people being unable to repay their previous loans, and not having the facility to take outnew ones, so they would go bankrupt and be forced to sell their assets to the goldsmithsfor literally pennies on the dollar.This is exactly what happens in the world economy of today, but is referred to withwords like, "the business cycle," "boom and bust," "recession," and "depression," inorder to confuse the population of the money changers scam.
King Henry I succeeds King William II to the throne of England. During his reign hedecided to take the power the money changers had over the people, and he did this bycreating a completely new form of money that took the form of a stick! This stick wascalled, a "talley stick," and ended up being the longest lasting form of currency, lasting726 years until 1826 (even though other currencies came and went in that same periodand ran alongside the talley sticks).The talley stick was a stick of polished wood into which notches were cut along oneside, to indicate the denomination of money the stick represented. The stick was thensplit lengthwise through the notches, so that both pieces had a record of the notches.The King kept one half to protect against counterfeiting and the other half was spentinto the economy and circulated as money.It was also one of the most successful money systems in history, as the King demandedthat all the King's taxes had to be paid in, "talley sticks," so this increased their circulation and acceptance as a legitimate form of money. This system would work well in keeping the power away from the money changers in England.
St. Thomas Aquinas is born, the leading theologian of the Catholic Church who arguedthat the charging of interest is wrong because it applies to "double charging," chargingfor both the money and the use of the money.This concept followed the teachings of Aristotle that taught the purpose of money wasto serve the members of society and to facilitate the exchange of goods needed to lead avirtuous life. Interest was contrary to reason and justice because it put an unnecessary burden on the use of money.Thus, Church law in Middle Ages Europe forbade the charging of interest on loans andeven made it a crime called, "usury."
King Henry VIII succeeds King Henry VII to the throne in England. During his reignhe relaxed the laws regarding usury, and and the money changers did not waste any timein re-asserting themselves over the population. They quickly made their gold and silver coin system plentiful again. It is interesting to note that under King Henry VIII theChurch of England separated from Roman Catholicism, whose Church law preventedthe charging of interest on money.