1276

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Life Insurance Sales Dead... Long Live Annuities

From a biblical standpoint, charging interest on a loan is illegal but other forms of financing are not. The life insurance annuity allowed one to pay a lump sum and receive payments over a lifetime. It is technically not interest but it is now forbidden....technical or not.

The Renten Emission will take its place as a means of financing public debt. In this scheme, real estate rather than a life provides a regular income. Example: a merchant will pay a lump sum to a farmer in exchange for a return in regular payments called rente which means annuity or pension. It sounds like a rent-to-buy arrangement but the farmer retains ownership of the land. If the farmer defaults, the merchant gets the land. [1] [2] [3]

My Take by Alex Shrugged
In essence rente comes from the biblical idea that one owes a tithe from one's fields to the Temple...or in this case, the King. When a census is called, it is to determine the amount of tithe and who owes it. King Edward I has just completed a census of the lands. Now it is time to pay but I suspect most of his subjects do not have enough liquidity to pay in a lump sum.

How exactly was it paid then? I am not qualified to answer that question. I am now officially over my head.

WARNING: Begin religious content.

In biblical days "a loan" meant... "Hey, Bill... can you loan me fifty bucks until I get paid Friday?" You do NOT charge interest to your friends for such a loan. A loan is considered a form of charity. Free Loan societies exist to this day. There is one in Dallas, I notice. It is for charity cases only.

Regarding biblical financing: there were no credit cards. You didn't go to a bank to finance the expansion of your business. YOU TOOK ON A PARTNER. You drew up a contract. He supplied the money. You supplied the expertise and off you went. That is how you financed things.

End religious content.[4]

The Year of Four Popes

Pope Gregory X dies in January at the age of 66, presumably of natural causes. He is succeeded in the same month by Pope Innocent V who expresses a desire for a reunion with the Eastern Church. He dies in June at age 51 of an unknown disease. Pope Adrian V takes power in July and decides to annul Pope Gregory's rules on papal election....only to take ill and die by August before he can change the rules. He was 51 too. A week later, Pope John XXI is elected. (He skips XX for some reason.) He calls for a reunion with the Eastern Church. He manages to live until the next year.

In 1277, Pope John XXI will die when his new apartment suddenly collapses. He is buried in the rubble. Pope Nicholas III will manage to get elected and stay alive for three years or so. [5] [6] [7] [8] [9] [10]

My Take by Alex Shrugged
Pope Nicholas III was quite the wheeler dealer. He had strong family influence which is how he managed to get elected Pope, but with so many Popes dying young or by accident, I wonder (without proof) if Pope Nicholas bumped them off. In the medieval estate system the Pope was considered the head of the First Estate. As I recall this is also the time when a papal edict will be passed prohibiting a foreign Pope from being elected. That may have been an indirect block of the Eastern Church hierarchy should reconciliation ever happen in the future. Obviously this prohibition must have been rescinded since the current Pope is NOT Italian.[11]

The Eight Year Old Song Will Soon End

As the Mongols continue their mopping up operations in the Song province, the Song dynasty elevates an eight year old boy to the status of emperor. Emperor Duanzong of Song will have a short-lived reign ... escaping the Mongols by ship but mysteriously falling overboard. They will fish him out, but he will die shortly thereafter. His younger brother, Emperor Bing, will not last long. The end of the Song dynasty is near. [12] [13]

My Take by Alex Shrugged
The Song dynasty is dying but worth mentioning because even with their physical destruction, they have destroyed the Khan morally. He knows they are the better ones. Kublai Khan has changed himself to be more appealing to the Song intellectuals. But he is riding the wild horse of the Mongol hordes. This horse needs room to run and Kublai Khan must find some place for it to run.

See Also

References

  1. [http://www.jstor.org/stable/40109398 The Medieval Origins of the Financial Revolution: Usury, Rentes, and Negotiability], John H. Munro, The International History Review, Vol. 25, No. 3 (Sep., 2003), pp. 505-562.
  2. Life Annuity, Wikipedia
  3. Year 1276, Wikipedia
  4. Dallas Hebrew Free Loan Association (WEBSITE)
  5. Historical Events for Year 1276, from History Orb
  6. Pope Gregory X, Wikipedia
  7. Pope Innocent V, Wikipedia
  8. Pope Adrian V, Wikipedia
  9. Pope John XXI, Wikipedia
  10. Pope Nicholas III, Wikipedia
  11. Estates of the Realm: First Estate, Wikipedia
  12. Emperor Duanzong of Song, Wikipedia
  13. Emperor Bing of Song, Wikipedia

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