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Tuesday, October 17, 2006

Economist, Businesspeople, Philanthropists...it takes all.

To help 100 Million people take their first steps out of poverty of whom 97% are women is not an easy task but this is what Muhammad Yunus and the Grameen Bank of Bangladesh have won the Nobel Peace Prize for. Average loans of $200 totaling $5.72 billion helping 6.6 million are numbers that are impressive for a small country with 141 million people.

So why would the Enquirer Editorial Blog bother with this...maybe this kind of creativity and ingenuity is what is needed to help people build back up their community in areas such as Over-the-Rhine. And just maybe this same level of 'out of the box' thinking tapping on various partners can even be exercized in the undeniable problem of crime.

Granted Yunus and Grameen have some issues, such as high interest rates, but they also have a repayment rate of 99%. Each borrower is in a group of five borrowers and qualifies for further loans only if everyone pays back...now that is the kind of peer pressure that counts for something!


4 Comments:

at 7:52 AM, October 18, 2006 Anonymous Anonymous said...

It might be "out-of-the-box" thinking for Bangladesh, but various forms of loans/grants etc have been tried here ad nauseum with massive failure.

Comparing the poverty in the US to that in Bangladesh just doesn't work. For the most part (and there are exceptions), if you want to work in this country, you can.
There aren't a lot of fast food resturants, lawn service companies and major retail centers in Bangladesh.

A great number of people here have made the conscious decision to opt out of the system. I think we should respect that right.

 
at 9:08 AM, October 18, 2006 Blogger Russell Smith said...

If people are interested in being personally involved in Microlending -- they might take a look at Kiva.org. This is a microlender that matches up individual lenders to individual borrowers, giving a much closer picture on world poverty. You can read more about my experiences with Kiva on my blog post http://russellsmusings.blogspot.com/2006/06/making-difference-microlending-through.html

Thanks

 
at 3:54 PM, October 18, 2006 Anonymous Anonymous said...

who cares about the Nobel Prize. Cindy Sheehan was actually nominated for it too and she's nothing, but lying traitor to her country.

 
at 12:47 AM, October 19, 2006 Anonymous Anonymous said...

By the way, what about the millions given to the Owensbys ? I am waiting breathlessly for the community center, educational grant, day care, scholarships, or other civic act of generosity by this new millionaire.

 
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