Here's how borrowing works with and without interest.
Lender /w interest: I will lend you $100 if you repay me 100 + 5% next year. Lender earns $5 in interest which is their profit.
Lender w/o interest: I will lend you $100 if you repay me $105 next year. Lender earns $5 in additional principal repayment which is their profit.
Even if you say added principal payments are illegal. Lender w/o interest: I will lend you $100 if you repay me $100 in 1 year. There will be a $4.76 immediate service charge for lending you this or if you'd like there will be a $5 service charge to be repaid in 1 year.
I get it. Usury is bad because the bible but why would anyone lend money to someone if there wasn't something to be gained by it? Lending is a service and there is risk involved so it deserves profit. There are problems with banking but usury is not one of them. Strictly speaking as well the Bible mentions interest in relation to neighbors or nationals vs. foreigners. Usury to foreigners is fine but not to nationals. Taken into consideration for a modern context, our government should not pay interest on its debt if the lenders are nationals nor should the government pay any service fees or higher principal repayments and our government should not be taking on debt from foreigners. This means government would have a harder time taking on debt because the supply would be significantly less but that is a good thing. This change would be beneficial for society.
This is meaningless. Absolutely meaningless.
Here's how borrowing works with and without interest.
Lender /w interest: I will lend you $100 if you repay me 100 + 5% next year. Lender earns $5 in interest which is their profit.
Lender w/o interest: I will lend you $100 if you repay me $105 next year. Lender earns $5 in additional principal repayment which is their profit.
Even if you say added principal payments are illegal. Lender w/o interest: I will lend you $100 if you repay me $100 in 1 year. There will be a $4.76 immediate service charge for lending you this or if you'd like there will be a $5 service charge to be repaid in 1 year.
I get it. Usury is bad because the bible but why would anyone lend money to someone if there wasn't something to be gained by it? Lending is a service and there is risk involved so it deserves profit. There are problems with banking but usury is not one of them. Strictly speaking as well the Bible mentions interest in relation to neighbors or nationals vs. foreigners. Usury to foreigners is fine but not to nationals. Taken into consideration for a modern context, our government should not pay interest on its debt if the lenders are nationals nor should the government pay any service fees or higher principal repayments and our government should not be taking on debt from foreigners. This means government would have a harder time taking on debt because the supply would be significantly less but that is a good thing. This change would be beneficial for society.