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What society invented compounding interest on money lent?

 
Anonymous Coward
User ID: 32585270
Germany
01/22/2013 06:03 AM
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Re: What society invented compounding interest on money lent?
bUmP
niphtrique

User ID: 14748444
Netherlands
01/22/2013 06:23 AM

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Re: What society invented compounding interest on money lent?
Interest causes wealth to concentrate as the poor pay interest to the rich. Interest can be seen as a tax on poverty to the benefit of the rich. Interest disrupts the flow of money in the economy and causes economic crises. Therefore an interest based economy is inefficient. The following example demonstrates this and also that interest on money is unsustainable in the long run:

If someone brought a 1/10 oz gold coin to the bank in the year 1 AD, and the money remained there until the year 2000 AD, collecting a yearly interest of 4%, the amount of gold in the account would have been 3.6 * 10^31 kilogramme of gold weighing 6,000,000 times the complete mass of the Earth.

If interest is charged on a limited scale or over a short timeframe then those problems do not surface. Over time it is inescapable that it reduces large numbers of people to a state of servitude to the money lenders. This is a long term development that transcends the life span of a human. Interest is the main reason why a number of civilisations have failed and why Western civilisation is about to fail. Therefore all interest is usury and the current financial system is a usury financial system.

In order to get rid of interest on money a holding fee on money is needed otherwise there is no reward for the risk of lending out money at 0% interest. Because money with a holding fee circulates in the economy no additional debts or money printing are needed to energise the economy. The economy will do well by itself so there is no need for government intervention. There will be no inflation so lending out money at 0% will be attractive.

More here:

[link to www.naturalmoney.org]
The Universe as a Virtual reality: [link to www.naturalmoney.org]
God is a Woman and Jesus was Her Husband: [link to www.naturalmoney.org]
Money of the Natural Economic Order: [link to www.naturalmoney.org]
The Natural Economy: [link to www.naturalmoney.org]
Anonymous Coward
User ID: 32797417
United States
01/22/2013 07:12 AM
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Re: What society invented compounding interest on money lent?
Is the trick to never give the correct answer?
Anonymous Coward
User ID: 32585270
Germany
01/22/2013 07:31 AM
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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
Ostria1

User ID: 29325791
Greece
01/22/2013 08:00 AM

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Re: What society invented compounding interest on money lent?
well if you think that the most ancient texts (both pictographs, cuneiforms, linear etc) we have found are for keeping track of property and trade...
Ostria