RadioRaheem84
15th January 2008, 05:38
I normally don't agree with the Von Mises Institute but they have Yunus' number, as does Alex Cockburn.
I just came back from one of his conferences here in Houston and man it was a guilty rich liberals dream. One thing they overlooked was that the poor Yunus helps are in debt up to their eyeballs with the high interest rates and on top of that they are paying TWICE considering that the bank relies partially on Bengali subsidized grants. The Grameen bank doesn't pay a corporate tax and is excluded from both private and public oversight. While it's slowing it's use of government funds its now in favor of recieving grants from top Fortune 500 companies and philanthropists.
A banker for the poor? In my opinion no and now his ideas are reaching the IMF and World Bank. Basically, the rich liberal crowd love him for giving them an excuse to sleep at night.
Read about it in these two articles:
Microcredit or Macrowelfare: The Myth of Grameen by Jeffrey A. Tucker
and
The Myth of Microloans by Alex Cockburn
(Sorry, I cannot post any links yet)
I just came back from one of his conferences here in Houston and man it was a guilty rich liberals dream. One thing they overlooked was that the poor Yunus helps are in debt up to their eyeballs with the high interest rates and on top of that they are paying TWICE considering that the bank relies partially on Bengali subsidized grants. The Grameen bank doesn't pay a corporate tax and is excluded from both private and public oversight. While it's slowing it's use of government funds its now in favor of recieving grants from top Fortune 500 companies and philanthropists.
A banker for the poor? In my opinion no and now his ideas are reaching the IMF and World Bank. Basically, the rich liberal crowd love him for giving them an excuse to sleep at night.
Read about it in these two articles:
Microcredit or Macrowelfare: The Myth of Grameen by Jeffrey A. Tucker
and
The Myth of Microloans by Alex Cockburn
(Sorry, I cannot post any links yet)