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What society invented compounding interest on money lent?

 
Freethinker
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11/29/2009 12:13 PM
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What society invented compounding interest on money lent?
I have been curious about this for a few days.

Who invented compound interest on debt?
Freethinker (OP)

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11/29/2009 12:55 PM
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Re: What society invented compounding interest on money lent?
bump
Anonymous Coward
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11/29/2009 01:03 PM
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Re: What society invented compounding interest on money lent?
Israel?
Anonymous Coward
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11/29/2009 01:07 PM
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Re: What society invented compounding interest on money lent?
INTEREST
The Hebrew word neshekh is from a root which means "to bite"; thus interest is "something bitten off."

COMPOUND
to put together (parts) so as to form a whole.

So compound interest is to take enough bites to consume the whole thing?

As for your question... <shrug>
B4DAWN

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11/29/2009 01:08 PM
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Re: What society invented compounding interest on money lent?
I am not sure if it was compounded interest, my understanding is the Rothchilds with links to The Knights Templars that go way back to Solomans temple. They protected the road to the temple so people could pay their taxes, tithes, etc. at the temple - which today is The Federal Reserve. That is my understanding of the situation. You would have to do your own research, or maybe someone else has something to add, or subtract.
Anonymous Coward
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11/29/2009 01:08 PM
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Re: What society invented compounding interest on money lent?
Jews in Europe.
DaJavoo

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11/29/2009 01:29 PM
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Re: What society invented compounding interest on money lent?
The Sumerians.

Mankind has been at it a very very long time.


>>Over 4000 years ago the Sumerian merchants of Babylon and Nineveh recorded bills, receipts and promissory notes in cuneiform script on clay tablets. They drew up multiplication tables and tables of reciprocals, squares, cubes and exponentials, and used them to calculate compound interest and mortgage repayments. A clay tablet now in the Louvre tackles the problem of finding how long it will take a sum of money to double at an interest rate of 20%. <<

[link to plus.maths.org]
:DJrebelli:
Anonymous Coward
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11/29/2009 01:32 PM
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Re: What society invented compounding interest on money lent?
The Sumerians.

Mankind has been at it a very very long time.


>>Over 4000 years ago the Sumerian merchants of Babylon and Nineveh recorded bills, receipts and promissory notes in cuneiform script on clay tablets. They drew up multiplication tables and tables of reciprocals, squares, cubes and exponentials, and used them to calculate compound interest and mortgage repayments. A clay tablet now in the Louvre tackles the problem of finding how long it will take a sum of money to double at an interest rate of 20%. <<

[link to plus.maths.org]
 Quoting: DaJavoo

Some of those records go back to around 3,000 BC, Daj, so its been more like 5,000 years ago the curse of Compound Interest, which was at one time termed Usury, has been with the Human race. In some ways Compound Interest is the perfect Golem, as you don't have to feed it much and it does most of the work for you.
Anonymous Coward
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11/29/2009 01:38 PM
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Re: What society invented compounding interest on money lent?
[link to www.heretical.com]
Anonymous Coward
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11/29/2009 01:38 PM
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Re: What society invented compounding interest on money lent?
Abraham's father was a high priest in Ur.
Ur was supposedly the Sumerian city where usury began.
Anonymous Coward
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11/29/2009 01:40 PM
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Re: What society invented compounding interest on money lent?
FEDERAL RESERVE BANK OF ST. LOUIS

Usury laws have been traced back to the dawn of
recorded history. Both legal and religious restrictions
on interest charges were imposed in ancient times.2
The early Babylonians permitted credit but limited
the rate of interest. One of the earliest writings of the
Bible (Deuteronomy 23:19-20) stated, “Thou shalt not
lend upon usury to thy brother, . . . Unto a stranger
thou mayest lend upon usury; but unto thy brother
thou shalt not lend upon usury ....“ In the New
Testament (Luke 6:35) the admonition was broadened
lend freely, hoping nothing thereby.”
In Greece, Aristotle considered money to be sterile,
and that the breeding of money from money was
unnatural and justly hated. During the period of
the Roman Republic, interest charges were forbidden,
but they were permitted during the time of the Roman
Empire.

During the early Middle Ages religious leaders
treated the subject niore thoroughly, and reached the
same conclusion — that interest on loans was unjust.
The exploitation of the poverty-stricken by rich and
powerful creditors who lent money at interest was
considered sinful to the Christians of that period, who
stressed humility and charity as among the greatest
virtues and played down the value of earthly goods.
Secular legislation responded to the Church’s influence
and, in general, interest charges and usury were regarded
as synonymous.~

The increase in economic activity and expansion
of personal freedom that came with the Renaissance
forced modifications in the prevailing views concerning
interest rates. Recognizing that man was imperfect,
Martin Luther and other 15th century reformers
began to concede that creditors could not be prevented
from charging interest. In the 16th century
John Calvin rejected the scriptural basis for interest
prohibition on grounds of conflicting interpretations
and changed circumstances, but still advocated some
control.

more:
[link to research.stlouisfed.org]




........

History of the Term


Wayne A.M. Visser and Alastair McIntosh provide a short, scholarly summary of history of this term in "A Short Review of the Historical Critique of Usury".1 The religious prohibition against usury is found in all of the world religions. The first recorded use of the term "derives from the Vedic {basically, Hindu - e-hadj} texts of Ancient India (2,000-1,400 BC) in which the "usurer" (kusidin) is mentioned several times and interpreted as any lender at interest." The Christian tradition is found in Luke 6: 34-35: "And if ye lend to them of whom ye hope to receive, what thank have ye? for sinners also lend to sinners, to receive as much again. But love ye your enemies, and do good, and lend, hoping for nothing again; and your reward shall be great, and ye shall be the children of the Highest: for he is kind unto the unthankful and to the evil.". However, the biblical usury theme borrows strongly from Judaism. Visser and McIntosh remark, "The Hebrew word for interest is neshekh, literally meaning "a bite" and is believed to refer to the exaction of interest from the point of view of the debtor." Perhaps the most famous literary reference to usury is Shakespeare's The Merchant of Venice, although I fear the Bard took the Hebrew for "bite" a bit too literally...

More recently, usury has generally been interpreted in both the religious and secular context to refer to the undesirable practice of lending at excessive rates, rather than as a ban on all interest-based lending. The exception is current-day Islam, and the growing practice of Islamic Banking.2

Many legal jurisdictions have usury laws that function to limit the amount of interest creditors may charge. In spite of the popularity of such laws for consumer advocates, these laws have been on the books in one form or another for ages, and owe their origin to the religious heritage of the word. One way to conceptualize this difference is, in the context of contemporary consumer protection, the debtor is the victim of usury and the creditor is the perpetrator; whereas in the Christian religious context, both the creditor and the debtor are harmed by usury; the creditor (or more accurately, his soul) is harmed because the worldly lure of interest perverts the Christian spirit of altruistic charity. Discussion of the economic implications of usury laws is addressed adequately by the interest node.

[link to www.everything2.com]

.
Anonymous Coward
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11/29/2009 01:52 PM
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Re: What society invented compounding interest on money lent?
inte = not
rest = a state of motionlessness

compound = intensify

Intensify the lack of rest



This event only deepened my convictions.
Freethinker (OP)

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11/29/2009 07:10 PM
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Re: What society invented compounding interest on money lent?
inte = not
rest = a state of motionlessness

compound = intensify

Intensify the lack of rest



This event only deepened my convictions.
 Quoting: Anonymous Coward 825270

your intuition serves you well.
Freethinker (OP)

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11/29/2009 07:11 PM
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Re: What society invented compounding interest on money lent?
thanks for the information on this thread by the way. You guys are dependable!
Anonymous Coward
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11/29/2009 07:19 PM
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Re: What society invented compounding interest on money lent?
Um Babylon, and that is the mystery Babylon in the Bible that is going to be taken out by the Anti-christ. Everyone will be happy and follow the AC because of it.
Freethinker (OP)

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11/29/2009 07:23 PM
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Re: What society invented compounding interest on money lent?
Um Babylon, and that is the mystery Babylon in the Bible that is going to be taken out by the Anti-christ. Everyone will be happy and follow the AC because of it.
 Quoting: Anonymous Coward 827967

hmmmm
rappingjew806records
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09/24/2012 10:26 AM
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Re: What society invented compounding interest on money lent?
bump

hi, yall
been doing a study on some of the laws in the torah, and i considered tithing as a "form of good usury".

explanation:
God gave us the tree and the animals to eat.
He did not charge us "upfront" like when you buy meat at the store, because we had no way to pay him. So he says....you owe me...but you don't owe me the whole thing upfront, just give me a "tenth" of the whole value. So in a way you essentially have a "forever debt of a tenth".


Now if Satan comes around and tempts "you" to tempt your brother to give "you" the "tenth" instead of giving the "tenth" to God, eventually "you" will get rich(Abraham rich, many animals, gold & silver(before established banking)).....now your movtives for doing things will change like King Saul changed. Your motives will be for "unjust gain".......COVETing what's not yours. the "tenth" belongs to God...but men have coveted it and have made it theirs.
Anonymous Coward
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01/07/2013 08:53 AM
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Re: What society invented compounding interest on money lent?
bump
Visitor
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01/07/2013 09:39 AM
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Re: What society invented compounding interest on money lent?

bump

hi, yall
been doing a study on some of the laws in the torah, and i considered tithing as a "form of good usury".



Tithing was commanded to support the Levitical priesthood. It was primarily an agricultural offering.

Usury was not to be charged to the poor or laid upon your brethren. However you were allowed to receive interest on your investments.
Anonymous Coward
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01/07/2013 10:04 AM
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Re: What society invented compounding interest on money lent?
good question OP
Anonymous Coward
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01/07/2013 10:22 AM
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Re: What society invented compounding interest on money lent?
china, silk road, look it up.
Anonymous Coward
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01/07/2013 10:42 AM
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Re: What society invented compounding interest on money lent?
i dont mind interest on private transactions.

interest on the publics money is criminal.
Fatstogie
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01/07/2013 10:45 AM

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Re: What society invented compounding interest on money lent?
Making money with money instead of production is garbo. The concept of interest is garbo. Even in private transactions. Interest is the imbalance.
1³+1(infinity)=Christ

Why are you so fucking stupid?
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01/07/2013 10:51 AM
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Re: What society invented compounding interest on money lent?
china, silk road, look it up.
 Quoting: Anonymous Coward 31624945


i hate half assed replies like these...
either write a real response or say nothing.
don't make laziness inspired insinuations.
thank you.
Vlad Tepes

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01/07/2013 10:59 AM
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Re: What society invented compounding interest on money lent?
Who invented compound interest on debt?
 Quoting: Freethinker


Satan.
Sol Dominvs Imperi Romani
Imperium Romanum Sacrum
In Varietate Concordia
Halcyon Dayz, FCD
Contrarian's Contrarian

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01/07/2013 12:01 PM

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Re: What society invented compounding interest on money lent?
One that knows arithmetic.

Not compounding interest means losing money on long-term debt.
Without it long-term debt simply wouldn't exist, so raising capital for new business ventures could only be done by people who already have lots of money.
book
Hatred is a cancer upon the world.
It rots the mind and blackens the heart.


Hi! My name is Halcyon Dayz and I'm addicted to morans.
huh
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01/07/2013 01:07 PM
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Re: What society invented compounding interest on money lent?
One that knows arithmetic.

Not compounding interest means losing money on long-term debt.
Without it long-term debt simply wouldn't exist, so raising capital for new business ventures could only be done by people who already have lots of money.
book
 Quoting: Halcyon Dayz, FCD


wow you are stoopid, think next time

Joseph P Farrell wrote a great book - Babylon's Banksters - which explains it all. superb read
Halcyon Dayz, FCD
Contrarian's Contrarian

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01/07/2013 08:43 PM

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Re: What society invented compounding interest on money lent?
One that knows arithmetic.

Not compounding interest means losing money on long-term debt.
Without it long-term debt simply wouldn't exist, so raising capital for new business ventures could only be done by people who already have lots of money.
book
 Quoting: Halcyon Dayz, FCD

wow you are stoopid, think next time
 Quoting: huh 1572549

Such a well reasoned rebuttal.

It's quite simple, if lenders didn't compound interest their money wouldn't yield the income it would have if they had borrowed it to someone else short term, or had invested it themselves.
Why would you not want to maximise the return on your investments?
It is what pays for your pension-fund and your savings account.
How are you going to buy a house if borrowing such a large sum over such a long term is going to cost the lender?

Simpler: interest you haven't paid yet is a loan.

Joseph P Farrell wrote a great book - Babylon's Banksters - which explains it all. superb read
 Quoting: huh 1572549

Argument by proxy?

If you don't understand it enough to explain it in your own words how can you even know it makes sense?
book
A theologian? Really?
Hatred is a cancer upon the world.
It rots the mind and blackens the heart.


Hi! My name is Halcyon Dayz and I'm addicted to morans.
Anonymous Coward
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01/07/2013 08:54 PM
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Re: What society invented compounding interest on money lent?
The sumarian swindle
[link to archive.org]
The best read since confessions of an economic hitman and
Creature from jekel island.

The Koran forbids interest and is why Muslims are vilified by the media, imo
Anonymous Coward
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01/07/2013 08:59 PM
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Re: What society invented compounding interest on money lent?
To charge interest is to ask for currency that was never created. In our current system, to pay off all debt would be to eliminate all currency yet still owe all the interest ever charged. Its why we must increase the debt ceiling or default. This is bankruptcy by design.
Anonymous Coward
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01/07/2013 09:03 PM
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Re: What society invented compounding interest on money lent?
To charge interest is to guarantee inflation and or default. Its why collateral is the banks greatest asset. Wealth confiscation without working a day in their lives.