The first thing that might be said about usury, is that it attaches to debt. There is no usury charged upon gifts, dividends or inheritance. Usury attaches only to debt. Without the dog of debt there can be no usurious fleas.
As even the Bank of England now officially tells us, all modern money is created by banks giving loans which allow the payee to obtain a deposit. But upon what terms? (1)
All modern money at creation leaves its bank of origin as a debt with usury attached. (2) It is not possible to entrench usury more completely than that. Even dogs are not borne with fleas.
Under Social Credit all money at creation, would be issued by such as a National Credit Authority (NCA) which would operate at arm’s length from Government. All private money creation would end. But what are Social Credit’s terms?
All money would begin its life free of usury, and some free of debt also. Societies’ credit would be made available for two purposes. Firstly, by financing desired production by issuing money to the Private Banks for on lending to this purpose (and only to this purpose). This credit would be issued as a debt repayable to the NCA, would attract no interest, and could not be refused to a viable Private Bank by the NCA.
Secondly, any deficiency of purchasing power needed to allow the full consumption of desired consumer products available would be funded by the NCA. This would be disbursed to the citizenry either as a National Dividend in which all would share equally, or as a price discount on basic consumer items. Both of these disbursements would be debt and interest free.
In all the history of complaint at usury, beginning at least with Aristotle (indeed well before) and descending through the Church fathers to modern times, there has never been an opportunity to exorcise usury from the birth of money such as now offers through Social Credit. When every dollar in existence begins its life usury free, it will be time to look to the secondary infections.
Once money has been created and is privately owned, regulating the terms of any loans between persons cannot be successfully regulated. Other associated transactions such as sales, purchases, discounts, commissions, and bonuses etc. can hide usury when both lenders and borrowers agree. If a connection cannot be evidenced it can’t be prosecuted.
Institutions such as credit unions and building societies’ interest rates could be regulated though, as too many people are involved for subterfuge to be concealed.