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  • Just as the United States had managed to largely get rid of the problem of political corruption by making the bribery of legislators effectively legal (it was redefined as “lobbying”), so the problem of loan-sharking was brushed aside by making real interest rates of 25 percent, 50 percent, or even in some cases (for instance for payday loans) 120 percent annually, once typical only of organized crime, perfectly legal — and therefore, enforceable no longer by just hired goons and the sort of people who place mutilated animals on their victims’ doorsteps, but by judges, lawyers, bailiffs, and police.

    Speaker: David Graeber
    Source: Debt: The First 5,000 Years
    Rating:
    1 (1 vote)
    Posted: 10 Nov 2014 at 11:33 AM
    Posted By: Puck
    Comments: None... Be the first to comment!
    Tags: capitalism, corruption, government, greed, interest
    Shared By: 2 members; atahymasgeor, Puck