Usury isn't too high interest on cows or grain, it's interest on money or gold that doesn't have babies and creates a mort-gage death-gamble among borrowers like musical chairs with money.