(Albert Einstein died in 1955, but the earliest mention we could find of this item was in a 1983 New York Times blurb.) The attribution of this sentiment about compound interest to Einstein doesn't seem to have existed during the scientist's lifetime, first appearing in print only several decades after his death, and always repeated as something he supposedly said in some indefinite time and place.In that vein, around 1980 (when the neutron bomb and soaring interest rates were prominent news topics) Johnny Carson once quipped during a Tonight Show monologue that "Scientists have developed a powerful new weapon that destroys people but leaves buildings standing - it's called the 17% interest rate." Perhaps that explains why many of us seem to recognize a kindred spirit in the declaration by one of the greatest intellects of our time, Albert Einstein, that compound interest is "the most powerful force in the universe" or "the greatest invention in human history." (Since no context is ever offered for this purported quote, readers might also fairly assume that its intent was to praise compound interest as a wonderful device that allows thrifty savers to realize a significant, low-risk return on their money.)īut did the eminent physicist really ever say such a thing? The claim that he did appears dubious for a couple of significant reasons: Mortgages month after month, only to find after years of making payments that most of their money has gone to cover interest charges, have felt like cursing whoever came up with the concept of compound interest. Origins: Many homeowners who have struggled to meet their
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