Posted on 10/13/2006 5:47:48 AM PDT by sonsofliberty2000
these were the people who would borrow a couple of thousand $ or so and get themselves started
Many (thousands!) Indian farmers have committed suicide because they have gotten into a relationship with U.S. seed companies that force them to buy new seeds every growing season; they are prohibited from saving seed for the next season. Even if they did save the seed, they are probably hybrid so that the next generation does not produce. Either way the farmers must agree not to save seeds.
Nobody held a gun to their heads and made them take the deals. Likely the farmers were promised great profits by planting these special seeds (Jack and the Beanstalk magic beans), and are not sophisticated enough to smell the rat and refuse, much like Americans believe real estate only goes up and are not sophisticated to know ARMs which will reset, payments nearly double on overpriced real estate. The arrangement for the Indian farmers is uneconomic and delivers financial disaster (hopeless indebtedness) to the farmer, if you can imagine it being any worse for them than it already is. When the farmers go from having near nothing to owing thousands they know they can never repay, they stop wanting to live.
You'd think the seed companies would realize their mistake, take pity and forgive the Indian farmers their debts. I'd like to see a bankruptcy judge be available to discharge the debts of these farmers so they can at least start out again where they left off and be debt free again, hopefully having learned a lesson, but still be alive. And let the U.S. seed companies find another way to make a buck, economically, without ruining Indian farmers.
I would actually recommend that this bank add #17: not to use any but seeds except nonhybrid that can be saved and freely planted the following season. Always reserve the right to save seeds for use the next year. Never accept a contract that has terms threatening that right.
Good question. Government corruption.
People think usury means to lend money at interest, or at excessive interest. But it should be understood to mean any attempt by a person or organization to place his neighbors in such a situation that they face hopeless debt bondage.
ITS NOT CINDY SHEEGOAT ... I AM SHOCKED I TELL YOU ... SHOCKED
Forgot to mention - in keeping with you comments about 'debt bondage', it appears that Grameen has managed to avoid that by making repayment terms manageable. That, and the concept of making micro-loans w/o collateral, are the program's revolutionary aspects.
I mentioned elsewhere that the most important aspects of this program are 1) - the concept of making micro-loans w/o collateral, and 2) - making repayment terms manageable.
I was also very glad to see that the committee split the prize between Yunus and Grameen.
Fact is that we will always applaud people who make their own success and add to the world instead of take from it.
This would work fabulously in southern Mexico...
*groan*
Now that is a much better choice than the socialist elite blow-hards who do nothing for 'ordinary' people.
LOL! That was so wrong...
Of course, lending for interest is usury, so if that's what's going on here, a heavily armed Moslem mob will be arriving to gun everyone down in the bank, then burn down the building.
Didn't Amadeo Giannini- founder of the modern day Bank of America- do the same thing?
Don't know. Jimmuh already has his (snicker, snicker) peace prize and can be referred to as a Nobel Laureate, which probably makes Rosalyn happy.
Maybe Moveon didn't push Cindy hard enough. I'm sure she's broken hearted.
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