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Lessons from History: Pawnbrokers and payday loans

Lessons from History: Pawnbrokers and payday loans

The year is 500 AD. In China, ne’er do well rich folk evade taxes by teaming up with Buddhist monasteries to provide the needy with money (or fish) who leave their family heirlooms at the monasteries as collateral. Meanwhile in the Middle East, hawala brokers are helping Silk Traders transfer cash to one-another without having to move the physical coins.

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