| Subject: | [socialcredit] Re: JAK | | Date: | Wednesday, October 6, 2004 09:15:17 (-0700) | | From: | william_b_ryan <william_b_ryan @.....com>
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| Subject: | Re: JAK | | Date: | Tuesday, October 5, 2004 22:27:20 (+0200) | | From: | Per Almgren <info @........se>
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<DIV>
<DIV>Thanks for the reply. I've reformatted and attached <BR>the documents in
PDF, which may be more readily <BR>accessible to some subscribers.<BR><A href="http://www.geocities.com/w_b_ryan/SavingsLoansInSweden/";>http://www.geocities.com/w_b_ryan/SavingsLoansInSweden/</A><BR>The
diagram I sent previously<BR><A
href="http://www.geocities.com/new_economics/jakdiagram.gif">http://www.geocities.com/new_economics/jakdiagram.gif</A><BR>which
you report is not quite correct is from <BR>Anielski's "The JAK Members Bank"
available from <BR>several Internet sources.</DIV>
<DIV>I have three questions for you at the moment:</DIV>
<DIV>1:- You designate yourself as "designer of the <BR>savings-loan system..."
in Sweden and Norway. It is <BR>my understanding that it was started several
decades <BR>earlier in Norway than Sweden, before you became <BR>involved.
Presumably, you were instrumental in some <BR>significant change from the way it
operated earlier. <BR>Will you tell us something about that change?</DIV>
<DIV>2:- Some sources describe JAK as being "one-hundred <BR>percent reserve."
Do you agree that it is one-<BR>hundred percent reserve? If so, please explain
how a <BR>bank that keeps only an amount equivalent to a <BR>fraction of its
depositor funds in the form of cash <BR>in its vault or on deposit at other banks
be <BR>described as one-hundred percent reserve.</DIV>
<DIV>3:- What is your justification for calling the bank <BR>"interest free"?
I ask this in the context of <BR>consumer protection law in the United States,
which <BR>would construe such a claim to be an illegal <BR>deceptive trade
practice. In the United States, <BR>interest that is imputably interest is
interest, and <BR>must be disclosed as such in the consumer loan <BR>contract in
the form of the effective annual <BR>percentage rate, or APR. JAK collects an
<BR>"administration" fee, for example, that adds to the <BR>lender's gross
profit. One source says the fee is <BR>between two and five percent. Gross
profit is before <BR>ordinary business expenses are factored in, and
<BR>represents "mark up." The interest that the borrower <BR>foregoes on the
offsetting savings balances, required <BR>for the loan, that he could expect to
collect on <BR>savings balances at a competing institution, would <BR>also have
to be calculated in.
Essentially, the APR <BR>is calculated like this: The gross amount paid to
<BR>the lender over the term of the loan, less the actual <BR>principal initially
borrowed, divided by the term of <BR>the loan in years, expressed as a percentage
of the <BR>principal initially borrowed, is the APR.</DIV>
<DIV>Bill</DIV>
<DIV><BR>----ORIGINAL MESSAGE----<BR>Date: Tue, 05 Oct 2004 22:27:20 +0200
<BR>To: <A href="mailto:socialcredit@elistas.com">socialcredit@elistas.com</A>
<BR>From: "Per Almgren" <<A
href="mailto:info@nordspar.se">info@nordspar.se</A>><BR>CC: <A
href="mailto:heloisa@alliance21.org">heloisa@alliance21.org</A>, <BR>Subject:
Re: JAK </DIV>
<DIV>The diagram attached is very schematic and not quite <BR>correct. The
numbers printed at the top left triangle <BR>should be approximately the same as
the loan amount, <BR>i.e. 212,000 SEK since the small right triangle shows
<BR>that the savings before are withdrawn as the loan is <BR>granted. The
proportions between the saving area <BR>before borrowing and the borrowing area
(lower <BR>triangle) varies from time to time depending on <BR>supply and demand
of money.</DIV>
<DIV>I enclose one page with a more detailed description <BR>and two
diagrams.</DIV>
<DIV>Per</DIV>
<DIV>At 18:43 2004-10-05, you wrote:</DIV>
<DIV>Per, will you post a message commenting on the <BR>attached diagram, and
anything else you would like to <BR>say about JAK?<BR><A href="http://www.geocities.com/new_economics/jakdiagram.gif";>http://www.geocities.com/new_economics/jakdiagram.gif</A><BR>Bill<BR>
<BR></DIV></DIV><p>
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