On Dec 4, 2010, at 11:28 AM, Carrol Cox wrote:
> Joanna: But the thing is poverty and debt are very, very expensive.
>
> Indeed. A humorous version.
>
> When I was in the USAF in D.C., one Saturday morning a guy woke me
> up with
> "I'll give 6 for 5 till payday" (payday being 3 days away). Still half
> asleep, I muttered, "Huh." "7 for 5!" "Huh"; "8 for 5" "(finally
> awake)
> Sure!" I think that's an annual interest rate of close to 400%.
An annual rate of 7,200% *Simple* interest. Compounded every three days the annual rate is roughly 1,000,000,000,000,000,000,000,000,000% (10^27%).
Shane Mage
"All things are an equal exchange for fire and fire for all things, as goods are for gold and gold for goods."
Herakleitos of Ephesos, fr, 90