Experience Stern | News & Events

Excerpt from Bloomberg -- "We've had a lot of usury laws in history, and many people trace it back to Aristotle. You know, a very great philosopher, obviously. One of the greatest ever. But he has a curious idea that, I think the translation of the Greeks is: 'Money is barren.' Money doesn't by itself have any productivity. Therefore, interest rates should be zero. When you lend something to somebody, you should not charge them interest. And that was a view, I think, that was not widespread. But it was a philosophical view. Then it was picked up by St. Thomas Aquinas in the Middle Ages and it became a part of Catholic teaching."

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