Once upon a time, the word “speculator” was considered a dirty word. Speculation is now the basis of business. Selling something at an inflated price or lending money at interest has become commonplace. The economy of a modern state is based on such financial parasitism.
Auguste Charpentier. "The Moneylender."
However, all this is unacceptable according to the Orthodox canons and is exposed by the holy fathers of the church as a sin. What is the essence of usury and why does St. Gregory of Nyssa liken it to theft?
Usury and religion
Jesus driving money lenders out of the Temple, engraving by Lucas Cranach
Usury is prohibited in some countries (Iran, Pakistan) and in a number of religions (for example, in Islam[5] and Christianity[6], limited in Judaism)[7].
In Judaism, lending money at interest is prohibited among fellow believers: “If you lend money to the poor of My people, do not oppress him and do not impose an increase on him.”[8] There are no such restrictions for non-believers. Lending money to them on interest is not only permitted, but also desirable: “collect from the foreigner, and what is yours from your brother, forgive”[9], “you will lend to many nations, but you will not borrow; and you will rule over many nations, but they will not rule over you.”[10][7]
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According to the Christian Church, the prohibition on charging interest is contained in the Gospel of Luke: “Give to everyone who asks you, and do not ask him back from the one who took what is yours.”[11] ... “And if you lend to those from whom you hope to get it back, how much will you gratitude for that?[12]”[13]. In the Middle Ages, the Christian Church prohibited usury.
Theological literature condemning interest on capital can be divided into two categories. The first contains discussions about the aversion to charging interest, as well as references to authorities. The second contains references to natural law and reasoned justifications for the incompetence of usury[15].
The Austrian economist Eugen von Böhm-Bawerk identifies four arguments that Christian theologians give against interest on loan capital:
- Statement by Bishop Covarrubias: “money in itself does not bear and does not produce any fruit, therefore it is impermissible and unfair to take anything beyond the thing leased for the use of it, since this would come not so much from money, which does not bear fruit, but from someone else’s labor”[16].
- The illegality of usury according to Thomas Aquinas: When a person cedes a certain thing, he simultaneously cedes the right to dispose of it. Accordingly, two prices are subsequently demanded for one thing: the return of an equal thing and the price for use, which is called interest.
- Close in essence is the argument of Christian theologians against lending money at interest: “If someone enjoys the fruits of the money lent, it does not matter whether it is coins or anything else, then he enjoys the fruits of a thing that does not belong to him, and therefore it is exactly the same as if he stole ‘these fruits’”[17].
- Thomas Aquinas also puts forward a very peculiar argument that since the amount of interest depends on a certain period of time, the moneylender is selling time. And since time belongs to everyone, he accordingly commits a sin[18].
In Rus', giving money on interest was considered extortionate
In the modern world we rarely use this term. It was replaced by another word - credit. Banks often lend money at interest. But, if you approach this issue from a Christian perspective, then a loan is nothing more than a legalized form of fraud. For it is said in the Bible:
“You shall not lend to your brother silver or bread or anything else that can be lended at interest” (Deut. 23:19).
Growth is, in fact, a percentage. Thus, usury is the lending of money at interest. In the Russian language there was once another name for this concept - covetousness.
This term in its modern interpretation can mean not only the collection of interest, but also:
- low-paid, exhausting work;
- making money from the misfortune of another;
- exploitation of someone else's labor without compensation.
Usury in art
In works of art, usury is usually condemned. In N.V. Gogol's story “Portrait,” the character of the moneylender is, in a sense, a devilish figure. In the novel “Crime and Punishment” by F. M. Dostoevsky, the image of an old money-lender is characterized by the insignificance and parasitism of existence.
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Usury is reflected in paintings from different eras.
Dante, in his Divine Comedy, met moneylenders on the border of the 8th circle, with wallets hanging around their necks - a symbol of their craft. And in their pockets you can see coins sticking out.
Traders are the bankers of ancient times
In the famous parable of the talents, the Lord Jesus says that upon his return, the master said this to the servant, who, instead of investing the money, buried it:
His master answered him: “You wicked and lazy servant!” You knew that I reap where I did not sow, and gather where I did not scatter; Therefore, you should have given my silver to the merchants, and when I came, I would have received mine with profit. (Matthew 25:26-27)
From this verse alone we understand that merchants were people who could be given a sum of money, which they returned at a certain profit. They, in turn, gave this money to others, and also for profit. It was their business, they took and lent money back at interest. Banks do the same thing today, and that's business. As you can see, the Lord Jesus does not condemn this, but, on the contrary, it was advised to someone who was so lazy that he did not want to think and invest his money hard to get a good profit.
I am curious to hear the reader's views on this sensitive topic and invite you to express your views in the comments.
Translation: Elena Stoler.
History of the profession
A short excursion into history will help answer the question of who a moneylender is. This profession appeared even before the advent of money. Then they borrowed and then returned, as a rule, natural goods. For example, grain or livestock.
Usury was widespread in ancient Greece. Thus, Plato’s student Aristotle in his treatise “Politics” called the charging of interest a phenomenon contrary to nature, and considered the main function of money to be exchange. Usury was widespread throughout Europe, but lost its popularity with the advent of banks.
As for Russia, both in the Old Russian state and in the Russian Empire, such an activity was considered immoral and was persecuted by law. Nevertheless, it was carried out by Orthodox monasteries, bishops' houses and parish churches.
In Islamic countries, almost no one knows who a moneylender is. Because it was prohibited there to issue money at interest; in some countries, for example in Iran, this rule is still in effect. And in countries where there are Sharia laws, you can lose your life for such an activity. In Judaism, prohibitions apply only to people with this faith, and do not apply to others.
Attitudes in Orthodoxy
The position of the Orthodox Church on usury is clear: it is condemned and considered a sin. There are a number of instructions in the Old Testament indicating the inadmissibility of loans at interest. They served as the basis for the approval of church canons that strictly prohibited clergy from engaging in usury.
And the Italian scholastic philosopher Thomas Aquinas, observing the emerging trade and market relations in the West, wrote indignantly:
“Taking usurious interest on money borrowed is unjust in itself, since it means selling something that does not exist, which, in turn, leads to inequality, which is contrary to justice.”
At its core, a percentage fee is a fee for time. But time, according to Thomas Aquinas, belongs to everyone, because it is given by God to everyone equally. And if a usurer demands remuneration for time as payment for the benefit he has provided, then he deceives both his neighbor, to whom the time sold belongs, and God, for whose gift he demands remuneration.
Gluttony in the acquisition of material goods strengthens and strengthens greed - one of the deadly sins, which, according to Theophan the Recluse, robs a person of his moral Christian life. It should be remembered that, once a sinful thought has crept into the soul, it will wear away at it like a worm at an apple.
This is why an unrighteous act, even if it seems small, should not have a place in your life. You should fight your passions and ask the Lord for mercy to strengthen and help you get rid of thoughts of greed and quick financial gain.
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Laws against usury
In Ancient Rus' and later in the Russian Empire, usury was considered immoral, and the usurer exceeding a certain interest rate was legally punished.[20] The basis for this is the idea that agriculture or industrial production increases “fairly” due to labor, and money grows “by deception”, since the moneylender does not put in any labor.
Free-market American economist Murray Rothbard criticized laws limiting usury. In his opinion, such restrictions, like any other form of government restrictions on free transactions, lead exclusively to negative results. In particular, restrictions on the interest rate create a shortage of credit resources, and the prohibition of certain transactions leads to a black market and an increase in the price of prohibited goods[21].
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Nehemiah's Example
In the fifth chapter of the book of Nehemiah, a whole situation is narrated in which someone took advantage of the misfortune of the brothers. Nehemiah and his other brothers and servants, men of kind hearts, after they returned to rebuild Jerusalem, gave of their money to ransom their brothers the Jews from the captivity in which they were held by the neighboring nations. Returning to the country, those who were redeemed from slavery received their gardens and houses, but it seems they did not have time to cultivate them and suffered from hunger. Therefore, they went to their brothers, who had come earlier and had accumulated wealth, and asked them for wheat. Their brothers, however, contrary to what the Law of God teaches, demanded that they leave their gardens, houses and vineyards as collateral (a guarantee that they would repay their debts). Those who were ransomed from captivity still had to pay tribute to the king, and they had nowhere to get this money from. They went to their brothers again to borrow, and their brothers demanded 1% (one hundredth), again contrary to the Word of God. When Nehemiah found out what was happening, he gathered the people and sternly rebuked those who took advantage of the misfortune of their brothers, because they enslaved the brothers, making it impossible for them to ever repay the money and recover economically, after taking away their gardens and vineyards, their sources of future income. Nehemiah reminded them of how he and his brothers, who had a heart like his, spent much of their wealth to ransom their brothers from captivity. He then told them that during the entire time he was in charge among them, he did not even take the salary that was due to him, although he had to put food on the table for 150 people every day, that is, this was a great financial burden for him. All of these people who sat at the table with Nehemiah were doing community service, and Nehemiah was feeding them from his own resources. He did this because he wanted to lighten the people’s heavy load at least a little. Then, Nehemiah also said that during all this time he did not buy gardens from anyone, because he did not seek to increase his wealth for the misfortune of his brothers, but tried to do good to them and help them recover financially and economically.
What a great contrast between Nehemiah and the greedy and predatory people. This story from the Bible shows us well and clearly why God forbade the Israelites to make profit and take interest from their brothers.
Profit and risks
The profession itself and the word “loan shark” were perceived extremely negatively by society both before and now. This is mainly due to the fact that in one year a moneylender could increase his wealth many times over at the expense of people who got into trouble and were in a difficult financial situation. But the possible risks of this business are quite high.
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To begin with, the debt may not be repaid due to the fact that the borrower died or simply ran away. Also, with strong inflation, there is a chance not only not to make a profit, but also to incur losses. Sometimes a client leaves a deposit that cannot be sold at a realistic price, for example, a car in disrepair.
Don't profit from your brother's misfortune
In the Old Testament God gave this law:
If your brother becomes poor and declines among you, then support him, whether he is a stranger or a settler, so that he lives with you; do not take growth or profit from it, and fear your God; so that your brother may live with you; You shall not give him your silver at interest, and you shall not give him your bread for profit. I am the Lord your God, who brought you out of the land of Egypt to give you the land of Canaan, to be your God. (Leviticus 25:35-38)
God forbade the children of Israel from profiting from the money or harvest of their brothers who had suffered misfortune or had become poor.
Why does God say this? Because there is a category of people called "predators" in the New Testament who are so obsessed with the love of money that they cannot help themselves and, when the opportunity arises, they will go so far as to take advantage of someone else's poverty or difficult circumstances. to peel off ten layers of skin from anyone they can. My aunt told me how, during the famine in 1947 in Moldova, my grandparents had nothing else to give the children to eat, and they went to a rich family to buy food, bringing with them the last large and beautiful carpet from home. A rich family was just sitting at the table, and although my grandparents came with my father, who was small and crying from hunger, they did not give them anything that they themselves ate. And for that carpet they only gave them a bunch of dry hot pepper. Who could eat hot peppers when there was nothing else to eat? This is what some people do who profit from their neighbor’s misfortune. And God gave this law not only so that His children would not take interest from their brothers, but also so that they would try to support and help them get out of the difficulties in which their brothers find themselves.
