JAK Bank Report Part 2/4 - Technics - www.giorgiosimonetti.net

A report about Swedish interest-free bank JAK, shot in Germany and Sweden, August 2007.

This is a self-financed project, please think to donate or to buy my DVD (containing extras, approximately 2 hours of duration) in order to finance my next report.
The DVD is PAL or NTSC format and is available for purchase at www.giorgiosimonetti.net

You will find the FULL interviews with:
- Margrit Kennedy - Economist (Germany)
- Per Almgren - JAK Bank Pioneer (Sweden)
- Oscar Kjellberg - JAK Development Director (Sweden)
- Johan Oppmark - JAK CEO (Sweden)
- Magnus Frank - JAK Bank Manager (Sweden)
- Kåre Olsson - Skattungbyn Support Saving (Sweden)
- Ann-Marie Svensson - JAK Members Director (Sweden)
- Leonardo Becchetti - Banca Etica Ethics Committee (Italy)
- Shaji K.J. Kizhakethil - Pakkam village (Kerala-India)
- Abd al Haqq Kielan Eskilstuna's Imam (Sweden)

Donations&Contacts: www.giorgiosimonetti.net

It's forbidden to translate this video in italian, since exclusive copyrights are hold by RAI television.
Italian version of this report is available @ http://www.rai.tv/mpplaymedia/0,,RaiTre-Report^23^85920,00.html

Category:

News & Politics

Tags:

• interest-free
• JAK
• margrit
• kennedy
• economy
• bank
• usury
• money
• loans
• savings
• ethics
• support
• solidarity
• sweden
• denmark
• K.E.
• Kristiansen

[lucas822]

Is that Borat narrating this video?

[banzostrummer]

@Zacman333

yes

and do you know what does it mean it?

Let's say you're poor and you want $30K mortage

you have to pay each month $10K for mortgage + another $10K for post saving

so at the end of three months, you paid back $60K (plus 2.5% interest)

So unless you don't save $60K in 3 months you are fucked up!

And, since poor people are not able to save such amount of money in three months (or even 3 years) they are gonna end up liable!

This bank is a shit!

[salsasas]

@OneManAndHisFiction BS, Sweden may have a low gini coefficient, but wealth is enormously concentrated.

[banzostrummer]

@lordmetroid

Unless the guy saved money in the bank before loaning--->

and that's exactly the reason why it is a shit.

if you're poor you pay much higher interest. brilliant!

[lordmetroid]

@banzostrummer Unless the guy saved money in the bank before loaning.

[Ingan]

@mrjones422 He has 400$ in the bank at the end. He can either use the 400$ himself, or he can let other people in need benefit by letting them use that 400$ by taking a loan.

People who use this system only use each others money, basically loaning each other! And no fat guys in suits are benefiting from the bank.

[OneManAndHisFiction]

Sweden has a very good and stable banking system that benefits the people as a whole, rather than the system in UK and US that ends up concentrating wealth into the hands of fewer and fewer extremely wealthy families.

The QoL (Quality of Life) there is very high.

[Zacman333]

I'm not sure you're thinking about it correctly. Assuming 1 coin = $100, in this case they had to save $500 with the bank over a certain period of time in order to make a loan of $400.

For every month he owed the bank $100, he was obligated to save $100 for the same amount of time so the bank could loan his money to other members.

[mrjones422]

I really didn't like the showing of coins in relation to the saving points as it's not clear how this is supposed to work with real money.

An example is that if the pennies where $100 each he would deposit $200 in (3) months giving him 4 points, he then borrows $400 and withdraws his $200having to pay $300 to equal the (10) points then he can withdraw his 3 remaining coins($300). So 200-(200+400)+300-300 = -$400 that the bank made on a $400 loan. Makes no sense? Please explain.