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!
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.
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
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!!
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):
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.
Here are a few stories on more of the specifics:
Prior to the Saturday announcement:
Meanwhile, the World Bank was also holding a meeting and announced this on Saturday (4/25/09):
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.
Will be interesting to see WHERE in Africa the money winds up…
Filed under: Current Politics | Tagged: Africa, capital investment, credit unions, Grameen America, Grameen Bank, IMF bonds, Indian Mondey Goddess, International Monetary Fund, microfinance, Muhammad Yunus "banker to the poor", Nobel Peace Prize, NYC, Obama Administration, poor countries, public works projects, Queens, World Bank | Leave a Comment »