We all know there's plenty of blame to go around as far as the destruction of the American economy. Unregulated banks-gone-wild, turning the financial system into a huge international casino, deliberately issuing bad loans ... we're all familiar with that by now.
But I stumbled across yet another reason the economy is in such bad shape, and, unlike these other things, it's not being addressed, at all and, if left alone, it will profoundly affect the economic future of us all.
It was an interview on Democracy Now with Thomas Geoghegan, a lawyer, author, and author of many books and articles, including a new one on this very subject for "Harper's".
The jist of his argument is this: That without usury laws, and caps on interest rates, capital (money) is drawn, on a massive scale, into the lucrative world of making loans, and away from actually making stuff, which has a much lower return on investment.
Follow over the bump ....