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Topic: RE: virus: Bank Operates Without Interest (Read 606 times) |
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Blunderov
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RE: virus: Bank Operates Without Interest
« on: 2004-03-26 06:20:49 » |
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[Blunderov]
Here in SA we appear to be in the grip of a banking cartel. You cannot
withdraw money or perform any transaction at all without being charged
for it. Adding injury to insult, the charge is often a percentage of the
sum. And in, mark you, the age of instant communication, they will hold
on to your cheques for seven working days before they reflect the money
as belonging in your account. The statement of interest received at the
end of the month is a hollow joke compared to the accumulated 'fees'.
Best Regards
<q>
Bank Operates Without Interest
26.02.2004
By SIMON COLLINS
Imagine paying off a $200,000 mortgage and ending up with not only a
mortgage-free house, but also $200,000 in cash.
In our interest-driven banking system, it would be inconceivable.
But for 26,000 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 $200,000 mortgage, they have to keep up
repayments until they pay back the $200,000 loan plus up to a further
$200,000 - 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 $200,000 disappearing in interest payments 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 cornerstones 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
</q>
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JD
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RE: virus: Bank Operates Without Interest
« Reply #1 on: 2004-03-26 10:13:20 » |
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Hi Blunderov,
Here in the UK we have similar racket. Only after massive press pressure did
the banks stop charging other bank's customers for using their cash
machines. The cheque scam is still in operation (4 working days) .
Recently we found out that one of the big high street banks (RBS) made over
6 billion pounds profit last year. Meanwhile the chief of another (Barclays)
confessed he would never use a Barclays Credit card as it was a rip off.
You are comparatively lucky.
On a separate matter. Do you know where I can get some pictures of
Johannesburg? I am trying to either find a website or image gallery with
contemporary pictures of Johannesburg (street scenes, panoramas) or maybe an
online book shop which sells photographic books from South Africa (e.g. Day
in the Life of South Africa or South Africa In Pictures).
Incidentally, we here in the UK are about to be blessed with our very own
South African TV channel - New South Africa TV. Here is the website:
http://www.nsat.tv/ .
Is this enough to lure you over to live with we exiles in the UK? :-)
Regards
Jonathan
-----Original Message-----
From: owner-virus@lucifer.com [mailto:owner-virus@lucifer.com] On Behalf Of
Blunderov
Sent: 26 March 2004 11:21
To: virus@lucifer.com
Subject: RE: virus: Bank Operates Without Interest
[Blunderov]
Here in SA we appear to be in the grip of a banking cartel. You cannot
withdraw money or perform any transaction at all without being charged for
it. Adding injury to insult, the charge is often a percentage of the sum.
And in, mark you, the age of instant communication, they will hold on to
your cheques for seven working days before they reflect the money as
belonging in your account. The statement of interest received at the end of
the month is a hollow joke compared to the accumulated 'fees'.
Best Regards
<q>
Bank Operates Without Interest
26.02.2004
By SIMON COLLINS
Imagine paying off a $200,000 mortgage and ending up with not only a
mortgage-free house, but also $200,000 in cash.
In our interest-driven banking system, it would be inconceivable.
But for 26,000 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 $200,000 mortgage, they have to keep up repayments
until they pay back the $200,000 loan plus up to a further $200,000 - 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 $200,000 disappearing in interest payments 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 cornerstones 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 </q>
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Blunderov
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RE: virus: Bank Operates Without Interest
« Reply #2 on: 2004-03-26 12:46:53 » |
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Jonathan Davis
Sent: 26 March 2004 05:13 PM
<snip>
On a separate matter. Do you know where I can get some pictures of
Johannesburg? I am trying to either find a website or image gallery with
contemporary pictures of Johannesburg (street scenes, panoramas) or
maybe an
online book shop which sells photographic books from South Africa (e.g.
Day
in the Life of South Africa or South Africa In Pictures).
Incidentally, we here in the UK are about to be blessed with our very
own
South African TV channel - New South Africa TV. Here is the website:
http://www.nsat.tv/ .
Is this enough to lure you over to live with we exiles in the UK? :-)
</snip>
[Blunderov] I can look for pictures of Johannesburg for you but I don't
know of an online source offhand. I do have one photograph of a
Johannesburg dawn skyline posted under the portfolio 'John Jurgens' at
photo.net which you are welcome to download if you like. There are one
or two other pictures there that have an indigenous flavour too. Feel
free. In the meantime I'll keep an eye open.
Thanks for the invitation to join the expats in London. We were
considering it at one point but the weather in the UK...seriously
though, the logistics were too daunting.
Best regards
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