It's always fun to observe values changing over time, depending on the needs of society. William Greider, in Secrets of the Temple, a history of the Federal Reserve System, relates how usury was once considered a heinous offense against the church. There are perhaps a dozen clear prohibitions against charging interest in the Bible. It was considered an immoral way to make money, as it resulted from no work. The wealthy had an obligation to help those less fortunate, without profiting from their generosity. In fact, until the late Middle Ages, anyone charging interest would be immediately excommunicated.Capitalism, which required capital to create wealth, changed the church's values. The rise of Protestantism further weakened the traditional stance of the church against usury. But it wasn't until the 1970s, with the inflationary pressures on interest rates that states were forced to repeal usury laws, laws which had been enacted to actually legitimize charging interest and to control "excessive interest." Interestingly, Islamic countries have had to deal with this issue in a different way. The Koran is equally strict in its prohibition against charging interest, and this was considered a serious impediment to the rise of capitalism in the Middle East. They get around the uncompromising religious prohibition by creating a risk-sharing environment. Both "partners" in a venture share in profit or loss, just not equally. Bankers routinely consult religious advisors to make sure no profits could be considered "interest" earned on the money used in the venture.
