_____
From:
Sent: Monday, November 19, 2007 4:47 PM
Subject: Nobel Peace Prize Winner Muhammad Yunus: Mega banks fuelling financial
crisis.....
http://www.arabianbusiness.com/index.php?option=com_content
<http://www.arabianbusiness.com/index.php?option=com_content&view=arti...
nus-blame-banking-systems-for-credit-crisis&Itemid=1>
&view=article&id=504334%3Ayunus-blame-banking-systems-for-credit-crisis&Ite mid=1
Mega banks fuelling financial crisis.."poverty was not created by the poor but by the
systems and institutions"
by James Bennett on Monday, 19 November 2007
The world's credit crisis that has seen companies lose hundreds of billions of dollars
in the last three months is the "fault of large institutions and the systems that run
them rather than the entire market", Nobel Peace Prize winner Muhammad Yunus has told
delegates in the opening day two keynote address of Leaders in Dubai.
Asked what advice he would have for incoming Citigroup chairman Robert Rubin, Professor
Yunus, said: "My advice to Rubin would be pay attention to his systems first and to
ensure this will never be repeated." "The word sub-prime indicates that it is a risk by
name. This is not the fault of the market, it is the fault of the institutions and
systems that we have built," he added.
Rubin recently replaced Charles Prince, who headed up the US financial giant for four
years but left due to Citigroup admitting that it was being forced to write off between
$8 billion and $11 billion in sub-prime related losses.
Yunus's microfinance model has been a revelation in the banking world ever since the
Bangladeshi Nobel Prize winner began lending to the poor in 1976 offering $27 of his own
money to 42 villagers in his native country.
ln 1983 Yunus founded Grameen Bank and now lends over $5.1 billion to some of the
world's poorest people, 97% of which are women, and with a 98% repayment rate.
Yunus told delegates at this year's Leaders' forum that "poverty was not created by the
poor but by the systems and institutions" that served them. "Conventional banking
systems deny opportunities to almost two-thirds of the world's population and once we
found out what they were doing we simply reversed the idea," he said.
"They say the more money you have the more we'll give you, we said the less you have the
more attractive you are. They went to men, we went to women. They are the bank and not
the borrowers, to us our borrowers are the bank. They look at credit history, we don't
care about their past, we only want to look to the future," he added.
One argument raised against Yunus's microfinance model is that it only works for the
'entrepreneurial poor'. "This burns me up", said Grameen founder. "We are all
entrepreneurs. It is part of all of us and we are all born with it. The difference is
that some are given the opportunity and some never realise the opportunity of be coming
entrepreneurs."
"Irrespective of where they are born every human being is born with an inherent gift,
but too often that gift fails to be unwrapped and so these people die without having
shown the world the gift they had, and that is called poverty."
Yunus admitted that the recent cyclone in his native Bangladesh, that has claimed over
2,000 lives so far, had killed many of his employees and lenders.
"The good news in Bangladesh always seems to come with bad news. Many of those who died
are our borrowers, not just that they are people we know and work with and I hope we can
overcome this tragedy."
"The individual is handicapped by coming face to face with a conspiracy so monstrous he
cannot believe it exists". -- J. Edgar Hoover, FBI Director 1924-1972, quoted in The
Elks Magazine (August 1956). "It is the duty of the patriot to protect his country from
its [corrupt feudal] government." -- Thomas Paine. "Each of you, for himself, by himself
and on his own responsibility, must speak". -- Mark Twain. "The money powers prey upon
the nation in times of peace and conspire against it in times of adversity. It is more
despotic than a monarchy, more insolent than autocracy, and more selfish than
bureaucracy. It denounces as public enemies all who question its methods or throw light
upon its crimes. I have two great enemies, the Southern Army in front of me and the
bankers in the rear. Of the two, the one at my rear is my greatest foe." -- President
Abraham Lincoln. "In a time of universal deceit, telling the truth is a revolutionary
act." -- George Orwell
John Swinton New York journalist at a banquet (1880's): "What folly is this, toasting an
independent press? There is no such thing, at this date of the World's history, in
America, as an independent press. You know it and I know it. There is not one of you who
dares to write your honest opinions, and if you did, you know beforehand that it would
never appear in print. I am paid weekly for keeping my honest opinion out of the paper I
am connected with. Others of you are paid similar salaries for similar things, and any
of you who would be so foolish as to write honest opinions would be out on the streets
looking for another job. If I allowed my honest opinions to appear in one issue of my
paper, before twenty-four hours my occupation would be gone. The business of the
journalists is to destroy the truth, to lie outright, to pervert, to vilify, to fawn at
the feet of Mammon [Biblical ref.], and to sell his country and his race for his daily
bread. You know it and I know it, and what folly is this toasting an independent press?
We are the tools and vassals of "rich men" [Biblical ref.] behind the scenes. We are the
jumping jacks, they pull the strings and we dance. Our talents, our possibilities and
our lives are all the property of other men. We are intellectual prostitutes."
"It is perfectly possible for a man to be out of prison, and yet not free - to be under
no physical constraint and yet to be a psychological captive, compelled to think, feel
and act as the representatives of the national state, or of some private interest within
the nation, wants him to think, feel and act. "The nature of psychological compulsion is
such that those who act under constraint remain under the impression that they are
acting on their own initiative. The victim of mind-manipulation does not know that he is
a victim. To him the walls of his prison are invisible, and he believes himself to be
free. That he is not free is apparent only to other people. His servitude is strictly
objective." Brave New World Revisited, Aldous Huxley, 1958
"The greatest obstacle to discovery is not ignorance ~ it is the illusion of knowledge."
~ Daniel Boorstin .[this is the illusion that the mainstream news media projects to the
sheeple]
*** exposing the hidden truth for further educational research only *** CAVEAT LECTOR
***
In accordance with Title 17 U.S.C. Section 107, this material is distributed without
profit to those who have expressed a prior interest in receiving the included
information for research and educational purposes.
To be removed from the list, please reply with the subject line "REMOVE"
To receive email at another address, please reply with subject line "CHANGE"
To receive email, please reply with "WEEKLY"
NOTE: Some links may require cut and paste into your Internet Browser.
Please check <http://blogs.albawaba.com/alexanderjames/>
http://groups.google.com/group/total_truth_sciences/topics?gvc=2 more real news posts
and support the truth!
http://blogs.albawaba.com/alexanderjames
http://blogs.albawaba.com/Alexanderjames/page/links
http://www.lulu.com/content/165077; http://www.lulu.com/browse/book_view.php?fCID=165077
<http://www.lulu.com/browse/book_view.php?fCID=165077&fBuyItem=5> &fBuyItem=5
http://bb.domaindlx.com/alexjames999
*** Revealing the hidden Truth For Educational & Further Research Purposes only. ***
Welcome to Real News Edited excerpts, non-partisan, pro-truth-honesty-peace, and
anti-war-lies-crime. The purpose is to expose corruptions, frauds, deceptions, lies,
criminal plans, cover-ups and free-speech silencing by powerful people in governments,
foundations, corporations and media, which are done using the name of democracy, human
rights, false interpretations of religions, cults, occults, patriotism, economy,
business, media, elections, justice, charity, etc., and are used to trick the public
into hatred & wars and out of their lives, money and freedoms, while the propaganda we
are subjected to makes us believe that we have evolved to where such things cannot
happen [remember slavery, apartheid.]. Please share what you learn with others who do
not have access to the internet. This is only a tip of the iceberg. Stop the hatred that
is used to promote the dehumanization of the victims of aggressions;spread the
truth;free your mind from being a Zioncon occupied territory of the neo-feudal lords by
rejecting the mainstream news propaganda. Caution: real news may induce a kind of
schizophrenia because it provides a true vision of reality which is so different from
the one we are presented by the mass media spins. Latest real infonews available at
alternate news. ***** Check whatreallyhappened . com & other alternative news sites for
latest news flashes. In Truth We Trust! The opinions expressed herein contain positions
and viewpoints that are not necessarily those of the recipient, disseminator or others
mentioned in the information. These are offered as a means to stimulate dialogue and
discussion.
