Website review: Sweden&039;s sustainable finance sy...
laodan discovered this in Financial planning
•1 reviews since Nov 6, 2007
financial-planning
•globalpublicmedia.com/transcripts/2832
People who like this website
StumbleUpon is the best way to discover great web sites, videos, photos, blogs and more - based on your interests.
Everything is submitted and rated by the community. Discover, share and review the best of the web!
Reviews of this website
laodan discovered 9 months ago- Sweden's sustainable finance system via The Oil Drum, in Gloval Public Media. An interview of Oscar Kjellberg from the JAK Members Bank by Andi Hazelwood
JAK stands for land, labor and capital. The reason is that money makes trade with products very easy, but it can be made and used in many ways. It's a tool, and like any tool it can be used for good or bad. JAK was for people who want to use money in a just and sustainable way. We have had that since the Danish thought it in 1931, and the idea was taken over to Sweden in 1965. So we've been operating the savings and loan since '65. Andi Hazelwood: So how does JAK bank work that's different than the conventional system? Oscar Kjellberg: It's an interest-free savings and loan system, and it's a cooperative bank. The members borrow at no interest, and the loans are financed by the members' deposits. Let's say I borrow you $53 per year, and you pay me back $1 per week. I'm helping you, but what's in it for me? If you pay me $2 per week instead, one as a lead payment and the other that you are saving with me, then you are giving me a resource to use during the year and when the loan is repaid you get your savings back. If you would have borrowed this from a commercial bank, the rates would have been about the same per week, but you would not have had any savings at the end of the year. This is one of the reasons why we are doing this. It's cheaper, and we are saving money instead of paying it as an interest to commercial banks. Sweden's sustainable finance system (transcript) Sweden's sustainable finance system (audio) Well worth reading.
- Sweden's sustainable finance system via The Oil Drum, in Gloval Public Media. An interview of Oscar Kjellberg from the JAK Members Bank by Andi Hazelwood
