The Stock Market is 200% (debt exceeds cash) margin cash. It will drop like a stone if that's all called in whilst "cash-on-the-side/cash-busy-elsewhere" doesn't pay it off with enthusiasm.

I've collected all the relevant figures I could find on money in the stock market, and put them in a txt file, and put that on the front page of my unused website:

Just the lending of money, funnily enough. I think of usury as parasitic rent seeking, i.e. earning income for literally doing nothing (which is not the same as profit-seeking). Prohibiting parasitism is half the spirit of prohibition of usury, the other half is the callous indifference that's implied by charging interest against your brother and neighbour.

Note I say brother and neighbour because in ancient Arabia, the world was a considerably smaller place than the contemporary mass-communication globalised mess. A lot of these religious morals have been taken forward by secular humanist thinkers and activists to exalt a kind of futile save-the-world mentality, which I do think is not a little vain, and reflects a certain kind of reluctance to accept one's mortality, or an ability to be honest and humble among one's peers to admit that you in fact don't hopelessly fall in love with every single person you happen to meet on the street or hear of on the news. I'm not saying you shouldn't in a certain sense love the world, but for heaven's sake, let us have some sobriety and perspective. Anyhow, this is getting very philosophical very quickly.

On the economics of usury: I read Marx but I'm most certainly not a Marxist by any means, and I'm even uneasy about Henry Georgian land reforms too, if you're familiar with them. It does make a good deal of sense in densely populated areas to tax or nationalize land, but if it's at all possible, people should be able to freely hold land without taxation, or draconian planning restrictions or anything like that.

Spare the countryside, that's what I say. A good deal of bad law is made by subordinating city and country under one body of law. In the ancient world this was not how things were done; the city would take care of the city, and the countryside would take care of the countryside.

This all might seem off-topic, but I tell you, all of this comes into question when you take on the task of defining very carefully what usury is. Being a landlord, or selling permissions to extract natural resource from private land, is in most cases usury, though it doesn't come under the biblical prohibition against money lending, because that's the only form of passive exploitation of the day. It takes the world's very sophisticated structures of law to invent ways of usury that go beyond lending out your gold coins.

I don't want to be critical of Islamic banks, because to the best of my knowledge, they TRY to supplant rent-seeking with profit seeking. Does it work? Well it is surely at least more moral than what we have now.


I mean if we are over the next few years about to be subjected to a series of angry far-left nutcase governments because of another financial crisis, then I do hope that when they begin their desperate search for alternatives to what they perceive as "capitalism" that someone will put in a good word for Islamic banking, because state-communism or anarcho-communism are not viable alternatives.

Collapses happen quicker than rises. The next financial crisis (and this may be the beginning of it) will occur with such rapidity and ferocity that mouths will be agape and reactions will be little more than frozen stares. Arguments over who might be to blame are, at best, silly, and actually, foolish. Raynor-Hills command of history and understanding of finance is extraordinary. HMK wants to believe that the FED's original mandate was [admirable]. Truth be told, the FED was created by Eastern bankers to control wildcat Western bankers who were making a fortune that they weren't able to participate in unless they they could halt the spread of independent banking. And they did. John Maynard Keynes helped them convince Congress that borrowing and spending was preferable to saving and producing. It all worked for about a century. But a century is not a long time in the grand scheme of things. Deflation is the classical economist's best known weapon... and they don't actually have to wield it, it wields itself with reckless abandon. It's only target is debt. Once debt is eliminated it sheathes itself. How long the weapon will attack the current global debt bubble is yet to be determined. But be assured, the debt-seeking sword will hack away until most debt is gone, be it years or decades. Those that understand can actually protect themselves, those that don't... well, the world will be very different place for them when the ravage is over.

Ten might be pushing it, R-H. :-)