Monday, March 30, 2009

Infinite Debt!

How did unlimited interest rate destroy the economy? Thomas Geoghegan speaks on Democracy Now.

"The Obama administration unveils its $1 trillion plan to buy toxic assets from banks and restore the financial system. But should we return to the way it was? We speak with Chicago lawyer Thomas Geoghegan about his new Harper’s Magazine cover story, “Infinite Debt: How Unlimited Interest Rates Destroyed the Economy.” Geoghegan writes, “We dismantled the most ancient of human laws, the law against usury, which had existed in some form in every civilization from the time of the Babylonian Empire to the end of Jimmy Carter’s term.” More....

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