QUESTION:
Hi Martin–
The Christian Reformation of 1517 was the springboard for the development of western civilization. Most scholars focus on the theological aspects of the Protestants vs. the Catholics. But all have missed this key point: the economic impact of indulgences. I theorize that when indulgences ended, the masses had vast amounts of disposable income and could now focus on their deplorable living conditions. They starting saving capital with the intent of buying their own fields, then the Jewish banking cartel stepped in to offer leverage needed to facilitate the purchase of real estate for farming. Then the cash flow started and other businesses began to open, creating an economic explosion the likes of which actually ended the Middle Ages and launched Western Civilization.
Am I correct…?
Thanks–Jack
ANSWER: Interesting theory, but the indulgences were never that major level with the economic system. What the Protestant Reformation did was the beginning a Capitalism for previously only the Jews were bankers and they tended to be restrained overall and were not lending down to individual consumers. The Protestant Reformation was funded by rich merchants who wanted to be bankers, but the Catholic practiced the Sin of Usury just as did the Muslims. The Protestant Reformation opened the door to Christian banking and then credit became widespread. This leveraged the economy and thus here is where the line is drawn for the rebirth of Capitalism.
Original post : http://finagg.com/2018/02/10/indulgences-protestant-reformation-v-banking/