Boom Tender
History of Credit
History of Credit
"Do you suppose it might be possible to have a sufficient number of consumers declare bankruptcy that the entire economy might implode upon itself?" Does history repeat itself? I suspect it does. It may take on a different appearance but its essence often times does come full circle. Let me illustrate with a mini history of credit and money. Though credit was first used in Assyria, Babylon and Egypt 3000 years ago, an article at Newsweek MSNBC, suggests that early civilizations had far higher interest rates and crueler punishments for failing to repay loans than we have today.
It seems that in Athens for example, enslaving debtors was common practice but was eventually seen as impractical as the farming class all fell into debtor's slavery. The outcome was no crops grown resulting in no one having anything left to eat.
The Babylonians’ Code of Hammurabi set rates at 33 percent but the Roman Emperor Constantine set a much lower rate at 12.5 percent. Then the Church went on a crusade against usury (meanwhile selling "forgiveness" in the form of plenary indulgences to those with money to pay for it.) Regardless, the Magna Carta placed limits on interest in 1215.With Christians restricted by usury laws; it fell to the Jews to act as the primary money-lenders in Europe.
The resulting stereotype of Jews was immortalized in Shakespeare’s play "The Merchant of Venice." Anti-Semitism during this period was rampant: England’s Edward I forbade Jews to exact usury. What a shame Anti-Semitism never ended.
The first, advertisement for, credit was placed in 1730 by Christopher Thornton, who offered furniture that could be paid off weekly. But In 1752 Britain tried to forbid the New England colonies from issuing bills of credit. Ironically, colonists ended up financing the revolution with the same bills that Britain so despised... along with a flood of hyperinflationary paper money. But use of a form of credit continued. From the 18th to 20th century "tallymen" sold clothes in return for small weekly payments. They were called "tallymen" because they kept a record or tally of what people had bought.
According to Newsweek MSNBC, "President Andrew Jackson crusaded against the National Bank in the 1820s, seeing it as an elitist vehicle for corruption.
After the Civil War, the whole country felt shaky about using paper money as legal tender instead of notes backed by gold or silver. It took 30 years to settle on our current currency. But concerning credit, the Federal Reserve Bank implemented a policy of 'easy credit' in the 1920s that prolonged the boom years but also heightened the crash of 1929.
And in 1950, when the first Diner's Club charge card was issued to 200 friends for use at 14 restaurants in New York, the credit card issuer had no idea that 45 years later, more than 90 percent of all U.S. transactions would be done electronically. He just figured it would be an easy way to avoid embarrassment when he was short of cash. So in 1950 Diners Club began and was immediately followed by American Express in 1951.
The magnetic strip was introduced in 1970 and ushered in the information age and the credit card industry boom, which has driven this economy now for decades. Though we don't have a debtor's prison as in the days of Babylonia, nor is usury lawful (though a good argument might be presented that it is from time to time), we do seem to have come full circle.
Remember all those farmers back 3000 years ago who went to prison and could not grow thereby starving their countryman? Well, what do you suppose drives our economy? It's credit. And what horrible condition continues to rise in epidemic proportions as a result?
It's bankruptcy. Per an article Can You Afford It?, the national balance on credit cards, auto, and other non-mortgage loans rose to a new record figure in April 2001 at $1.58 trillion. Delinquent credit card payments (30 days past due) have risen to new high of 5% delinquency. Standard and Poors reports that the credit card industry wrote off 6.7% of balances as un-collectable which is the highest in years. There is a 17.5% increase in the already staggering number of bankruptcies filed. The credit card has been the single major pivot in creating a boom in bankruptcies. Do you suppose it might be possible to have enough consumers declare bankruptcy so that the entire economy might implode upon itself?
It did with the farmers in early civilizations. I would say it is very possible when your castle is built of plastic.
About the Author
Regis Sauger is a Licensed Mortgage Broker in Florida. He has written numerous aritlces on consumer credit. He has over 25,000 readers of his articles.
http://www.yurcredit.com
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when you did start to really notice your symptoms?
I was "complaining" about a week ago that I didn't "feel" pregnant yet, I had tender bb's and some fatigue (I'm now 6w 5d), and it seems as though as soon as the 6week mark hit, BOOM, all of a sudden they are coming in waves. Slight nausea, my bb's are KILLING me, stomach "pains" -- stretching feeling and uncomfortable to lay on tummy, I'm SOOOOOO tired, emotional...... ACK!! The worst part is, other than the people I work with, the rest around me don't really seem to give two craps about it, even my hubby (I don't think it feels "real" to him yet). I also have a 3yo to contend with and a full time job. (k, now I'm just venting lol)
Just curious when did your symptoms start to really kick in and you truly started to feel pregnant???
I was wondering the same thing. I will be six weeks on Sunday and I am still like I cant really be pregnant because I have no symptoms! My bb's have been a little sore but not ridiculously like everyone talks about. I have been a little more tired than usual. I did throw up this morning but I think that was due to my sinus mess going on. I know it is silly but I am kinda wishing for symptoms so I will at least feel pregnant because this is my first but I know once they get here I will wish I had been careful what I was wishing for 
As for people not caring about the pregnancy I kinda feel the same way. My husband has been a little more attentive but I think that it is not real to him yet. I kinda feel the same way about my mother as well. It seems kinda like she was just like oh you are pregnant thats nice... now what was I saying..haha. However I think that, for me at least, it will take me starting to look pregnant for people to put extra effort and care into it. I think that like me they are kinda still in the "I can't possibly be actually pregnant can I?" mode and it hasn't really kicked in yet. Good Luck with your pregnancy!