One way I’m opting out out of the debt-based Wall Street banking system, is by joining a local interest-free savings pool. A group of neighbors is investing their savings in a savings pool – rather than a bank – and to use the savings pool to loan money to one another. We’re using a model designed by the (New Zealand-based) Living Economies Trust. The model is based on the Swedish JAK members’ Bank, founded in 1965. The Jord Arbete Kapital (Land Labor Capital) Bank doesn’t charge or pay interest on its loans. With its loans financed solely by members’ savings, it operates outside of the Wall Street capital market.
As of November 2011, the JAK Bank had a membership of 38,000 and accumulated savings of 131 million euros. Of this 98% had been loaned out to members.
How Savings Pools Differ from JAK Bank
Savings pools maintain the JAK Bank’s…
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