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We need a NATIONAL USURY LAW and we need it NOW! 10% NATION WIDE is MORE THAN FAIR to the THIEVING BANKS!
To me the state of Delaware represents the absolute worst of the #greed found throughout our #financial #system. I think South Dakota sucks too...
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Check this sh*t out...
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Wilmington has become a national financial center for the credit card industry, largely due to regulations enacted by former Governor Pierre S. du Pont, IV in 1981. The Financial Center Development Act of 1981, among other things, eliminated the usury laws enacted by most states, thereby removing the cap on interest rates that banks may legally charge customers. Many major credit card issuers, including Bank of America (formerly MBNA Corporation), Chase Card Services (part of JPMorgan Chase & Co., formerly Bank One/First USA), and Barclays Bank of Delaware (formerly Juniper Bank), are headquartered in Wilmington. The Dutch banking giant ING Groep N.V. headquartered its U.S. internet banking unit, ING Direct, in Wilmington. The United Kingdom's HSBC has their American operations headquartered in Wilmington. Wilmington Trust is headquartered in Wilmington at Rodney Square. Barclays and ING Direct have very large and prominent locations located along the waterfront of the Christina River. In 1988, the Delaware legislature enacted a law which required a would-be acquirer to capture 85 percent of a Delaware chartered corporation’s stock in a single transaction or wait three years before proceeding. This law strengthened Delaware's position as a safe haven for corporate charters during an especially turbulent time filled with hostile takeovers.
Wilmington's other notable industries include insurance (American Life Insurance Company [ALICO], Blue Cross and Blue Shield of Delaware), retail banking (including the Delaware headquarters of: Wilmington Trust, PNC Bank, Wachovia Bank, JPMorgan Chase, HSBC, Citizens Bank, Wilmington Savings Fund Society, and Artisans' Bank), and legal services. A General Motors plant was closed in 2009.[37] Delaware's only two remaining homegrown 2006 Fortune 1000 companies, E.I. du Pont de Nemours and Company and Hercules, both have their global headquarters in downtown Wilmington. This is two less than previous years due to the acquisition of MBNA by Bank of America, and Conectiv through Pepco Holding's subsidiary, Delmarva Power. In addition, the city is the corporate domicile of more than 50% of the publicly traded companies in the United States, and over 60% of the Fortune 500.
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And some #history on interest here...
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#Interest on borrowed funds has existed since ancient times, but interest was not always an acceptable means of conducting business. Religious groups in the Middle Ages—Jewish, Christian, and Islamic— forbade the use of interest, considering it reprehensible. Romans in ancient times also outlawed the practice of charging interest, as did the English government until the thirteenth century. In time, and with increasing demands for credit to support the growth of commerce and trade, a distinction was made between moderate interest rates and excessive interest rates. Chinese and Hindu laws prohibited excessive interest rates, known as USURY, and in 1545, England set a maximum rate of interest. Other countries followed England's practice. In the United States as of 2002, the payment of interest for loans is a widely accepted business practice, with illegal usury reserved for interest rates exceeding the maximums set by law.
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And here is a bit on the history of Usury...
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Usury (pronounced /ˈjuːʒəri/, comes from the Medieval Latin usuria, "interest" or from the Latin usura "interest") originally meant the charging of interest on loans. This included charging a fee for the use of money, such as at a bureau de change. After interest became accepted, usury came to mean the interest above the rate allowed by law. In common usage today, the word means the charging of unreasonable or relatively high rates of interest. The term is largely derived from Abrahamic religious principles; Riba is the corresponding Islamic term. The primary focus in this article is on the Christian tradition.
The pivotal change in the English-speaking world seems to have come with the permission to charge interest on lent money: particularly the 1545 Act 'An Acte Agaynst Usurie' (37 H.viii 9) of Henry VIII in England (see book references).
The First Council of Nicaea in 325, forbade clergy from engaging in usury[1] (canon 17). At the time "usury" meant simply interest of any kind, and the canon merely forbade the clergy to lend money on interest above one per cent per month. Later ecumenical councils applied this regulation to the laity.[1][2]
Lateran III decreed that persons who accepted interest on loans could receive neither the sacraments nor Christian burial.[3] Pope Clement V made the belief in the right to usury a heresy in 1311, and abolished all secular legislation which allowed it.[4] Pope Sixtus V condemned the practice of charging interest as "detestable to God and man, damned by the sacred canons and contrary to Christian charity."[4]
Theological historian John Noonan argues that "the doctrine [of usury] was enunciated by popes, expressed by three ecumenical councils, proclaimed by bishops, and taught unanimously by theologians."[2]
Usury (in the original sense of any interest) was at times denounced by a number of religious leaders and philosophers in the ancient world, including Plato, Aristotle, Cato, Cicero, Seneca,[9] Plutarch,[citation needed] Aquinas,[10] Muhammad,[11] Moses,[citation needed] Philo[citation needed] and Gautama Buddha[citation needed].[12]
For example, Cato in his De Re Rustica said:
"And what do you think of usury?" — "What do you think of murder?"
But one must always consider that usury, in historical context, has always been inextricably linked to economic abuses, mostly of the masses and of the poor; but sometimes of the financier and royalty, as bankrupt royalty has led to many a demise, thus frowning upon lending at interest or for a euphemistic "just profit"[clarification needed]. The main moral argument is that usury creates excessive profit and gain without "labor" which is deemed "work" in the Biblical context. Profits from usury are argued not to arise from any substantial labor or work but from mere avarice, greed, trickery and manipulation. In addition, usury is said to create a divide between people due to obsession with monetary gain. Most importantly, usury is the derivation of profit from biological time, which is linked to life, considered sacred, God-given and divine, leading to excessive worrying about money instead of God, thus subjugating a God-given sanctity of life to man-made artificial notions of material wealth.
Interest of any kind is forbidden in Islam. As such, specialized codes of banking have developed to cater to investors wishing to obey Qur'anic law. (See Islamic banking)
In England, the departing Crusaders were joined by crowds of debtors in the massacres of Jews at London and York in 1189–1190. In 1275, Edward I of England passed the Statute of Jewry which made usury illegal and linked it to blasphemy, in order to seize the assets of the violators. Scores of English Jews were arrested, 300 were hanged and their property went to the Crown. In 1290, all Jews were expelled from England, and allowed to take only what they could carry; the rest of their property became the Crown's. The usury was cited as the official reason for the Edict of Expulsion.
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Some religious reflections on usury
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God / Allah tried to warn us about this crap LONG AGO!
The Old Testament
From the King James Version
[Exodus 22:25] "If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury."
[Leviticus 25:36] Take thou no usury of him, or increase: but fear thy God; that thy brother may live with thee."
[Leviticus 25:37] Thou shalt not give him thy money upon usury, nor lend him thy victuals for increase."
[Deuteronomy 23:19] Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury: "
[Deuteronomy 23:20] Unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury: that the LORD thy God may bless thee in all that thou settest thine hand to in the land whither thou goest to possess it."
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Torah
Main article: Loans and interest in Judaism
The following quotations are from the Hebrew Bible, 1917 Jewish Publication Society translation:
If thou lend money to any of My people, even to the poor with thee, thou shalt not be to him as a creditor; neither shall ye lay upon him interest. (Exodus, 22:25[17])
And if thy brother be waxen poor, and his means fail with thee; then thou shalt uphold him: as a stranger and a settler shall he live with thee. Take thou no interest of him or increase; but fear thy God; that thy brother may live with thee. Thou shalt not give him thy money upon interest, nor give him thy victuals for increase. (Leviticus, 25:35-37)
Thou shalt not lend upon interest to thy brother: interest of money, interest of victuals, interest of any thing that is lent upon interest. Unto a foreigner thou mayest lend upon interest; but unto thy brother thou shalt not lend upon interest; that the LORD thy God may bless thee in all that thou puttest thy hand unto, in the land whither thou goest in to possess it. (Deuteronomy, 23:20-21)
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Qur'an
Main article: Riba
The following quotations are from the Qur'an:
Those who charge usury are in the same position as those controlled by the devil's influence. This is because they claim that usury is the same as commerce. However, God permits commerce, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgment rests with God. As for those who persist in usury, they incur Hell, wherein they abide forever (Al-Baqarah 2:275)
God condemns usury, and blesses charities.God dislikes every disbeliever, guilty. Lo! those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of usury, if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew. (Al-Baqarah 2:276-280)
O you who believe, you shall not take usury, compounded over and over. Observe God, that you may succeed. (Al-'Imran 3:130)
And for practicing usury, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers among them painful retribution. (Al-Nisa 4:161)
The usury that is practiced to increase some people's wealth, does not gain anything at God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold. (Ar-Rum 30:39)
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And this p*sses *me* off enough to make me want to (fill in the blank) government, banks and corporations alike
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Usury statutes in the United States
Each U.S. state has its own statute which dictates how much interest can be charged before it is considered usurious or unlawful.
If a lender charges above the lawful interest rate, a court will not allow the lender to sue to recover the debt because the interest rate was illegal anyway. In some states (such as New York) such loans are voided ab initio[24]
However, there are separate rules applied to most banks. The U.S. Supreme Court held unanimously in the 1978 Marquette Nat. Bank of Minneapolis v. First of Omaha Service Corp. case that the National Banking Act of 1863 allowed nationally chartered banks to charge the legal rate of interest in their state regardless of the borrower's state of residence.[25] In 1980, because of inflation, Congress passed the Depository Institutions Deregulation and Monetary Control Act exempting federally chartered savings banks, installment plan sellers and chartered loan companies from state usury limits. This effectively overrode all state and local usury laws.[26][27] The 1968 Truth in Lending Act does not regulate rates, except in the cases of some mortgages, but it does require uniform or standardized disclosure of costs and charges.[28]
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You can find much more on usury here...
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It is *my* opinion that we, the people (of the WORLD)have to put a stop to this long hated practice of abusive lending! Now is the time to DEMAND real change! All the talking heads in Washington, congress, government, the FED, the banks, the retailers/corporations are full of SH*T! 'They' have NO INTENTION of reining in the usurious practices of ANYONE! If anything at all 'they' will go OUT OF THEIR WAY to PROTECT these evil practices and their precious greedy corrupt financial system and debt/usury based economy.
'They' talk about financial reform but mark my words 'they' will not do SH*T to harm their precious banks or any other entity that STEALS money from Americans and uses it to pad the pockets and bank accounts of the elite!
F THEM! We want REAL CHANGE and we want it now!
We need a NATIONAL USURY LAW and we need it NOW! 10% NATION WIDE is MORE THAN FAIR to the THIEVING BANKS!
Greg
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