Thanks for this set of important testimonies. The short selling bank invulnerabilities (relatively speaking North Dakota) is very helpful information. Sund’s courage is forward leading. I will personally not allow the perfect to become the enemy of the good in assessing RFK. A good man can become better and I believe his recovery and life experiences make him a good candidate for ongoing exercise of good will with humility. Great selection of fundamentals.
Dr Day, I think that Islamic banks find ways to make money, otherwise they would go bankrupt. Yes, they don't charge interest, so they probably have 'an arrangement fee' which is added to the size of the loan, which in effect probably has the same effect as charging interest over several years.
The West has had models of non-profit-centred financial facilities for two centuries, they were and still are called 'mutual building societies', 'friendly societies', 'credit unions' etc. Building societies are actually a great way to build inter-generational cohesion through a set of mutual obligations: cashed up pensioners providing their savings to be loaned out to the young adult generation, wanting to buy a home to start a family in etc. Traditionally, such organisations were owned by their members, so there were no dividends to 'shareholders' etc. In the west, interest was paid to depositors whilst interest was charged to borrowers and the title deeds of a property acquired was held as security against the loan. Friendly societies and credit unions work in similar ways, just not solely associated with homebuying.
As I'm sure you are aware, both the USA and the UK saw 'carpetbaggers' destroy the thrift/building society framework, in the case of the USA through mass fraudulent selling of Wall Street junk to naive simple honest folk who were used to lending to other honest folk. In the UK, bungs were paid to 'members' to get them to vote to 'demutualise' and 'be listed on the stock market'. In all cases, the common man was not served well, whereas hucksters in the financial square miles ripped off the populace hugely.
As the Western 'banks' now have an unrivalled reputation for unethically wide spreads between interest rates to depositors and borrowers, there is a huge opportunity for more traditional channels of finance to re-emerge on a wide scale.
My advice to all of USA's 'main street': withdraw from participation in Wall Street and restore your local financial services sector, where the 'bank manager' knows the families of those seeking loans and isn't some shark aged 29 who flogs useless savings schemes to earn massive commissions.
What you describe here is the "sharing of risk and reward in an enterprise", an ancient trading-investment tradition. Yes, the Islamic banks look very closely before financially joining an enterprise. They don't join as many, because they have significant risk.
"I think that Islamic banks find ways to make money, otherwise they would go bankrupt. Yes, they don't charge interest, so they probably have 'an arrangement fee' which is added to the size of the loan, which in effect probably has the same effect as charging interest over several years."
We have always been credit-union members as a family.
Co-ops were big in Texas rural areas, and there are still grain co-ops and rural electric water and electric utility co-ops.
I have hope that the greedy and overextended carpetbagger-finance models will fail and that cooperative and egalitarian models will be accepted, extenddded and created to replace them, to the benefit of "all" (99%).
Thanks for this set of important testimonies. The short selling bank invulnerabilities (relatively speaking North Dakota) is very helpful information. Sund’s courage is forward leading. I will personally not allow the perfect to become the enemy of the good in assessing RFK. A good man can become better and I believe his recovery and life experiences make him a good candidate for ongoing exercise of good will with humility. Great selection of fundamentals.
Thank You for appreciating my underlying intent and expressingg it back like this.
On the bright side of gardening this year in Texas, production was awesome for a time and there’s plentiful leafy green & brown to feed the compost.
Thank you for being such an incredible Information Scout Doc.
You are welcome, Beth.
Waiting for rains.
Dr Day, I think that Islamic banks find ways to make money, otherwise they would go bankrupt. Yes, they don't charge interest, so they probably have 'an arrangement fee' which is added to the size of the loan, which in effect probably has the same effect as charging interest over several years.
The West has had models of non-profit-centred financial facilities for two centuries, they were and still are called 'mutual building societies', 'friendly societies', 'credit unions' etc. Building societies are actually a great way to build inter-generational cohesion through a set of mutual obligations: cashed up pensioners providing their savings to be loaned out to the young adult generation, wanting to buy a home to start a family in etc. Traditionally, such organisations were owned by their members, so there were no dividends to 'shareholders' etc. In the west, interest was paid to depositors whilst interest was charged to borrowers and the title deeds of a property acquired was held as security against the loan. Friendly societies and credit unions work in similar ways, just not solely associated with homebuying.
As I'm sure you are aware, both the USA and the UK saw 'carpetbaggers' destroy the thrift/building society framework, in the case of the USA through mass fraudulent selling of Wall Street junk to naive simple honest folk who were used to lending to other honest folk. In the UK, bungs were paid to 'members' to get them to vote to 'demutualise' and 'be listed on the stock market'. In all cases, the common man was not served well, whereas hucksters in the financial square miles ripped off the populace hugely.
As the Western 'banks' now have an unrivalled reputation for unethically wide spreads between interest rates to depositors and borrowers, there is a huge opportunity for more traditional channels of finance to re-emerge on a wide scale.
My advice to all of USA's 'main street': withdraw from participation in Wall Street and restore your local financial services sector, where the 'bank manager' knows the families of those seeking loans and isn't some shark aged 29 who flogs useless savings schemes to earn massive commissions.
What you describe here is the "sharing of risk and reward in an enterprise", an ancient trading-investment tradition. Yes, the Islamic banks look very closely before financially joining an enterprise. They don't join as many, because they have significant risk.
"I think that Islamic banks find ways to make money, otherwise they would go bankrupt. Yes, they don't charge interest, so they probably have 'an arrangement fee' which is added to the size of the loan, which in effect probably has the same effect as charging interest over several years."
We have always been credit-union members as a family.
Co-ops were big in Texas rural areas, and there are still grain co-ops and rural electric water and electric utility co-ops.
I have hope that the greedy and overextended carpetbagger-finance models will fail and that cooperative and egalitarian models will be accepted, extenddded and created to replace them, to the benefit of "all" (99%).