Bady@lemmy.ml to Asklemmy@lemmy.ml · 3 years agoWhat are some notable scams in history that went unnoticed for so long?message-squaremessage-square104linkfedilinkarrow-up1227arrow-down16
arrow-up1221arrow-down1message-squareWhat are some notable scams in history that went unnoticed for so long?Bady@lemmy.ml to Asklemmy@lemmy.ml · 3 years agomessage-square104linkfedilink
minus-squareRich Aten@lemmy.worldlinkfedilinkEnglisharrow-up7·3 years agoIn what way is compound interest a scam? Who has been “scammed” by compound interest and how?
minus-squareRodeo@lemmy.calinkfedilinkarrow-up10arrow-down1·3 years agoFor most of history charging interest was considered very unethical. There’s even a derogatory term for it: usury. It’s a rather recent phenomenon that usury has become acceptable.
minus-squareRich Aten@lemmy.worldlinkfedilinkEnglisharrow-up1·3 years agoOk, but its archaic status as immoral does not make it a “scam” today.
minus-squareRodeo@lemmy.calinkfedilinkarrow-up1·3 years agoIt’s a scam because it’s literally free money for the lender. They do no work, they generate no value, but they still get paid.
minus-squareRich Aten@lemmy.worldlinkfedilinkEnglisharrow-up1·3 years agoProviding someone else money for a time to use for whatever purpose they desire is of no value? I think that literally most every person on the planet would disagree with you. Are you saying you’ve never borrowed money for anything, ever?
In what way is compound interest a scam? Who has been “scammed” by compound interest and how?
For most of history charging interest was considered very unethical. There’s even a derogatory term for it: usury.
It’s a rather recent phenomenon that usury has become acceptable.
Ok, but its archaic status as immoral does not make it a “scam” today.
It’s a scam because it’s literally free money for the lender. They do no work, they generate no value, but they still get paid.
Providing someone else money for a time to use for whatever purpose they desire is of no value? I think that literally most every person on the planet would disagree with you. Are you saying you’ve never borrowed money for anything, ever?