• Rich Aten@lemmy.world
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    1 year ago

    In what way is compound interest a scam? Who has been “scammed” by compound interest and how?

    • Rodeo@lemmy.ca
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      1 year ago

      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.

        • Rich Aten@lemmy.world
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          1 year ago

          And that means it’s a scam today how exactly? The Bible was pretty explicitly against a lot of things. Are they scams? Is wearing two different fabrics a scam? Is eating shellfish a scam?

        • Rodeo@lemmy.ca
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          1 year ago

          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.

          • Rich Aten@lemmy.world
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            1 year ago

            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?