Posted on 10/13/2006 2:23:11 AM PDT by HAL9000
Excerpt -
The Nobel Peace Prize goes to Muhammad Yunus and Grameen Bank "for their efforts to create economic and social development from below".
(Excerpt) Read more at nobelprize.org ...
Meaning the help goes directly to the people in need, rather than to governments. Is that a concept too difficult to grasp?
If I remember correctly, this is a program that loans money to destitute people in order for them to start small, at home businesses. They loan money for things like a stove so that a woman can make money selling rice cakes to workers, or sewing machines so that they can make clothes to sell. I think this is a good program, if it is the one I am thinking of.
I have met Yunus. He is outstanding and the prize is well-deserved.
Essentially his message is that access to capital is a human right.
This man doesn't believe in giving away money, like the East Coast elite foundations. He lends poor, but honest people money at affordable rates and trusts them, with the pressure of their communities, to pay it back.
It works.
This man's mission and deeds are fully in line with conservative principles.
Yes, but it took Yunus to believe that poor people weren't too lazy or stupid to pay back loans.
The prize is well deserved.
This IS the American model. Grameen is really about a close as you could get to pure capitalism in its most benevolent and optimistic light as you could possibly get. Yunus, who has a PhD from Vanderbilt right here in Nashville, started lending small amounts of money to villagers in his native Bangladesh, and found, that they used this capital productively, improved their lives, and PAID THE MONEY BACK, unlike their government.
Here is a quotation from Yunus, who should be a hero to Freepers:
“Grameen believes that charity is not an answer to poverty. It only helps poverty to continue,” wrote Yunus in September 2004. “It creates dependency and takes away individual initiative to break through the wall of poverty. Unleashing of energy and creativity in each human being is the answer to poverty.”
Yunus' model is not in anyway left wing. In fact it has no politics whatsoever, unless you think providing people access to capital is political.
You are way off base. This man one the prize for following what are essentually conservative princples.
Thanks for providing the additional information. I remembered correctly, and this is a wonderful and well-deserved choice for the Nobel.
Regards, Ivan
With what little I know about it, I don't have a problem with it. The issue is though, that without the rule of law and private property rights the rest is for naught. They may succeed in the short term, but as their success becomes common place protection money among other corruption will follow and strangle it to death.
I'm sorry...did I ask something offensive?
I read the complete article and had never heard it put that way before.
It sounded somewhat demeaning.
Not very PC, of such a PC group.
Besides that, I said it was a bit early. ;-) Matter of fact....still is.
It's sort of like saying that people shouldn't bother earning money here because one might have to pay high taxes.
No, its more like building a house without a foundation.
The foundation for capitalism is the rule of law and private property rights.
They seem to have lifted millions out of poverty in China with a kind-of, sort-of capitalism that is not quite so clear on such things. I'd rather that the Bangladeshis had that opportunity to lift themselves out than not.
But it doesn't really matter what we say, micro-credit is a fast spreading phenomenon throughout the Third World, and thankfully so.
Regards, Ivan
I will check in later today for your reply. I need to leave for a few hours.
Small steps my friend, small steps. Yunus is providing the horse to pull that heavy cart.
Many simply don't realize that little mud hut villages have need to be self sustaining. This man began an effort to get seed money, or start up money, to these small groups so they could feed themselves and better their lives.
By bypassing the government and dealing directly with those in need, he created a new way of life.
No good deed goes unpunished. The negative reaction to this man's personal efforts is really sad.
Agreed. This is a good thing. They loan like $25 for a loom, for people who want to make clothes. Banks wouldn't touch these folks, but it has allowed talented very poor people to work themselves out of poverty. That is all some poor folks need is just a tiny loan if they have skills and drive to do something. I like the concept in general.
How many stories have we heard in our country about somebody borrowing $200 for an idea and becoming wealthy. It happens. In bangladesh, $200 can finance somebody who is committed, into changing their lives.
I hope it works. I hope it lasts.
I'm just skeptical (shocking, I know...)
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