@chelonia1663 Debt doesn't multiply by interest, well assuming you don't have a government setting interest rates too low.
Sure superficially it does, but you have to include defaults that wipe out the outstanding debt and stop is inflating out of control.
Yes if you ran the system forever then at some point there isn't enough to money to pay all the interest, but before that point people start defaulting left and right lowering the outstanding loans and reducing total interest payments.
They put the rabbis and the priests as their lords, though they not worshipping them. But why do they follow them of what they wrote, they changed the holy books esp. the subject of interest. God prohibited interest in lending money. This system is not new to Islam. Only the divine law which from god knows best of which human must not do. I can see that the only religion who still standing the truth is islam. We accept jesus and moses as prophets. But they dont not accept Prophet Muhammad.
@theanduo why? if this bank exists and loans money to people and they repay it, It proves you wrong, in Islamic countries the system has existed for hundreds of years. I do believe that the default rate of JAK is the lowest in Sweden. yet again defeating your argument. it works
This is the exact financial system mentioned in the Quran !! Islamic banking system is based on risk sharing basis and forbids all types of interest. Isnt it amazing that the Quran was revealed 1400 years ago and only if people followed the non-interest based economic system detailed in the Quran, the world economies wouldnt be so fragile.
All of the people that cry about a redistribution of wealth, because of socialism or whatever... either are in the 10% making all the money, or are just plan stupid cattle following their nose straight to the poor farm.
Which means no investors, which means no way of calculating market demand and reality, which means no way to accurately price something which means savings crippling inflation which means bankruptcy which means meltdown.
Typical dumbass socialist pig you. Its atypical of western coutries who ahve been destroying the savings of asian coutnries for years with their mass consumerism and theiving debt. You are a fucking idiot.
as far as i know, the interest free loans/banking is the best thing ever happened to any human on earth, who is in need of money. Interest on Loan was prohibited in many religions by their prophets in the following books, Torah, Quran, Bible, etc..
Its good that people are actually now listening to what their prophets told them thousands of years back....every bank should follow such model (atleast where there is no Interest)
You are all numb nuts and are doomed to bankruptcy and failure. This is a moral hazrd and pnzi scheme liek the US doomed to failure, read what I wrote below. This so called bank is nothing but an inflation house and debt house of cards aka the US.
In some respects, this is excellent. On paper at least, Islamic finance is also a lot closer to the biblical ideal than what we have now. Note, I am NOT saying either JAK Members Bank or Islamic finance have actualized the biblical ideal -- far from it. But at least they recognize the danger of an interest-based economy. People interested in this should also see the writings of S.C. Mooney or Scott Mooney (Usury: Destroyer of Nations). Mooney has a few things wrong but his basic thesis is sound.
Its's horrible business and anyone can see that considering the sad state of affairs by the US over the past 16 years of our lied about covered up about to crash and fully burn to zero bear market. Thanks Greenie thanks clinton, putzes.
Can't help to give my twopenny's and confirm earlier cmnts:
after watching this video I wanted to comment with what Jezus taught us, only once in his live (as far as we know) he was mad and that was expelling the interest money making Jews from the temples.
And I also wanted to let everyone know that also according the Qur'an its forbidden to just ask interest for money that you lend.
This system of owning a bank together also avoids the printing of extra money.
This is what the United States needs....usury is a chief preponent of the Rockefellers, Rothschilds, & the rest of the international banking mafia. See John F. Kennedy--June 1963, Executive Order #11110. (Murdered November 1963 in Dallas, TX) End the "Federal Reserve", which is neither part of the Federal government, nor a "reserve" of anything...it goes right into the international banking cartel mafia's pockets. Jesus drove the interest-collecting money lenders out of the temple with a whip!
I live in sweden and the man at the end is so right that's exactley what happened to us when they raised the interest rate in 2007 and then again in the beginning of 2008
"People that already have a lot of money can get more money just because they own money."
I think that single sentence best summarizes exactly what is wrong with capitalism.
Cooperatives are the future.
Thesterness 1 year ago
@chelonia1663 I didn't say I was happy with it. But go ahead and leap to conclusions and throw around insults.
jedfa987 1 year ago
@chelonia1663 Debt doesn't multiply by interest, well assuming you don't have a government setting interest rates too low.
Sure superficially it does, but you have to include defaults that wipe out the outstanding debt and stop is inflating out of control.
Yes if you ran the system forever then at some point there isn't enough to money to pay all the interest, but before that point people start defaulting left and right lowering the outstanding loans and reducing total interest payments.
jedfa987 1 year ago
But too bad we have Islam have been infiltrated with the interest stabbing behind us.
upfran 1 year ago
They put the rabbis and the priests as their lords, though they not worshipping them. But why do they follow them of what they wrote, they changed the holy books esp. the subject of interest. God prohibited interest in lending money. This system is not new to Islam. Only the divine law which from god knows best of which human must not do. I can see that the only religion who still standing the truth is islam. We accept jesus and moses as prophets. But they dont not accept Prophet Muhammad.
upfran 1 year ago
I think I may st up a community bank in Australia, I think this is a sound and wonderful idea
franks2732 1 year ago
interest rate gives a time value to money, without it people would neglect to repay their loans, leading to no loans at all actually
theanduo 1 year ago
@theanduo why? if this bank exists and loans money to people and they repay it, It proves you wrong, in Islamic countries the system has existed for hundreds of years. I do believe that the default rate of JAK is the lowest in Sweden. yet again defeating your argument. it works
franks2732 1 year ago
Islamic Banking system is run on fractional reserve banking! It also provides back-door to Riba...This neither is Islamic nor Quranic.
conglomerate8 1 year ago
This is the exact financial system mentioned in the Quran !! Islamic banking system is based on risk sharing basis and forbids all types of interest. Isnt it amazing that the Quran was revealed 1400 years ago and only if people followed the non-interest based economic system detailed in the Quran, the world economies wouldnt be so fragile.
hidalgo786 2 years ago
All of the people that cry about a redistribution of wealth, because of socialism or whatever... either are in the 10% making all the money, or are just plan stupid cattle following their nose straight to the poor farm.
TheBigCollapse 2 years ago
Which means no investors, which means no way of calculating market demand and reality, which means no way to accurately price something which means savings crippling inflation which means bankruptcy which means meltdown.
deltapunk21 2 years ago
My Great-grandfather came over from Sweden. Does this make me eligible to join this bank?
anabaptistSue 2 years ago
:) Hehehe.. I don't know.. Maybe it wouldn't be bad for communities to start setting up banks like this one...
enslavetherich 2 years ago
I wont say unusual, the interest free banks are present all over the Muslim Countries for thousands of years...
catzilla82 2 years ago
it is quite unusual for western countries.. :)
And this system looks a bit more fair to me..
enslavetherich 2 years ago
Typical dumbass socialist pig you. Its atypical of western coutries who ahve been destroying the savings of asian coutnries for years with their mass consumerism and theiving debt. You are a fucking idiot.
deltapunk21 2 years ago
as far as i know, the interest free loans/banking is the best thing ever happened to any human on earth, who is in need of money. Interest on Loan was prohibited in many religions by their prophets in the following books, Torah, Quran, Bible, etc..
Its good that people are actually now listening to what their prophets told them thousands of years back....every bank should follow such model (atleast where there is no Interest)
catzilla82 2 years ago
You are all numb nuts and are doomed to bankruptcy and failure. This is a moral hazrd and pnzi scheme liek the US doomed to failure, read what I wrote below. This so called bank is nothing but an inflation house and debt house of cards aka the US.
deltapunk21 2 years ago
In some respects, this is excellent. On paper at least, Islamic finance is also a lot closer to the biblical ideal than what we have now. Note, I am NOT saying either JAK Members Bank or Islamic finance have actualized the biblical ideal -- far from it. But at least they recognize the danger of an interest-based economy. People interested in this should also see the writings of S.C. Mooney or Scott Mooney (Usury: Destroyer of Nations). Mooney has a few things wrong but his basic thesis is sound.
cdwitmer 2 years ago
But we Americans are convinced this is Socialism.
I consider it good business.
We should do the same with health and hazard insurance.
CosmosPrivateer 2 years ago
Its's horrible business and anyone can see that considering the sad state of affairs by the US over the past 16 years of our lied about covered up about to crash and fully burn to zero bear market. Thanks Greenie thanks clinton, putzes.
deltapunk21 2 years ago
realy cool.
MartijndeGraaf1001 2 years ago
Can't help to give my twopenny's and confirm earlier cmnts:
after watching this video I wanted to comment with what Jezus taught us, only once in his live (as far as we know) he was mad and that was expelling the interest money making Jews from the temples.
And I also wanted to let everyone know that also according the Qur'an its forbidden to just ask interest for money that you lend.
This system of owning a bank together also avoids the printing of extra money.
jacobvision 3 years ago
FANTASTIC!
MW2772 3 years ago
Here is something new that has been around for 2000 yrs a no intrest banking system called----- wait for it------
THE ISLAMIC BANKING/FINANCIAL SYSTEM.
usury free if people could/would follow it.
I have a idea lets take ideas from the east like medical research, numeric system, mathmatics and call it our own.
Our jewish friends cam up with intrest. Now we are all paying. Good job everyone.
usdollar1977 3 years ago
This is what the United States needs....usury is a chief preponent of the Rockefellers, Rothschilds, & the rest of the international banking mafia. See John F. Kennedy--June 1963, Executive Order #11110. (Murdered November 1963 in Dallas, TX) End the "Federal Reserve", which is neither part of the Federal government, nor a "reserve" of anything...it goes right into the international banking cartel mafia's pockets. Jesus drove the interest-collecting money lenders out of the temple with a whip!
BABIEBABIE7 3 years ago
I live in sweden and the man at the end is so right that's exactley what happened to us when they raised the interest rate in 2007 and then again in the beginning of 2008
worldsecrets 3 years ago 2
Brilliant.
Amy31415 3 years ago 2