A significant debate is underway in Russia since imposition of western financial sanctions on Russian banks and corporations in 2014. It’s about a proposal presented by the Moscow Patriarchate of the Orthodox Church. The proposal, which resembles Islamic interest-free banking models in many respects, was first unveiled in December 2014 at the depth of the Ruble crisis and oil price free-fall. This August the idea received a huge boost from the endorsement of the Russian Chamber of Commerce and Industry. It could change history for the better depending on what is done and where it further leads.
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The Russian version - banks won't charge you interest on your loans.
The US version - banks won't pay you interest on your deposits.
By the way, the US version already is in effect.
Why, you may ask, are US bankgangsters getting filthy rich while depositors are getting poorer and poorer?
Because we've got the best Congress money can buy.