Money Matters: “Banker to the Poor” In Impoverished Countries Now Lending in U.S.; “Money Goddess” Advises Obama Administration; IMF Bonds Update

~~By InsightAnalytical-GRL

We’ve often heard about how the U.S. “is becoming a third world country.”  Well, maybe it’s true, if you see the “banker to the poor” doing business in Queens, NYC…with plans to expand!

“Banker to the poor” gives New York women a boost

Sun Apr 26, 2009 1:09pm EDT

By Michelle Nichols

NEW YORK (Reuters) – Nobel Peace Prize winner Muhammad Yunus, known as the “banker to the poor” for making small loans in impoverished countries, is now doing business in the center of capitalism — New York City.

In the past year the first U.S. branch of his Grameen Bank has lent $1.5 million, ranging from a few hundred dollars to a few thousand dollars, to nearly 600 women with small business plans in the city’s borough of Queens.

SNIP

Grameen America now operates by lending out money gathered through donations and money from payments on existing loans. The bank is applying for a U.S. credit union license to generate the deposits it needs to make more loans

MORE

And, the bank is a CREDIT UNION!   Way to go!! No derivatives there!

While on the topic of money, American Lassie has discovered the REAL adviser to the Obama Administration on financial matters!!

moneygoddessindialee

This is a Money Goddess.  Pass it to 6 of your good friends, or family and be rich in 4 Days.
Pass it to 12 of your good friends or family and be rich in 2 Days.
I am not joking. You will find an unexpected windfall. If you delete it, you will never know!

SHE WORKS SHE REALLY WORKS!!
***

About a month ago, we posted this…

The Scanner–International Edition, March 24, 2009: Say Goodbye to the Dollar? China, Russia Proposing a New World Currency for “Non-Credit” Based Economies, Echo G-20 Agenda of Expanding IMF; China Will “Consider” Buying IMF Bonds; 10th China Develpment Forum Underway (UPDATE 1X–Geithner Supports China Proposal??)

Notice the story about how China will “consider” buying IMF Bonds?

Well, they’re going to get their chance as the IMF announced on Saturday (4/25/09):

IMF head says it will sell bonds to raise funds

WASHINGTON – The International Monetary Fund will sell bonds as a way to raise funds to lend to struggling nations, the head of the organization said Saturday, in a victory for developing countries.

Emerging economies such as China, Brazil and India pushed for the move as an alternative to providing longer-term loans to the IMF. Those countries want greater voice in the institution before providing additional resources.

MORE

Here are a few stories on more of the specifics:

India Ready to Buy IMF Bonds

IMF chief: Some countries interested in buying IMF bonds

Prior to the Saturday announcement:

UPDATE 2-Emerging nations want IMF bond plan revamped-Brazil

Meanwhile, the World Bank was also holding a meeting and announced this on Saturday (4/25/09):

World Bank to aid poor countries with public works

WASHINGTON (AP) — The World Bank said Saturday it would provide poor countries with more than $55 billion for public work projects left in limbo when the recession dried up capital investment.

The goal is to create jobs and lay the foundation for future economic growth and poverty reduction. Africa is expected to see a large proportion of the investments, given the continent’s needs.

MORE

Will be interesting to see WHERE in Africa the money winds up…

***

Additional Information:

IMF Communique 4/25/09

Original statement by China 3/28/09

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