Tag: legislation

The Role of Jewish Financiers Within Venice, Italy During the Renaissance and the Reason Christians Became Capable of Charging Interest Upon Loans

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During the Renaissance, Jews were tolerated in Venice, Italy because they could provide an invaluable service which Christian financiers and merchants were forbidden to do which was to charge interest upon a loan, a concept referred to as “usury”, derived from the Latin term “usura” which means “use” or “interest”. Christians considered charging interest to be a sin and therefore could not partake in this economic exchange. Unfortunately, the Catholic Church’s Medieval laws against usury acted as a major obstacle for the development of finance within Europe during this period. Jews were not technically permitted to lend capital with interest, but those who did relied upon a convenient clause found within the 23rd chapter of Deuteronomy of the Christian Bible which states that lending to a brother at interest was forbidden but that a stranger was a different matter all together. These Jewish lenders interpreted this scripture as a means to provide the ability to lend to Christians, as Christian’s were not considered brothers of the Jews in a religious context during this period, but they would still not be capable of lending finance to other fellow Jews, as these members of society were viewed as brothers regardless of familial ties. Eventually Christian’s were able to circumvent the prohibition of charging interest, primarily because of Giovanni di Bicci de’ Medici, one of the wealthiest entrepreneurs within Italy during the Renaissance. Medici was able to evade Christian usury legislation as Jewish bankers did because of a clever device of trade which made profit upon exchanging multiple currencies rather than interest rates alone. No “interest” paid to Medici meant no sin had been committed. Medici’s business model took a small commission for each currency conversion rendered, with the size of the loan directly impacting the commission of the person who lent it

The Inability of the U.S. Government to Enforce Safety Regulations for Firearms and the Consequences of This

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In the U.S., firearms are one of the few products which are exempt from federal consumer product safety regulations. This exemption derives from the Consumer Product Safety Act of 1972 which explicitly prevents the Consumer Product Safety Commission from regulating firearms and ammunition. As a direct result, there remains no federal agency responsible for ensuring the safety of firearms prior to firearms being sold to consumers. This legislative policy can be disasterous, as with the case of the SIG Sauer P320 pistol, a firearm which is prone to firing without the trigger having been pulled. The SIG Sauer P320 firearm is effectively always engaged within a cocked position, with the weapon ready to fire even when not intended by the end user (e.g. holstered and on the hip of the end user etc.). The SIG Sauer P320 is a striker fired firearm and does not have a manual safety by default. Early versions of the design had issues in which the internal components (e.g. trigger, sear, striker etc.) could inadvertently engage, causing an unintentional discharge. This has resulted in law enforcement and civilians accidentally harming themselves and others with accidental misfires. As of 2016, 80 people have been harmed by this particular firearm. In 2017, the manufacturer SIG Sauer Inc. offered a voluntary upgrade program, not a recall but rather an offer to modify the design of this firearm to improve safety features, including adjustments to the trigger, sear, and striker mechanisms

The Minimum Standard Required for a Marital Divorce Within Saudi Arabia

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In Saudi Arabia, until 2019, husbands could legally divorce their wives without telling them. As of 2019, Saudi Arabian legislation dictates that men must inform their spouse by text message at a minimum. This legislation was designed to protect Saudi Arabian women from being divorced without being aware of their husbands departure. What constitutes informing a spouse is unclear, so in theory, a man could send a series of emojis to explain his choice to enact divorce with said text remaining legally binding. Unfortunately, this legislation solely applies to men as Saudi Arabian women do not have the same capability

The Universal Income Tax Bracket of U.S. Hedge Fund Managers

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The highest paid hedge fund managers and public equity managers are taxed at 15% which is much lower than virtually all other public income tax rates, because of the U.S.’ income tax code, specifically the “carried interest” provision which states that the income of a hedge fund and/or public equity manager is subject to the tax rate of capital gains, even though unlike normal capital gains, hedge fund managers and public equity managers are not required to risk their own financial capital, as they use the capital of their clients. This law is within U.S. income tax legislation because of the incredible lobbying effort of the private sector financial industry. Since 2006, every democratic president, including Barrack Obama, has strived to close the carried interest legislative loophole. The bill designed to strike down this provision passed the House twice, but consistently falls short of being passed as a bill into law due to pressure from the financial industry, a powerful collective who help raise record amounts of financial capital for the campaigns of members of U.S. politicians