Usury In Our Time
Tuesday, October 31st, 2006by Don McCormick
Calvin Coolidge, the President of the United States between 1923 and 1929, said that the business of America is business. While that saying is not pregnant with meaning, it is an indication of a sickness which has spread to the rest of the world, and plagues the poor in our time. Mr. Coolidge rode high on a tide of speculation and investment, and he believed in the economic system built on investment with returns of money at a compound rate of interest. He was a fervent supporter of the life insurance industry. He probably thought himself to be a man like Alexander Hamilton or Benjamin Franklin. Historians treat these men kindly and regard them as wise in the disciplines of finance and the practical matters of money. But Mr. Coolidge was not like these men and he said it wrong: the business of America is not business, but usury. Business is the purchase and sale of goods to make a profit, and that is not the substance of what has been going on in our time. (more…)
