By Margrit Kennedy
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Instead of 40% interest, which is the average calculated into all prices, the only price to pay for the availability of money REVIEW COPY ONLY - PLEASE DO NOT DISTRIBUTE 40 Occupy Money would be the bank’s administrative costs, which amount to about 2% of credit issued, plus the risk premium if the situation becomes critical. The result is enormous monetary relief for the economy and for consumers. • The upwards redistribution of capital for the benefit of a few would cease. ) • As well as contributing to the stability of the financial and economic system, the JAK system also ensures secure planning by virtue of its low fixed fees, which — in contrast to conventional banks — can’t be raised without the members’ consent.
24 Can it be that we need this crisis, or perhaps even another crash, to push us into examining and testing new approaches? REVIEW COPY ONLY - PLEASE DO NOT DISTRIBUTE ch a p t e r t wo Escaping the Monetary Crisis O ne of money’s most important functions is to serve as a medium of exchange. To keep it circulating, it won’t suffice simply to abolish interest, because that alone doesn’t provide its users an incentive to pass the money on. Past attempts at prohibiting interest and the hoarding of money have proven ineffective.
What we today call the Euro Rescue Package will probably go down in history as an involuntary jubilee year. And many new currency designs — most of the regional currencies in German-speaking countries, for instance — operate successfully with demurrage spurring money circulation. But so far, they’re not big or numerous enough to stabilize the system at large.