Previously, I have spoken against usury and most of passive income. However, I realized that I am hypocrite since I was still saving my money inside conventional banking system and put my money into interest-bearing securities and investment in usury-based fund houses such as Blackrock and Franklin Templeton.
Since I have determined that both usury and passive income are destructive to society by allowing oppression to working class, producing income inequality and poverty, I gradually withdrew my involvement in this money-making scheme. Initially, I cancel my AXA life insurance policy although no return fund since I just subscribed it for 8 months. Initially, it is quite painful if I think about it since I invested S$300 per-month (which is about $250 USD).
However, after I heard the news about confiscation in Cyprus, worsening economic condition and global civil riot (Occupy Wall Street) and finding out how Federal Reserved produced money by thin air, I am actually glad that I decided to withdraw.
After that, I admittedly need to lie to my financial adviser. Well, technically speaking, I did not say a wrong fact but my intention is to lie to him. That time, I was just fired from my job, my grandfather’s and my father’s business went bankrupt so I need to give extra allowance to my parents. And hence I used that as an excuse to stop my monthly installment to Blackrock and Franklin Templeton investment.
So, I just said to him that I am in difficult financial situation and hence it is impossible for me to contribute that monthly installment (S$500 or about $400 USD) since I think it will become very complicated situation if I said that I believe usury is sin.
However, after that, I never contacted him anymore.
My last step is to withdraw my money entirely from conventional banking system. I still have savings account which receives some interests. Since the only viable financial institution which is non-interest based is Islamic banks, I have no choice but to put my money there. Hence, I transferred all my money to Maybank (which is Islamic bank).
And also there was quite interesting conversation with Christian teller working inside that bank about this topic. He was surprised when I told him that I am not Muslim (although I have quite long beard and believed usury is sin). Although he still does not buy into my belief, at least I have informed him that usury is illegal in Western World before Renaissance and since then one of Protestant theologian (John Calvin) declared that it is acceptable (as long as usury is between the rich people and not between rich and poor people) and majority of Protestants in Western World accepted his view about usury.
There is a cross I need to bear for believing in this politically incorrect view. Maybank ATM is quite rare, unlike conventional banks like POSB, UOB or OCBC which are virtually everywhere. However, I am glad that right now my conscience is clear that I do not participate in unjust economic system which enslaved 99% of the world and transferring almost infinite wealth to top 1%.