sweden’s jak bank

7/28/2019 Swedens JAK Bank

1/7makingwaves volume 20, number 3 51akingwaves volume 20, number 3 51

Swedens JAK BankLiberating community finance fromthe ball & chain of compound interestLiberating community finance fromthe ball & chain of compound interestBy Pat Conaty & Mike Lewis

Compound interest rates have a huge impact on our lives, socially,economically, and environmentally. Yet this issue is seldom discussed let aloneanalyzed. The sheer mathematical facts reveal what the compounding of interestover short intervals does to governments, small businesses, and households forthe benefit of global banks. In ordinary circumstances, a debt at 3% compoundinterest will double in 24 years; at 6% will double in 12 years; and at 12% will

double in 6 years. Thus with a variable rate interest on a 25-year mortgage,homeowners frequently pay three to four times the sum they borrowed in thefirst place. If payments are missed, penalty charges, default fees, and interestcharged on interest can escalate costs higher still.

The Latin origin of the wordmortgage grip of death spells out thedangers that the debt treadmill involves. The more people owe creditors, the morethey have to work to pay it off. Forty years ago, mortgages were mainly paid byone wage-earner. Now it takes two earners to keep pace with the treadmill.


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Additionally, over the past threedecades deregulation of credit has led to afree market in high-risk borrowing andlending. Mortgages, once limited to threetimes the household income of theborrower, catapulted to 5-6 times income.In the U.S. even these multiples were

disregarded in the run up to the creditcrunch of 2006.Ninja lendingpracticeswere rife, advancing mortgages tohouseholds withno income, no job andno assets.

Just as disturbing has been theincrease in the average working week overthe past 20 years. Not coincidentally, thisrise has coincided with a rise in the debt-to-income ratio of British households tothe highest in the world and in history(about 180%). The evidence in Britain

indicates that shopping and conveniencefoods serve as a relief from debt-relatedoverwork. Insidiously, debt drives peopleto work longer and consume more, andthereby generate even more debt and lesstime.

For such reasons, religious laws haveproscribed usury making money out ofmoney for over 4,000 years. Thelegalization of usury has been compara-tively recent. Until 1977 the maximumlegal interest rate in Britain was 48%.Now payday lenders on commercial strips

in London and Manchester legally quoteannual charges of 1500-2000%.

The past 40 years of globalization hasbeen described as the era offinancialization because of the colossalgrowth in the influence of global bankingon the worlds economy. From the 1960sto 2005, a period of growing governmentand household indebtedness in theU.S.A. and Britain, also witnessed anincrease in the share of the financialservices industry in total corporate profits

from about 10% to 35%.Debt-driven growth is unsustainablenot just from a microeconomic perspec-tive; it is undermining the real economy.Debt, manufactured by banks withoutthe backing of real assets, and inflatedover time through themagic of com-pound interest, redirects the wealthcreated by people working in theproductive economy to creditors in theform of interest payments.

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Margrit Kennedys research in the1980s confirms how the cost of com-pound interest is embedded in the coliving throughout the German econoHer analysis suggests that up to 50%the costs of essential goods could betraced to compound interest: 12% of

cost for rubbish collection and 70% icase of public housing, two of manyexamples she cites. The result is asignificant inflation of the cost of liviand increasing income disparity.Researcher Helmut Creutz affirms tinterest payments in 2000 representeleast a third of the expenditures of evGerman household (over three timeswhat they paid in value-added tax),constituting a massive daily transfer owealth to the 10% of households tha

own most of the nations interest-beaassets. This mechanism is also responble for the fact that the growth rates Germanys GDP (600%) and net inc(300%) between 1950 and 2000 werecompletely outdistanced by that of itmoney supply (2600%).

The steadily rising ceiling on permble lending rates (or in the case of thU.K., the lack of any ceiling whatsoeaccelerates this process. In the U.S., mthan one in four low-income househspends over 40% of its income to serv

debts. The deregulation of the credimarkets in the U.K. and the U.S. hasto a proliferation of fringe banks thalegally charge fees ranging from 80% secured pawnbroker loans to as much2000% for payday loans. Sub-primemortgage lenders charge fees that forcenturies would have been regarded aextortion.

The social costs of compound intcontinue to mount. In the U.K. housforeclosures were over 40,000 in 2008

are projected to rise to over 100,000 i2011. In the first quarter of 2009bankruptcies and personal insolvencireached an all time record in the U.K

Are there interest-free financingmechanisms that can enable househoand communities to return a measursanity to the financing of basic needsMight credit unions and social banksinternationally learn from such anapproach?

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The word mortgage derivesfrom two Latin words,

(death) &(pledge), or grip of death.Historically, a mortgage wasthe last resort of a landowneror farmer. You would only

mortgage your land inextreme circumstances,precisely because of the risk oflosing a secure means ofsubsistence thus threateningthe loss of life & the well-being of rural communities.In Hebrew the word forusury is meaning tobite & to devour overtime.

morte gage

neshek,

(photo, previous page) The JAK Bank in

Skvde, Sweden. (photo, next page) A

Fjllbete sheep drive. In alpine Jmtland, a

Swedish province bordering on Norway,

Fjllbete is a means by which people link

an array of local business, educational,planning, and consulting activities to the

small-scale production and marketing of

organic lamb. A co-operative in form, in

fact Fjllbete is an entrepreneurial

community that preserves and promotes a

way of life that is sustainable socially as

well as environmentally. JAK Bank has

supplemented Fjllbete member deposits

and loans with a loan of US$138,000 (in

collaboration with Ekobank) as well as

$40,000 in patient equity that interested

parties have deposited in a JAK Local

Enterprise Bank. Photocredit: Fjllbete.


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A Brief History ofInterest-Free Finance

Credit unions originate in rural action tocombat usury. The first credit union wasfounded in 1849 in a rural town in the

German Rhineland where farmers werelosing their cattle to lenders and having tosell their land to settle debts.As asolution, Friedrich Raiffeisen, the localmayor, proposed a savings and lendingco-operative. As with other co-operatives,a savings dividend acted as the membersincentive to save. This experience formedthe model for the international creditunion movement.

There have also been co-operative andmutual experiments that did not use

dividends or interest rates to incentivizesavings. In 1775, Richard Ketley, aBirmingham publican, set up a mutualsavings fund on rotational principles toallow savers to put aside money to build ahouse. Members periodically drew lots toallocate funds until in due course everysaver had received a capital sum to build ahome, and the fund was terminated.This system gave rise to the buildingsociety movement internationally and

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inspired the mutual savings and loanmovement in North America.

In the 1840s, another Englishman,Thomas Bowkett set up similar rota-tional savings societies in order toallocate smaller loans to savers. Like the

firstterminating building societies, theseStarr-Bowkett societies did not use adividend or an interest rate to persuadepeople to save. They operated success-fully for decades, spread to Australia andcontinued to trade until the 1960s.

Behind all these experiments was adeeply rooted, ethical social investmentmovement. The co-operative pioneers infact were all seeking viable alternatives toavoid the usurious practices of banks andpawnbrokers. In the 1850s in the U.S.A.,

Edward Kellogg and William Greene setout practical proposals for interest-freemutual banks.

In Denmark in the 1930s, anothergroup of farmers facing repossession bybanks set up a system that continues tooperate successfully today. Building uponearlier practices of interest-free systemsin Germany, Christian Christiansenchampioned the founding of a number ofrural savings and loan co-operatives that

went by the acronym JAK, short for(Land Labour Capital

The personal savings and communitybenefits that have accrued to memberthis democratic co-operative financesystem are testimony to the dramatic

impacts that can be realized by movinfrom charging compound interest to afee-based approach to lending.

Sweden is now home to the largestnumber of JAK branches and membeStarted in 1965, the co-op expandedrapidly in the late 1980s and secured abanking license in 1998. Today JAK h35,000 members in Sweden, US$163million in assets, and $147 million ouloan. It operates on the basis of mutuaaid and financial reciprocity amongst

membership. JAK members agree to ptheir savings and then lend them to onanother, interest-free, for mortgages,home improvement, student loans, etc

JAK Bank is based in Skvde but h30 local branches and a large number

JAK member groups across the countTo keep overheads low, the local branrely heavily on the assistance of 650community-based volunteers, trained

JAK staff in interest-free lending

JArbete Kapital

making volume 20, number 3waves 53

The personal savings & community benefits that haccrued to JAK members are testimony to the dram

impacts that can be realized by moving from charg

compound interest to a fee-based approach to lend

The personal savings & community benefits that haccrued to JAK members are testimony to the dramimpacts that can be realized by moving from chargcompound interest to a fee-based approach to lendi


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principles and practices. These volunteersrecruit new members through the JAKnewspaper and educational events in thelocal areas. Volunteers can tap into anumber of JAK systems to assist themwith community engagement, includinginternet services and on-line forums. A

JAK school conducts courses forvolunteers and members.

The high level of volunteer commitmentis not explainable simply by the costsavings that JAK members enjoy.

First, JAK members agree that the costof compound interest embedded in thecost of goods amounts to an indirect

taxation of ordinary citizens by thewealthy. This is seen as antithetical to thecommon good of the household, thecommunity, and the nation.

Second, they believe that compoundinterest fuels the short-term perspectivethat only projects yielding a higherprofit than prevailing interest rates areworthy of investment. This leads to anoveremphasis on large-scale projects(shopping centres, etc.) or high-yielding,short-term projects, (e.g., extracting finitenatural resources) at the expense of long-

term, financially lower-yielding projects(e.g., alternative energy, ecologicalfarming, etc.).

Third, unsustainable economic growthis fuelled by the pressure to servicecompound interest costs. Herman Daly,former chief economist of the WorldBank identifies this single factor as key tothe exponential growth of debt in theeconomy and an important contributor tounemployment, inflation, and degrada-tion of the natural environment.

Fourth, interest charges represent adepletion of lifes energy. JAK memberswould agree with John Ruskin thatwealth is life. Households, communities,and governments freed of the burden ofinterest costs can reinvest time andmoney in enlarging the round of lifenurturing well-being and fulfillinglivelihoods. They are also freed, in theview of Mark Anielski,to re-establish ahealthy relationship with money so that it

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JAKs CoreBeliefs & Values

is no longer a store of value (somethingto be hoarded) but a genuine mediumof exchange amongst households andbusinesses to build real wealth andsustainable and flourishing communi-ties. These core beliefs and values arereflected in all the aspects of the JAKs

governance and management activities.

Operationally, the Swedish JAK is verysimilar to a credit union, except thatmembers do not earn any interest on theirsavings or dividends on their shares.There is also a compulsory savingselement. By foregoing interest anddividend income, members are entitled tofee-based loans at no interest. The total

cost of a JAK loan is structured to coverfour things:loan appraisal and set-up cost at a feethat is 2-3% of the approved loanvalue.an annual administration fee equalling1% of the loan.an annual fee of approximatelyUSD$30 to support the JAK educa-tional system and volunteer services.

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How the System Works

an equity deposit equal to a 6% ofloan value to cover risk on any loathe portfolio. Equity deposits servthe banks reserves and legally belto the bank until the loan is fullyrepaid. If there has been no defathe deposit is then repaid in full t

member.The JAK maintains 20% of equit

deposits in government treasury billshedge against any unexpected withdrof savings by members. Bad debt hasbeen kept below 0.5%, which also hto keep loan costs so low.

To develop and maintain liquiditymembers are strongly encouraged to save in order to qualify for a loan. Thused to be a requirement in the Swed

JAK but in 2003 that was rescinded

order to enable lower income membequalify for loans. Members can alsocontract to continue saving while therepaying their loans. This is called posaving and it is structured as a separasavings contract that runs alongside tloan contract. By committing to contued savings while the loan is paid dothe member can negotiate a larger loright from the outset.

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Post-savings

12 24 36 48

Increased loanncreased loan

Diagram: JAK Loan Profile

Mo

Pre-savings

Basic loan

By agreeing to post-save, JAK members can increase the loan for which they are eligib


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New members receive an accountimmediately. Savings flow into a commonpool, but instead of receiving interest,each member earns savings points onepoint per dollar saved each month.Savings points give a member the right toborrow without interest. The amount

that a member can borrow is based onthe number of savings points accumu-lated (pre-savings) or contracted (post-savings). Savings points are key to JAKsability to maintain liquidity in thesystem, which in turn is key to makinginterest-free loans available for a growingmembership.

The diagram on the previous pageuses British pounds to depict how post-savings are calculated and combined withpre-savings to match the overall sum that

is to be borrowed.Pre-savings of 2,000 during a 12-month period prior to applying for a loanwould entitle a member to borrow only amaximum of 2,000 over a similar term.However, the member could borrow anadditional 3,000 if s/he agrees tocontinue saving (the post-saving contractreferred to above) while repaying the loanover a 48-month term. (See Table 1 atright.)

Many readers may question such asystem, in particular the opportunity cost

of receiving no interest on their savingsor dividends on their credit union shares.This is precisely where accessing creditbased on payment of a fee shows itssuperiority to credit based on compoundinterest.

When you consider the implicationsof a $US20,000 loan over 10 years, thecumulative financial benefits to JAKmembers become very clear. (See Table2.) The JAK borrower enjoys net savingsof $6,669 over someone who gets a loan

from a conventional bank.While theJAK borrower saves a large amount ofmoney in interest costs his/her currentmonthly payments are higher than thoseof a conventional bank customer.This isbecause the monthly loan payment has tobe matched by a post-savings payment.In the example below, the member pays$166.79 in the monthly loan payment, anamount that is matched by an additional$166.79 in compulsory savings.

Thus the JAK loan recipient hashigher monthly payments because s/he isboth paying off the loan and having tosave the same amount. ($355.84 com-pared to $241.18). This is quite a bitmore money in annual payments about$2,000 more. However, that extra $2,000

annually, which will amount to $20,000over the 10-year term of the loan, is themembers money. All of it comes back.Thus, the person or business receivingthis 10-year loan has saved $6,669 ininterest and also saved $20,000 dollars.Given the very low interest rates thatsavings accounts currently earn, theopportunity costs are minimal.

The average size of a loan in the JAKsystem is US$15,000. The largest loan

thus far is nearly $1 million.The aim the JAK management is to run a stabloperation on a nonprofit basis. They dtarget a profit of $140,000 each year,which if achieved, is added to thebanks equity.

In order to keep credit transaction

costs and default rates low, JAK loansabove $16,000 are secured againstassets. About 80% of JAK loans are fohome improvements or to refinancehigh interest loans originally obtainedfrom banks, including student andconsumer loans as part of the mix.About 20% of loans are advanced forlocal ecological projects or to supportsocial enterprises. Nine in ten loans armade to individuals and the remainde


Table 1: Comparative Loan Costs

Charges on 10

year loan

Loan

financing fee

Equity deposit

(6% of loan)

Annual

membership fee

Annual service

fees

Interest cost

on loan

Total cost of loan

to conventional

borrower

Charges on 10year loan

Total cost of loanto conventional

borrower

Conventional bank

loan at 8.05%

over 10 years

0

0

0

$400

$9,309

$9,709

Conventional bankloan at 8.05%over 10 years

$9,709

JAK loan over

10 years

$2,701

$1,200

$339

0

0

$3,040

JAK loan over10 years

$3,040

Remarks

$22 per month over 10 yea

Paid up front, but reimburs

within 7-19 months of loaretirement

$33.90 per year

$40 per year

Total cost of loan to

JAK borrower

Remarks

Total cost of loan toJAK borrower

Table 2: Comparative Loan Payments

Payments on

10-year loan

Monthly Loan

Payment

Post-Savings

Monthly

Payment

Loan fee

paymentTotal Monthly

Payment

Payments on10-year loan

Total MonthlyPayment

Conventional Bank

loan at 8.05%

$241.18

0

0

$241.18

Conventional Bankloan at 8.05%

$241.18

JAK Bank

(assuming no

pre-savings)

$166.79

$166.79

($2,001 per

year)

$22.51

$355.84

JAK Bank(assuming nopre-savings)

$355.84

Remarks

No interest

This would be less if a pre

savings balance has been

accrued. $20,000 saved i

recoverable three months

after loan is paid off.

Monthly contribution

to 2.5% loan fee

Remarks



was set up in support of Fjllbete, a coperative whose mandate encompassthe rural industrial and educationalaspects of Ekoktt and Hornbore. Sphotos, pp. 53, 56.)

This simple system enables peoplautonomously to mobilize their colle

savings for projects they considerworthwhile. Community benefitenterprises are being fostered, many which advance transition to a moresustainable economy and most of whhave been refused conventional, intebased financing. And it comes with aclear advantage: savings is a less costlrequest to respond to than a regulardonation. JAK makes it easy for peoto set up savings accounts targeted tofinance a social or ecological enterpr

In addition to administering theseaccounts, the savers vet the projectsthemselves, adding to the security ofsavings. This simple system enables ssolidarity to be channelled efficientlyeffectively.

Recently JAK extended the LEBapproach through a program partnerinvolving three Swedish local authorIt has mainly been designed for smalventures and community associationthat can afford to pay the JAK loan fand the capital installments but little

Like all other JAK lending operationthese loans have to be balanced bysavings.

Fifty social enterprises have beenfinanced to date. The largest is a $10million community-based wind powco-operative.

The JAK co-operative bank operatesinversely to virtually all conventional

financial institutions. First, like credunions, it is member-controlled and governed. Second, it charges no interThird, it targets a modest annual prowhose purpose is to strengthen the cops equity on the balance sheet. Fouit has over 650 volunteers that activepromote and educate people in the bof interest-free lending. Fifth, it coma highly professional, centralized,technically competent office with a s

In Summary

to incorporated bodies. Loans in this partof the JAK portfolio range in size from

$3,000 to $1 million.The median isabout $23,000 and the average loan termis ten years.

JAK experimentation with local bankingpartnerships began in 2000. The way theyhave developed their system is entirelyconsistent with JAK core principles andexemplifies the creativity and innovation

of this financial model. A LocalEnterprise Bank (LEB) can be created byany JAK group that wishes to depositsavings in order to advance a localenterprise and generate communitybenefits.

The first LEB was for a smallecological slaughterhouse called Ekokttthat applies ethical standards to thetransport and treatment of animals. Itserves the small farmers of the coastal

The Local EnterpriseBank Innovation

region and islands of Bohus Province.Savings deposits to capitalize the

business have been made by localenvironmental groups, the SwedishSociety for the Prevention of Cruelty toAnimals, and JAK members, amongstothers.A number of small farmers in theregion have also switched their savings tothe Ekoktt LEB because the slaughter-house has made it possible to sustaintheir traditional, ecological approaches tomanaging enclosed common grazinggrounds.

The second LEB was started by the

village of Hornbore to support thebuilding of a replica of a 1000-year-oldViking village. This combined cultural,youth, and eco-tourism project isimportant for local community building.When the local savings bank refused tolend the money needed for the project,

JAK stepped in.An interest-free loan isbeing financed through savings that havebeen switched from other banks to theHornbore LEB account. (Another LEB

If communities are to become active agents in planning &adapting to the age of energy descent & climate change, the

JAK model is one strategic pathway to a future that works.

If communities are to become active agents in planning &adapting to the age of energy descent & climate change, theJAK m odel is one strategic pathway to a future that works.



staff that facilitates dispersed lendingactivity through electronic means. Thecost of management per member is verylow: $144 in 2002. Sixth, in the LEB ithas created an enterprise financingvehicle that is member-driven, decentral-ized, flexible, and capable of inspiring

and channelling savings to community-wide benefit. Seventh, every loan isbacked by real assets other memberssavings and 20% is maintained inSwedish treasury bills for safety and tosupplement earnings. This is diametri-cally contrary to conventional banks, thatloan $20 or more for every dollar ondeposit.

Transition to such a system is not asimple matter. The redefinition of thepurpose of banking is counter-cultural.

Attitudes grounded in a view of moneyas astore of value coupled with thetemptation to maximize profit by makingmoney out of money are not going tomagically disappear. Indeed, currentindications are that returning to businessas usual in the financial world is a majorpreoccupation of most conventionalbankers.

Nevertheless, more and more peoplehave come to understand that they arevulnerable to an unaccountable, non-transparent financial system whose

primary interest is shaped by sharehold-ers expecting high returns and managersseeking large annual bonuses. Theseconsumers represent the basis forreplicating and scaling up a JAK model.

Credit unions represent the mostobvious starting point. They aredemocratic and can be influenced. Theirroots still lie in social justice, co-operation, community outreach,education, and members helpingmembers meet basic needs however

obscure that connection may seem attimes. A wholesale change to interest-

free financing will not be possible over-night. However, for credit unions toestablish an account facility and a staffcapacity to provide this service would be ahuge step in the right direction.

And timely step, too. As Jeff Rubin hassaid, our world is about to geta whole lot

smaller. As the price of fossil fuelescalates, it will become more and moreimportant to enhance our capacity tofinance food production and processing,energy conservation investments, andrenewable energy development in thelocalities and regions where we live.

The JAK model offers a uniquecapacity to facilitate and mobilizesolidarity savings. Local means by whichpeople can invest in the local capacity tomeet basic needs is an innovation that

needs to be adapted and scaled up. Ifcommunities are to become active agentsin planning and adapting to the age ofenergy descent and climate change, the

JAK model is one strategic pathway to afuture that works.

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Gavin Friend,Outlook for the UK Economy: noreturn to boom from bust (National AustraliaBank, January 20, 2010), p. 16. 14 March 2010.Jonathan Ford,A greedy giant out of control, 23

November 2008, 14 March 2010.

M. Kennedy,A Changing Money System:TheEconomy of Ecology(Steyerberg, Germany:Permaculture Publications, 1991), p. 3, and H.Creutz,Tumorartige Selbstvermehrung derGeldvermgen, ,2009,1, pp. 30-31. 4 March 2010.

Mark Jickling,Consumer Bankruptcy andHousehold Debt, updated 21 March 2005,

Prospect.

Zeitsschrift Humane Wirtschaft

References

Congressional Research Service, CRS ReportCongress.14 March 2010 .

KPMG,Bankruptcy levels reach record highrecession grips Britain,15 May 2009,

. 14 March2010 .Johnston Birchall,

(Manchester University Press,1994), pp. 169-Eric Hopkins,

(NYork: Routledge, 1995).

P. Conaty et al,Decarbonising local economlocal green new deal for community action onenergy,Briefing paper (New EconomicsFoundation and Rebuilding Society Network2009).

Mark Anielski,An Assessment of Swedens Interest Bank,prepared for Vancity Capital

Corporation (Vancouver, B.C.: October 2006Anielski, p. 10.Mark Burton,Unravelling Debt: The Econo

Banking and the Case of JAK(Dissertation,Schumacher College and the University ofPlymouth, August 2008).

Anielski, p. 9.Anielski, p. 24.

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BusinessWeekly: East of England Business News

Co-op: the peoples business

Working Class Self-Help in NineCentury England: Responses to Industrialization

This article is based on a chapter for a boo

about community transition in an age of P

Oil and climate change that is currently be

prepared by PAT CONATY and MIKE LEWIS

is a Research Fellow at the New Economic

Foundation, London, England. He is also a

collaborator in the BC-Alberta Social EconoResearch Alliance (BALTA). Contact him at

[email protected]. Mik

Executive Director of the Canadina Centre

Ccommunity Renewal, a founding membe

the Canadian CED Network (CCEDNet), an

lead investigator in BALTA. Contact him at

250-735-6941 or [email protected].

(Photo, previous page) School children at

of the many events Fjllbete offers to

reconnect people with the land and food

supply. Fjllbete currently has 140 membe

(restaurateurs, farmers, butchers,

craftspeople, hoteliers, and other private

citizens) and 400 sheep. Photo courtesy o

Fjllbete.
http://www.martineau-uk.com/publication_event/updates/Birmingham-Jan-2010.pdfhttp://www.martineau-uk.com/publication_event/updates/Birmingham-Jan-2010.pdfhttp://www.prospectmagazine.co.uk/2008/11/agreedygiantoutofcontrolhttp://www.prospectmagazine.co.uk/2008/11/agreedygiantoutofcontrolhttp://www.humane-wirtschaft.de/01-2009/creutz_selbstvermehrung.pdfhttp://www.humane-wirtschaft.de/01-2009/creutz_selbstvermehrung.pdfhttp://www.bna.com/webwatch/bankruptcycrs3.pdfhttp://www.bna.com/webwatch/bankruptcycrs3.pdfhttp://www.businessweekly.co.uk/2009051534937/kpmg/bankruptcy-levels-reach-record-high-as-recession-grips-britain.htmlhttp://www.businessweekly.co.uk/2009051534937/kpmg/bankruptcy-levels-reach-record-high-as-recession-grips-britain.htmlhttp://www.businessweekly.co.uk/2009051534937/kpmg/bankruptcy-levels-reach-record-high-as-recession-grips-britain.htmlmailto:[email protected]:[email protected]:[email protected]:[email protected]://www.businessweekly.co.uk/2009051534937/kpmg/bankruptcy-levels-reach-record-high-as-recession-grips-britain.htmlhttp://www.businessweekly.co.uk/2009051534937/kpmg/bankruptcy-levels-reach-record-high-as-recession-grips-britain.htmlhttp://www.businessweekly.co.uk/2009051534937/kpmg/bankruptcy-levels-reach-record-high-as-recession-grips-britain.htmlhttp://www.businessweekly.co.uk/2009051534937/kpmg/bankruptcy-levels-reach-record-high-as-recession-grips-britain.htmlhttp://www.bna.com/webwatch/bankruptcycrs3.pdfhttp://www.bna.com/webwatch/bankruptcycrs3.pdfhttp://www.humane-wirtschaft.de/01-2009/creutz_selbstvermehrung.pdfhttp://www.humane-wirtschaft.de/01-2009/creutz_selbstvermehrung.pdfhttp://www.prospectmagazine.co.uk/2008/11/agreedygiantoutofcontrolhttp://www.prospectmagazine.co.uk/2008/11/agreedygiantoutofcontrolhttp://www.martineau-uk.com/publication_event/updates/Birmingham-Jan-2010.pdfhttp://www.martineau-uk.com/publication_event/updates/Birmingham-Jan-2010.pdf

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