The Trap of Compound Interest: Many view compounding as beneficial because interest earned is reinvested to increase profit. However, for those who are in debt, compound interest can increase the burden, leading to even greater losses. This effect disproportionately harms poor people, who often pay higher costs and face greater opportunity costs than the wealthy. While compounding enhances gains for those profiting, it intensifies harm for those losing money. This structure benefits the powerful, as the rules are designed by those in power. As a result, the desire for power can drive people toward questionable actions. - Joseph’s “just my thoughts”
The medieval church forbade usury and claimed that usurers went to hell. However, as the feudal system of the Middle Ages declined and merchants emerged as an emerging power, usury businesses amassed enormous wealth. Usurers donated their corrupt wealth to monasteries, and when they died, they could be buried there. It was a bonus that the donor usurer could receive the sacrament of confession shortly before death. Fear of the afterlife caused poor churches to accumulate wealth, used to decorate walls or build larger, more elaborate structures, leading to the Renaissance era. The unjust usury business sparked a literary and artistic revival. Let go of the illusion that only good things can change the world for the better or the right. The innocence of ignorance about how the world works makes it easier to accept sin and corrupts the world into evil. - Joseph’s “just my thoughts”