| Subject: | Re: [socialcredit] Re: [SPAM] Re: [socialcredit] Re: Definition of usury. | | Date: | Wednesday, July 9, 2008 00:30:16 (+0200) | | From: | Per Almgren <almgren_per @.....com>
|
| In reply to: | Message 5456 (written by Swieto Radosci) |
The staff of JAK, with exception of the top position people, are paid
according to what people working in other banks are paid for similar
work as agreed between the trade unions for people working in the bank
sector and the corresponding organization of the banks. The top people
within the JAK bank are still, as far as I know, paid less than the top
staff of similar size of other banks. At the time when I myself got paid
for my work by JAK (5 years out of 26 !!), my salary was not specially
higher than any of the other employed people.
I don't remember just now how much about that you could find in the
Englishwritten part of the website of JAK, but compared to the size of
the JAK Members bank, they support many local projects in areas where
other banks usually not lend money. The bank doesn't usually show much
surplus, some years give little surplus, some years give little
deficits. The idea is that the fees for the loans should be set at a
level that just cover the costs for running the bank.
The members directly supply the banks own capital when they get loans. 6
% of the loan is set aside as risc capital and is repaid to the
borrowers after the amortization of the loan is finished if not needed
to cover losses. This means that the bank doesn't need a big surplus to
expand its own capital, it is automatically adjusted according to the
lending volume.
Per Almgren
Swieto Radosci skrev:
> Thanks, Per, for explanation. It is even better to act with no profit
> paid to the owners, or establishers, of a bank.
> Could you explain JAK's philosophy about staff's earnings and how (if)
> JAK supports its community or local projects if there are any
> surpluses over administration costs?
>
> Kristof Levandovski
>
>
> Per Almgren pisze:
>> Swieto Radosci skrev:
>>> Hi Joe, I understand that JAK practice may look deceptive under US
>>> law, but certainly it isn't so under European law, which probably is
>>> better construed to cover legally such experiments in the field of
>>> alternative banking.
>>>
>>> On the other hand it is hard to compare systems based on different
>>> philosophies, because many aspects of any calculation are ignored,
>>> especially social aspects.
>>> Banks should serve us, people, not vice versa. I am sure that people
>>> in Sweden are wise enough to know, how much they pay for their credit.
>>> They also know for what social purposes JAK Bank's (maybe higher
>>> than normal) profits are spent and imho that's the clue of JAK
>>> experiment.
>>>
>>> Kristof Levandovski
>>>
>> There is no profit paid out from the JAK Bank to the owners. The
>> charged fee percentage per year for loans are now 1.3 % of the
>> original amount lended and is a fixed amount in SEK (Swedish crowns)
>> during the amortization time. Calculated on the average debt amount
>> it is somewhat less than 2.6 % per year. Details can be found on
>> www.jak.se, also in the English language (click on the small British
>> flag.). There is also a example loan calculator in the English
>> version but the comparision to an ordinary bankloan is not correct in
>> my opinion. I have informed them of that but they apparently think it
>> is OK and the Swedish Finance Inspection Board has not demanded them
>> to change it.
>> I myself left the work for JAK in december 1992 but the main design
>> of savings-loan still used is mine.
>> For the moment I have not time to comment the "real interest" but I
>> plan to do this within two weeks. I suppose that you who have
>> questioned it think about what we in Sweden call effective interest
>> rate which is the rate of interest that is calculated from the
>> conditions that the sum of the interestbearing in- and outpayments at
>> different times is zero.
>> Per Almgren
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