By Banjo Billy
The rate of loaning money on a small scale was just as big of a swindle for the little guy as that practiced by the big-time moneylenders.
The Loan Shark rate of 25% per week might seem small on the surface.
Ten pieces of money brings in twelve and a half pieces of money at the end of the week.
This is 25% interest.
If the sucker pays it off at the end of the week, he has escaped the trap.
But if he doesn’t pay, then the interest rolls over in an astronomical rocket to the stratosphere.
That 25% per week in compound interest calculated weekly, actually adds up to over 100,000 percent annually.
Thus, a poor farmer or shoemaker who takes out a ten-dollar loan which he doesn’t pay back, must pay back over a million dollars at the end of the year.
A million dollars for a ten-dollar loan!!!
As an example of how the Sumerian Swindle works even for short term loans, the following chart will help you buy some rope and hang your nearest loan shark or banker.
A loan of $10.00 is used as an example but you can convert the dollar sign to represent any decimal money that you wish.
- Dollars
- Pounds
- Euros
- Marks
- Yuan
take your pick because the percentages carry the same swindle in any sort of money.
Here is a chart listing the amounts owed to the loan shark for the loan of $10 loaned at a rate of 25%, compounded weekly when the borrower does not make any payments.
So, for a ten-dollar loan at 25% compounded weekly, the borrower owes over a million dollars to the creditor at the end of the year.
But before that happens, the loan shark seizes all of the borrower’s property that was given in pledge.