My sister gifted this book to me for my birthday, along with a magnifying mirror:
Thus, I’m becoming knowledgeable about microcredit and I have a freshly tweezed face.
I’m only on page 28, but this is what I’ve learned thus far:
Mr. Yunus has been involved with working for the benefit of poor people in India for most of his life. He is now 77. Through his work, he has enabled the poorest of the poor to gain credit, become entrepreneurs and thus, productive members of society.
The American economic system works in the favor of the rich. This is plainly obvious. Our banks do not believe in our poor. We believe that given credit, the poor will never pay the debt back. However, Yunus says his experience is the opposite: his Grameen Bank “lends over $2.5billion in U.S. currency a year to 9 million poor women on the basis of trust only.” The repayment rate? 98.96%!
Grameen Bank has 19 branches in the U.S. with “86,000 borrowers, all women*, who receive business startup loans averaging around $1,000. As of 2017, the loans disbursed…total over $600 million, and the repayment rate is over 99%.”
Yunus believes our emphasis on GDP is inaccurate and incomplete. We are not taking account the “Whole Person” in our economy. Our focus is on the selfish and our system is based on rewarding the selfish. So what do we get? Corruption, inflation and more and more people in poverty.
This man’s work is proof that it only takes one person to make an enormous difference globally. The secret? See a need, work to fulfill that need to help others and do not focus on fame or wealth. (Never mind that Yunus has a net worth of $10million and he won the Nobel Peace Prize!)
*You might wonder why Yunus is loaning money to women: He wanted to help the poorest of the poor.