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Charging Interest explores the explosive tract written by Martin Luther which summarizes his views on poverty caused by an economic system that stopped caring for the well-being of God's children. Luther exhorts clergy to ex-communicate those causing poverty through their ruthless economic behavior or risk God's judgment alongside the perpetrators.
Charging Interest explores current exploitative financial practices through the lens of Martin Luther's explosive treatise called "Exhortation to the Clergy to Preach Against Usury." Written in 1540 and translated anew by Michael T. Grzonka, this treatise tackles the growing problem of usury (money lending) in Luther's time and context. Wittenberg authorities claimed powerlessness in the face of poverty, famine, egregious hoarding, and price-gouging. Luther urged pastors to confront lenders who were charging exploitive interest rates, dooming many to a life of continual poverty and starvation. Luther went so far as to ask exploitive lenders to repent of their practices, and if they refused to excommunicate them from worship, from participating in the sacraments, and refuse to provide burial services. Clergy who did not condemn these practices would risk facing God's judgment. Michael Grzonka provides a detailed introduction and new translation of Luther's treatise as well as reflections on faithful and ethical responses to unfair financial practices in our own day. A detailed study guide raises key questions for review and helps readers reflect on how Luther's text still may address issues in the contemporary world. Renowned historian and Reformation scholar Carter Lindberg provides a forward to this topic, which Martin Luther addressed on more than one occasion.
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
A comprehensive and profoundly relevant history of interest from one of the world’s leading financial writers, The Price of Time explains our current global financial position and how we got here In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. The practice wasn’t always popular—in the ancient world, usury was generally viewed as exploitative, a potential path to debt bondage and slavery. Yet as capitalism became established from the late Middle Ages onwards, denunciations of interest were tempered because interest was a necessary reward for lenders to part with their capital. And interest performs many other vital functions: it encourages people to save; enables them to place a value on precious assets, such as houses and all manner of financial securities; and allows us to price risk. All economic and financial activities take place across time. Interest is often described as the “price of money,” but it is better called the “price of time:” time is scarce, time has value, interest is the time value of money. Over the first two decades of the twenty-first century, interest rates have sunk lower than ever before. Easy money after the global financial crisis in 2007/2008 has produced several ill effects, including the appearance of multiple asset price bubbles, a reduction in productivity growth, discouraging savings and exacerbating inequality, and forcing yield starved investors to take on excessive risk. The financial world now finds itself caught between a rock and a hard place, and Edward Chancellor is here to tell us why. In this enriching volume, Chancellor explores the history of interest and its essential function in determining how capital is allocated and priced.