Pawnonomics by Stephen Krupnik

Table of Contents

Introduction

A Venerable Institution or a Den of Thieves?……………….1

Chapter One: What Exactly Does a Pawnbroker Do?…………….1

Collateral Lending………………………………………1

Sticker Shock…………………………………………..1

Take Your Stuff Back, Please!…………………………….3

Garage Sale Junkies……………………………………..4

Chapter Two: Never Mix Politics and Religion……………….7

It’s in the Bible……………………………………….7

Lombardi and Medici Versus Freddie Mac and Fannie Mae…….. 10

The Franciscan Loophole……………………………….. 12

The Money Changers……………………………………. 13

Al-Rahn……………………………………………… 15

Chapter Three: A Long History………………………….. 17

Bronze Age Bankers……………………………………. 18

The Sumerians (4000 – 1200)……………………………. 18

Babylonian Empire (1728 – 1686 B.C.)……………………. 19

The Power of Perception……………………………….. 21

Ancient Greece and Rome – It All Depends on Who You Are…… 21

China – Buddha Approved but Mao Didn’t………………….. 22

Japan – The Sword Cuts Both Ways……………………….. 24

Europe and England – Churches and Kings…………………. 25

Indonesia – Adaptation is Key to Survival……………….. 28

Mexico and South America – A Lesson in Spin……………… 28

Re-defining Opportunities for Profit……………………. 29

Quakers – Profiting from a Perception of Trust…………… 29

Provident Loan – Profits Cloaked in Liberal Disguise……… 30

Winning Solutions in the Wild West……………………… 31

Survival of the Fittest……………………………….. 32

Chapter Four: Exotic Treasure and Irrelevantly Fun Fact…… 35

Bring Us an Idea, Not a Credit Score……………………. 35

Printing…………………………………………….. 35

Pharmaceuticals………………………………………. 36

Computer Technology…………………………………… 36

Crown Jewels…………………………………………. 37

A Melting Pot of All That Glitters……………………… 38

Dump the Man, Pawn the Ring……………………………. 38

Or Maybe Pawn the Ring to Keep the Man………………….. 39

Food………………………………………………… 40

The Strange and Mysterious…………………………….. 40

The Crystal Skulls……………………………………. 41

A Presidential Campaign……………………………….. 41

Religious Relics……………………………………… 42

Human Collateral……………………………………… 42

Art and Books………………………………………… 45

Land, Taxes, and Jewels: Royal Pawn for Love and War……… 47

Chapter Five: Usury or Interest………………………… 53

Credit Cards…………………………………………. 54

Banks: Status Symbols and Paragons of Virtue…………….. 58

Overdraft Fees……………………………………….. 62

Other Types of Collateralized Lending…………………… 62

Monte de Piedad………………………………………. 63

MEFL………………………………………………… 63

Grameen Bank…………………………………………. 63

JN Micro Credit Company……………………………….. 64

Culture Bank…………………………………………. 64

Indonesian Microcredit………………………………… 65

Present-Day Trends in Pawnbroking………………………. 65

The Advantage of Customer Service………………………. 67

“It’s the Economy, Stupid”…………………………….. 69

Conclusion…………………………………………… 73

Bibliography…………………………………………. 77