Is all profit generated by ANY interest rate 'usury'? Are there any legit Islamic banking banks operating?

Is all profit generated by ANY interest rate 'usury'?
Are there any legit Islamic banking banks operating?

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  1. 5 months ago
    Anonymous

    Didn't read the book. What's the graph of a convex function supposed to mean?

    • 5 months ago
      Anonymous

      Jensen's inequality

      • 5 months ago
        Anonymous

        It's real equality

  2. 5 months ago
    Anonymous

    that book was recommended to me by my "hip" professor who also followed Jordan Peterson back in the day but now say that guy is a fascist. Not gonna read it, sounds like Richard Dawkins level of crap. Anyways, all value is generated by work, read Marx.

    • 5 months ago
      Anonymous

      >Anyways, all value is generated by work
      How much value does making mud pies generate?

      • 5 months ago
        Anonymous

        Are their any economies that run on mud pies

        • 5 months ago
          Anonymous

          Haiti

      • 5 months ago
        Anonymous

        Brainlet
        All value is from work != All work creates value
        How about you pass intro to logic first before talking

    • 5 months ago
      Anonymous

      Profit is generated by Market, moron, if I chop wood, I can sell it for whatever price

      • 5 months ago
        Anonymous

        You're dumb and should read Marx even if you're a Capitalist.

    • 5 months ago
      Anonymous

      Taleb is some kind of Mediterranean supremacist now, right?

    • 5 months ago
      Anonymous

      >wealth needs work
      >therefore all value is generated by work
      >we need oxygen
      >therefore we are oxygen
      Marx was moronic, he comes up with all these oversimplifications and goes off on a tangent writing tomes about them, saying a lot without actually saying anything at all. Also you are for not noticing this.

      You learn more in a few pages in a text book explaining supply and demand than you do reading the entire manifesto and 3 volumes.

    • 5 months ago
      Anonymous

      All value is generated by doing less work.

    • 5 months ago
      Anonymous

      Theoretically speaking why don't marxists just measure the value of Labor in joules and then convert that into currency? I mean labor isn't some immaterial concept, it's work, we can measure work.

      • 5 months ago
        Anonymous

        Because the average Marxist is comoletely and utterly scientifically and mathematically illiterate.

  3. 5 months ago
    Anonymous

    I am assuming you're using the religious definition, in which case yes.
    However, that's not the full picture. Usury is denounced in general, but it's only explicitly prohibited under certain conditions.
    For example, money lent to an institution or organization is entirely permissible, since you are making interest off of an abstract entity rather than a person.

    And, ultimately, even the most ardent religious extremists recognize that usury is a foundation of contemporary financial systems. Rather than banning it outright, we should look to the negative consequences that the Bible condemns (e.g. people lending money to the desperate and then exploiting them) and work to prevent that through legal means.
    That being said, we should also strive to order society such that people can opt out of usury if their faith demands it - like the Amish do.

    • 5 months ago
      Anonymous

      >I am assuming you're using the religious definition, in which case yes.
      That's the only definition that really matters.
      > only explicitly prohibited under certain conditions.
      Bullshit. Islam and christianity explicirly forbid all types of interest on loans

      At the end of the day, I don't think Mohammed would have an issue with someone taking out a mortgage barring any Big Short shenanigans.
      It's more about loan sharks and got over-interpreted. Even if the religions are true, it's not like Jesus is going to get up there and start talking about fractional reserve banking and anyone would be able to understand, so it makes sense that people deferred to a stricter standard.

      >I don't think Mohammed would have an issue with someone taking out a mortgage barring any Big Short shenanigans.
      >It's more about loan sharks and got over-interpreted
      Wrong.

      At the end of the day, I don't think Mohammed would have an issue with someone taking out a mortgage barring any Big Short shenanigans.
      It's more about loan sharks and got over-interpreted. Even if the religions are true, it's not like Jesus is going to get up there and start talking about fractional reserve banking and anyone would be able to understand, so it makes sense that people deferred to a stricter standard.

      >Even if the religions are true, it's not like Jesus is going to get up there and start talking about fractional reserve banking
      He said what he needed to about usurers and mammon worshippers like yourself when he physically beat and chased the money changers out of the temple.

  4. 5 months ago
    Anonymous

    >Is all profit generated by ANY interest rate 'usury'?
    Under whose definition? According to the Romans "usury" was lending in a manner that was morally hazardous to the Roman race with the interest race just being one of the factors that could lead to racial harm. Christians, and Muslims, define usury as interest at all as they believe that value is set by the Pope/Caliph (respectively) in a system reminiscent of the central planning of the USSR. There's a lot of complicated stuff here, like how the Romans didn't have banks and instead lending was a purely private affair between middle class individuals in comparison to the Germanic notion of the King as the source of credit, to Charlemagne's granting of special lending priveleges to the israelites (something that was absent in the East) and so on, but that's the gist of it.

    >Are there any legit Islamic banking banks operating?
    Yeah, there's plenty. Muslims can't lend at interest so instead the bank just buys the thing and then sells it to the bor- sorry, BUYER, with a work fee as part of an installment plan. The terminology is done entirely using those of Western finance, they just pretend that it's something different.

    • 5 months ago
      Anonymous

      >Muslims can't lend at interest so instead the bank just buys the thing and then sells it to the bor- sorry, BUYER, with a work fee as part of an installment plan.
      It's so fricking silly

      I am assuming you're using the religious definition, in which case yes.
      However, that's not the full picture. Usury is denounced in general, but it's only explicitly prohibited under certain conditions.
      For example, money lent to an institution or organization is entirely permissible, since you are making interest off of an abstract entity rather than a person.

      And, ultimately, even the most ardent religious extremists recognize that usury is a foundation of contemporary financial systems. Rather than banning it outright, we should look to the negative consequences that the Bible condemns (e.g. people lending money to the desperate and then exploiting them) and work to prevent that through legal means.
      That being said, we should also strive to order society such that people can opt out of usury if their faith demands it - like the Amish do.

      • 5 months ago
        Anonymous

        At the end of the day, I don't think Mohammed would have an issue with someone taking out a mortgage barring any Big Short shenanigans.
        It's more about loan sharks and got over-interpreted. Even if the religions are true, it's not like Jesus is going to get up there and start talking about fractional reserve banking and anyone would be able to understand, so it makes sense that people deferred to a stricter standard.

  5. 5 months ago
    Anonymous

    I wish Oyish liked read history enough for us to have WEG threads.

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