I’m intrigued to see that these socialists blogging here seem to understand more about the Grameen Bank than most of the right-wing institutions who have celebrated this subsidized debt peddler. These socialists are exactly right: “the catalysing event in 2007 was the rising default rate on a rash of ‘subprime mortgage’ loans given to low-income US borrowers. These are the equivalent of Grameen’s loans to very poor Bangladeshis, except that Yunus did not go so far as the US lenders in allowing them to be securitised with overvalued real estate.” Grameen Bank took on poverty by adding debt and ended up producing…poverty plus debt.
Source link: http://archive.mises.org/14358/socialists-wise-up-on-yunus/
Socialists Wise up on Yunus
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This comment sums it up “…market objectives do not align with the objectives of the consumers.”
Well honestly what did you expect? I’m surprised they got something right.
Has anyone here made an attempt to put a comment and the end of this article at this site? I tried 3 times to no avail. It seems odd there are no comments coming from a few Mises.org readers given the link. Maybe it isn’t worth the time.
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