Imagine paying off a £150,000 mort-gage and ending up with not only a mortgage-free house, but also £150,000 in cash.
In our interest-driven banking system, it would be inconceivable.
But for 32,000 members of Sweden's unique JAK Bank, the dream of getting rid of interest has become a reality.
Bank co-founder Eva Stenius is in Otara this week to speak at the Auckland Eco Show, a five-day "tent city" of talks, demonstrations and displays on sustainable living, housing, energy and agriculture.
Mrs Stenius said borrowers in the member-owned JAK Bank earn the right to interest-free loans after saving with the bank - also without earning interest - for several years.
Then, if they take out a £150,000 mortgage, they have to keep up repay-ments until they pay back the £150,000 loan plus up to a further £150,000 - a form of forced saving which means that each borrower in turn finances the next borrower.
The big difference from interest-based banking is that, instead of that extra £150,000 disappearing in interest pay-ments to the bank, the borrowers ultimately get back the money they were forced to save.
"It's among friends. We are circulating the money amongst ourselves independent of others who want to exploit us," Mrs Stenius said. "It is based on humanitarian values rather than profit."
The system depends on people being willing to save before and after taking out a loan without receiving interest.
Mrs Stenius says JAK members are willing to do that, to qualify for an interest-free mortgage themselves, and to help their families and communities.
"You have complete control over where your money goes," she said.
"Maybe you would like to give your savings points to your children for their education, or to help fund starting a business, or you might donate it for JAK to invest in community development or women's enterprises or sustainable development.
"A typical JAK member is one with ethical values. Quite a lot are my age [60s] and many are well educated. And there is a big group with less money who are into alternative living in the countryside.
"There are also a lot of immigrants from the Muslim community because of the Muslim law of no interest."
Mrs Stenius and her then-husband, Per, helped establish the Swedish JAK Bank in 1970, inspired by a similar Danish bank which later merged with a larger commercial bank.
The name comes from the Swedish words Jord, Arbete, Kapital - land, labour and capital, "the three corner-stones to economic development".
The Swedish bank learned from the mistakes of its Danish predecessor, which ran out of cash because too many members wanted big loans as soon as possible.
In the Swedish system, a person's loan entitlement is calculated on a strict formula based on "savings points".
"We are the safest bank in Sweden," Mrs Stenius said. "You can't just have a big loan - you also have to contribute."
Administration costs are covered by a $40 annual membership fee and a one-off loan fee based on a formula which works out at the equivalent of about a 2 per cent annual interest rate.
The bank has 30 paid staff in two offices, and members do their banking over the telephone.
But it also has 460 trained volunteers who organise lectures and exhibitions on sustainable development around the country.
For more information about the JAK: www.jak.se
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Why do we need it, watch this - well before the current 'credit crisis'
Also, if you can get a copy of The Money Masters
Discuss:
http://video.google.com/videoplay?docid=3051024550497129264#
ReplyDeleteIt absolutely could work in Denmark, but I am not sure about the UK. The bankers, who pay of the *brighter politician's, would never let the politician's agree to it.
ReplyDelete*the dumber politicians wont even understand the question.. no need for the bankers to pay them off..
The Money Masters explains the history behind the current world depression and the bankers' goal of world economic control by a very small coterie of private bankers, above all governments.
ReplyDeletehttp://www.themoneymasters.com/
£300,000 divided by 25 years = £12,000 a year = £1000 a month "forced saving".So, after 25 years, you have a house of £150,000 paid off, and a lump sum of, or "credit points" to the value of £150,000? This system works almost identical to that of a Ponzie scheme, where the previous depositor funds the latest at no risk to the Financier themselves, while the balance that accumulates in the system does what? Is it invested? Does it simply stay in a vault? Is it audited? Further scrutiny and a ton of due dilligance would be required here. Don"t forget the enforced "saving with" them first to qualify!
ReplyDeleteThere is news that Hilary Clinton has signed an agreement with China to the effect that American land has been put up as colateral to keep China buying the ever value decreasing derivative and t-bills.China has already been given the Panama Canal and several ports around the world.The world is being killed and hollowed out by the globalist cancer. The new Dark Age is upon us, yet they are spinning it as "The New Enlightenment".
ReplyDeleteBernie Madoff, in an interview from prison, says that the whole of Wall St. is a huge ponzie scheme with J.P. Morgan and Goldman Sachs at its head.. . Italian ministers are calling for a return to a gold standard. . .The Times newspaper has a story from a new Pentagon Report, that claims the 2008 economic collapse was intentional "Financial Terrorism". .Tel Aviv is the new Switzerland, now banking billions of corrupt global loot.
ReplyDeleteRegarding 2008 economic collapse was intentional "Financial Terrorism"
ReplyDeleteThe first phase of the economic attack was the escalation of oil prices by speculators from 2007 to mid-2008 that coincided with the housing finance crisis.
In the second phase, the stock market collapsed by what the report called a "bear raid" from unidentified sources on Bear Stearns, Lehman Brothers and other Wall Street firms.
"This produced a complete collapse in credit availability and almost started a global depression,"
The third phase was the main source of the economic system's vulnerability. The US Governments having taken on massive public debt as the government was the only body who could access capital markets in late 2008 and early 2009. Placing the U.S. dollar's global reserve currency status at grave risk.
One new film to look out for:
ReplyDeleteDirector Spike Jonze and screenwriter Charlie Kaufman will reunite once again for an untitled project based on the controversy surrounding the notorious Bilderberg Group, an annual, unofficial, invitation-only conference of approximately 140 guests, most of whom are people of influence in the fields of politics, banking, business, the military and media.
Charlie Kaufman is writing this satire, which revolves around those world leaders who meet to determine when and how global events will happen, such as future wars and rising oil prices. The untitled project was recently pitched to financiers, with Megan Ellison's Annapura Pictures now trying to acquire the rights.
Anonymous targets New York Stock Exchange
ReplyDeletehttp://anonnews.org/?p=press&a=item&i=663
The World in one 25 minute lesson.How the World really is, and how it really works,- youtube, Keiser Report:Mad Mob vs Midwest Mubaraks [E130].
ReplyDeleteSo, Lybia was "invaded" because Gadaffi had held a meeting with middle eastern leaders about starting trading amongst themselves using a new Gold Dinar. All countries that stand up to the Rothschilds are systematically dismantled, including the U.K and now the U.S.A.How can the Rothschilds ever be stopped from destroying the world and recreating it in their twisted Zionist model? Anwers on a postcard. . . . .
ReplyDelete