
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 Italian festival of Carnival which takes place during the winter in Venice, Italy, is a 13th century tradition designed to allow anonymity and indulgence before Lent commences. Ash Wednesday marks the end of Carnival and the beginning of Lent, a 40 day period of fasting and reflection. Catholic priests mark patrons forerheads with ash, a symbol of purification by fire. The 40 days of Lent represent the 40 days Jesus Christ spent in the wilderness, preparing for the culmination of his ministry upon Earth whilst being tempted by the devil. Historically, Lent was the final stretch of winter, with the last of any meat being finished during Carnival. Because of the challenges associated with winter, European Christians turned to their faith to help guide them through to the other end
