Prabhu Guptara: Conflicts of Interest
Professor Prabhu Guptara is Executive Director, Organisation Development, of Wolfsberg - the Platform for Executive and Business Development (a wholly-owned subsidiary of UBS), in Switzerland.
Prabhu Guptara talks about how the charging of interest exacerbates the difference between the rich and poor. The technical term for this is usury – usually understood to mean the charging of excessive rates of interest by loan sharks. Traditionally, however, the term meant the lending of money at any rate of interest, high or low. The practice was forbidden by most major religions and by many societies and cultures throughout history and with good reason, Guptara says. It widens the wealth gap, encourages growth without regard for environmental consequences and creates a culture of short term investor commitment.
You could of course ask the question, If it's so bad how come people haven't spotted this? Well, actually, people did spot it. People spotted it a very long time ago. And in every traditional society usury was forbidden. It was forbidden in the Bible. It was forbidden in the Koran. It was forbidden in the Indian scriptures. It was forbidden among the Chinese. It was forbidden among the Japanese. It was forbidden in Greek society, in Roman society. Among the Red Indians or Native Americans. Every traditional society forbade usury.Video interview recorded in February 2005 by Big Picture TV.
[Offers a clear, concise and logical breakdown of the injustice that is inherent in the system of usury/interest. Well worth watching. - jc]