An economist from Bangladesh, Muhammad Yunus, won the Nobel Prize for economics for his pioneering work in the area of microfinance loan today.
Yunus’ Grameen Bank has successfully been loaning peasant farmers and others in Bangladesh and worldwide small loans of $200 to enable them to start small businesses or buy vital farm supplies, amont other things:
Kudos to the Nobel Committee and Mr. Yunus. Efforts like these are not as glamorous as the high-profile invasion of Iraq or search for Bin Laden (still looking…), but they are, IMHO, the key to fighting poverty, promoting economic development, and ultimately quelling the vast social inequalities that fuel terrorism.
Yunus is credited for starting a microfinance revolution worldwide:
But here’s the most amazing part of all of this:
Truly amazing stuff. In a world where most of the news reported by the MSM is dark, dreary, depressing, and violent, this is refreshing news.