More specifically, debt which is not 100% personal and private is what God hates. Once you break the personal bond, debt is inherently sinful.
Christians have completely lost their way on this one. We still have one major institution in our world which refuses to engage in debt-based economics, that being Islamic governments. Where did they get that? Only a Muslim denies Mohamed got any of his ideas from Judaism. We know Judaism is not equivalent to Old Testament religion, but was derived from it. It is the Old Testament which bluntly declares God’s hatred for charging interest on loans.
You loan to your kin to keep them alive and give them a stake for future prosperity. It’s an obligation we all feel instinctively. That’s the right way to do things. We don’t do it to collect interest directly, but to gain that subtle material benefit from having your cousin or nephew make his own wealth. His wealth comes back to you in a thousand different ways, but the whole point is not the cash nexus of measured returns, but of knowing you did the right thing.
If he can’t pay you back, you take the loss. Eventually, you do so quite literally under the Jubilee laws. That’s what God commanded, and it wasn’t simply some peculiar primitive tribal thing, but truly His will for humanity. Early churches maintained this, not because there were Jews in the church, but because it was right. Paul said we should prefer to be victims of fraud than chase material recovery or profits. Precise accounting in that sense arises only — only — from idolatry of the god Mammon.
For Christians to be in any way associated with debt-based accounting amongst each other is an abomination. There should be people lined up to give to the needy, and when they can’t outright give, they should at least be ready and eager to make “risky” personal loans. No one should ever go to a loan-sharking financial institution (which is all of them), or (God forbid) a government agency, to afford necessities of life. If they really need it, they should be able to get it via the church-family. If not, they don’t need it.
You can be sure, of course, current world affairs seek the destruction of any such godly ways. So we have the propaganda demonizing Muslims because they dare adhere to a law forbidding interest-based banking. TPTB will have to destroy all the Muslim governments, of course. Meanwhile, they enslave all nations farther and farther into debt, toppling the economies first, then the governments of each modern state. If the economic pain is bad enough, we will surrender willingly. Global government has never been so easy.
To get some idea of this, I want you to see if you can find out just how much of the US federal budget is borrowed. Also, think about how revenue is dropping due to unemployment and so forth. Now, extend that to every state and local government. Suddenly, the bond market says your governments are too big of a risk to loan any more money. But previous debts don’t go away. So they actually have to find a way to take in more revenue than they spend. Somehow the words “budget cuts” don’t carry enough meaning. Then some IMF type agency says they’ll cover us, but we have to make those cuts anyway.
There are two elements in defending yourself and your family from this. First, you had better get a more realistic notion of what you really need in material goods. Our profligate wasteful lifestyle is part of what put us in this unconscionable national debt. Second, disentangle as much as possible from the debt-based economy.
Yes, I know the only 100% escape is to live in a cave and use only what people give you or throw away. That might be a good idea, but there are only so many caves out there, and most of them have restricted access. How you work out the underlying principle is yours to decide, but start thinking that way. God is more than capable of making you understand what it takes once you embrace His Laws.
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