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The latest issue of The Economist has an article titled The Dangers Of Demonology. “Hatred of bankers is one of the world’s oldest and most dangerous prejudices,” leads the author.The article briefly reviews the history of hatred toward financiers.
Scorn for moneymen has a long pedigree. Jesus expelled the moneychangers from the Temple. Timothy tells us that “the love of money is the root of all evil.” Muhammad banned usury. The Jews referred to interest as neshek—a bite. The Catholic church banned it in 1311. Dante consigned moneylenders to the seventh circle of hell—the one also populated by the inhabitants of Sodom and “other practisers of unnatural vice.”
The author reminds us that financing was behind basically every positive development that happened in history.
He also warns that consequences of demonizing bankers aren’t just economic in nature.
In medieval Europe Jews were persecuted not only because they were not Christians but also because killing them was a quick way to expunge debts. Karl Marx, who came from a Jewish family, regarded Jews as the embodiments of capitalism who could only be rescued from their ancestral curse through revolution. The forgers of the “Protocols of the Learned Elders of Zion” wanted people to believe that Jewish financiers were engaged in a fiendish global conspiracy. Louis McFadden, the chairman of the United States House Committee on Banking and Currency in the 1930s, claimed that “the Gentiles have the slips of paper while the Jews have the lawful money.” The same canards have been used against Chinese minorities across Asia.