Usury for dummies
December 18, 2012 § 10 Comments
Like many subjects, usury makes for some rather complex discussion. At bottom though I think it is a simple enough concept. In fact in the comments below I drafted a proposed Constitutional amendment that would wipe out legally sanctioned usury. It took me eleven words:
No government or arbiter shall enforce deficiency judgements in any contract.
If you don’t like that one, here is an alternative:
All debt contracts in the United States shall be nonrecourse.
Note: This post used to contain a YouTube video which has since been removed. Seeing the video was only peripherally related to understanding the point made here – in fact I’m not sure I even remember what video was here – but it did make the experience much more amusing, IIRC. I think it was a Mitchell and Webb thing.