Grameen Bank and micro-credit

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Grameen Bank and micro-credit

Postby meadow » Thu Jul 19, 2007 5:32 pm

i just finished reading the book by Muhammad Yunus, winner of the 2006 Nobel Peace Prize. it's called Banker to the Poor: Micro-lending and the Battle Against World Poverty.

since we've had numerous discussions of late on this forum regarding poverty and how to work out of it...this is an inspiring, moving read. i read it in one afternoon!

Dr. Yunus' work to help bring the lower 50% of the world's population to a place of work and employment is amazing. he started out with a loan of $27 from his own pocket to help 42 families! TWENTY SEVEN DOLLARS changed the course of the world, people!!!!

his solutions for eradicating poverty are something that i have been seeking out my entire life! these are real solutions to help those that are truly poor but do not wish to be a burden on the village.

here are some great links to further this discussion.

Muhammad Yunus' Nobel Peace Prize Lecture

Wikipedia article on Grameen Bank which is the bank that Yunus began to help people via micro-credit

Grameen Official Site



so after checking out some of the links...what do you think? it's been extremely successful around the world, particularly in his country of Bangladesh. he's got a PhD in economics so he studied for years before deciding to start this crazy experiment.

i would like to challenge everyone on this forum to check out these links, read his book and see what you really think. don't go into it with your preconceived ideas of what you think should be allowed to help the poor or how it could work. he's proven after THIRTY YEARS of resounding success that micro-credit is the future of poverty eradication.

the Amazon book reviews and you definitely need to check it out!!!!
"i hope you flip your bike over and knock your two front teeth out, you selfish son of a bitch!" ~Wedding Crashers
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Postby pilvikki » Thu Jul 19, 2007 6:15 pm

father always said that it's the poor bugger who'll pay his debt, while the rich stall forever.

and he should know, he went bankrupt due to the rich people not paying.
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Postby meadow » Thu Jul 19, 2007 7:13 pm

that is one of the central tenets of this book! that the way banking works today it's principles always marginalize the poor, women in particular, and since requiring collateral it won't work. but this micro-credit program doesn't require collateral and the loans are on such a small scale. i mean, $27 for 42 families??? i've got $27 on me right now! it's amazing the BILLIONS of dollars they've been able to loan out and they have a 98% payback rate!! NINETY EIGHT PERCENT!!!!

that's insane to me. i don't understand why everyone can't just jump on the bandwagon and go for it!
"i hope you flip your bike over and knock your two front teeth out, you selfish son of a bitch!" ~Wedding Crashers
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Postby van » Fri Jul 20, 2007 3:16 am

Kia ora Meadow

Rather then being at opposite sides of the spectrum, for a change. we share the same view :D
I first became aware of microcredit about a yr or 2 ago via a BBC documentary called "Earth Report" or "Our world" , I forget which
It fired me with enthusiasm when considering the plight of the poor, that a mechanism was put in place for them to better themselves
The concept is not new, for I recall reading "Mother Earth" mags 30 yrs ago which advocated the same idea(Bootstrap Business)
Probably the most interesting part of the exercise, is that most of the money is lent to women, the default rates are extremely low and those who benefit from this program, are only too willing to make their money available to help others
A far cry from our "civilised" society, where the aquisition of money is of paramount interest
While I seldom give to charity at home, if I could find an honest organisation which supports micro-credit, I would be prepared to give till it hurts

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Postby meadow » Fri Jul 20, 2007 11:26 am

well, that had always been my point but as someone who is poor by my society's standards, i understand better than most!

i think it's more about finding a way to incorporate the ideas in your life. and making sure that governments are aware of the benefits of doing this sort of banking to the "beggars" of the world.

the book is excellent though, i highly, highly recommend it to you.
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