Quote:
Originally Posted by JavaBlack";p="
Bangladeshi economist Muhammed Yusun has been awarded this year's Nobel Prize for Peace. I love this guy!
Yusun is known for inventing the concept of microcredit and opening the Grameen Bank, an institution to put the theory into practice. The theory is that the desperately poor are not without innovation but without resources to put their innovation into action. He believes credit is the way to make it happen and that credit in effect is a human right.
By lending small amounts of money to a tightly knit group of poor villagers for the purpose of purchasing materials for use in a craft that can be sold for profit. The bank would charge interest but a minimal amount and allow for greater credit once a loan was paid back.
The Nobel committee recognized that creating solutions for the desperately poor to enter the market and move upward is essential for world peace.
Congratulations Muhammed Yusun!
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While I agree it is a good idea...I have to laugh that the
Major banks have never thought of lending money to the POOR. When you have money the banks fall all over you to get you to borrow money from them. But when you have no money the banks don't want to know you.
So Muhammed gets the Prize for, INVENTING the concept of loaning money to the poor.
Sorry, I'm still laughing, that this "concept" needed to be invented. LOL
I sure hope his theory works.
He has put his theory into practice and good on him for doing so. I sincerely wish him every success. 
I can only hope the major banks learn the new radical concept that poor people need money to get started!