Its Sunday afternoon just before lunch on a shiny winters day in London. That’s not a conventional time to let revolution loose on the world, but it’s 2020 and as we have all learnt this year the unthinkable is just a thought away. So its time for an opening salvo on some of our supposedly foundational beliefs.
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Why do we have interest?
Interest has been with us since the pyramids and probably even before that. Danegeld earned interest. The Lombards of Old London Town charged eye watering levels of interest that made that new-fangled Bank of England’s rate of 8% seem practically socialist, if they’d had socialism back then.