Deposit Accounts Run On Simple Interest and Credit Cards Run On Compound Interest

Adebayo Adeniran
3 min readJun 15, 2024

Yet another reason to overthrow extreme capitalism

Annie Spratt image via Unsplash

Schools are to all intents and purposes, political organizations disguised as places of learning.

And political organizations do not exist to do the bidding of the very poorest and most vulnerable in society; they exist to enshrine the privileges of the very few over the rest of us.

So why have I written this?

The teaching of financial literacy.

As the perceptive ones in our midst have pointed out, it goes without saying that one of the great failings of our educational system in the Anglosphere is the teaching of financial literacy to students of all backgrounds.

Financial literacy?

Knowing the basics of financial management is as much a strategic as it is a moral imperative for children from the very poorest backgrounds, who are almost certain to make the same mistakes as their parents.

And what do I mean by this?

In the third grade (or in British parlance, primary three) I learnt how to calculate simple interest rates and subsequently learnt to do compound interest rates.

--

--

Adebayo Adeniran

A lifelong bibliophile, who seeks to unleash his energy on as many subjects as possible