Yunus changed the world

[Mig-29]

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Says Obama as he confers US Presidential Medal of Freedom upon micro-credit guru



"Muhammad Yunus was just trying to help a village, but he somehow managed to change the world," said President Barack Obama as he conferred America's highest civilian honour upon Prof Yunus Wednesday. Nobel laureate Prof Muhammad Yunus received the Presidential Medal of Freedom Wednesday. Economist Yunus lifted millions of people out of poverty by offering them small loans.(Afp, Washington)

Obama Wednesday conferred America's highest civilian honour on 16 examples of unshakeable human spirit, including Archbishop Desmond Tutu and British scientist Stephen Hawking.

Former Irish president Mary Robinson and screen legend Sidney Poitier were also honoured with the Presidential Medal of Freedom in a ceremony in the White House.

"No barriers of race, gender or physical infirmity can restrain the human spirit, and that the truest test of a person's life is what we do for one another," said Obama, as he introduced the 2009 honourees.

"There are many honours and privileges bestowed on the occupants of this house. But few mean as much to me as the chance to award America's highest civilian medal to the recipients that are here today."

Before placing the blue-ribboned medal around the neck of wheelchair-bound scientist Hawking, Obama joked he was a "brilliant man and a mediocre student."

"From his wheelchair, he's led us on a journey to the farthest and strangest reaches of the cosmos. In so doing, he has stirred our imagination and shown us the power of the human spirit here on Earth."

Obama lauded Tutu for preaching amid tear gas and police dogs during the horror of apartheid South Africa.

"Later, when a free South Africa needed a heart big enough to forgive its sins, Archbishop Desmond Tutu was called to serve once more," Obama said, praising him as a "voice of the oppressed, cantor of our conscience."

Obama's selection of Robinson to receive the medal sparked anger among some pro-Israel lobby groups, who accused her of bias against the Jewish state.

But Obama described the former United Nations Commissioner for Human Rights as an "advocate for the hungry and the hunted," though his spokesman Robert Gibbs earlier said the president did not agree with all of her beliefs.

"It's been said that Sidney Poitier does not make movies, he makes milestones--milestones of artistic excellence, milestones of America's progress," Obama said of the famed star of "Guess Who's Coming to Dinner."

Poitier, the president added, had not only entertained but shifted racial attitudes, broadened hearts and brought Americans together.

Poignantly, another medal recipient, Senator Edward Kennedy, was missing from the ceremony, and was represented by his daughter Kara.

Kennedy, who is battling brain cancer, suffered another blow Tuesday with the death of his sister Eunice Kennedy Shriver.

"The life of Senator Edward M Kennedy has made a difference for us all," Obama said.

Obama also presented medals to breast cancer crusader Nancy Goodman Brinker, medical campaigner Pedro Jose Greer Jr, tennis legend Billie Jean King, civil rights leader Reverend Joseph Lowery, native American tribal chief Joseph Medicine Crow, former Supreme Court Justice Sandra Day O'Connor, actress Chita Rivera, and cancer researcher Janet Davison Rowley.

He awarded posthumous medals to former Republican congressman, football quarterback and vice presidential candidate Jack Kemp and gay rights campaigner Harvey Milk.

http://newsfrombangladesh.net/view.php?hidRecord=279457

[MBI Munshi]

Microcredit reassessed

Increased cost of providing loans

The Independent – September 11, 2009

Professor Yunus received the Nobel Prize for his microcredit venture. Recently he has received the highest US civilian honour. In presenting the medal Obama said, "with his belief in the self-reliance of all people, Prof Yunus has altered the face of finance and entrepreneurship. In so doing, he has unleashed new avenues of creativity and inspired millions worldwide to imagine their own potential." All this may be very pleasing to us but microcredit was never intended to be just throwing a lifeline to a drowning man and now that the cost of providing small loans has increased, things are changing. Providing small loans at low interest is no longer viable.
The rate of interest charged by the Grameen Bank and others is in the vicinity of 28 per cent, already too high, compared to much lower rates charged by normal banks. As most home-based enterprises have folded within a year, the premise on which microcredit is based, has become suspect. The general inability of the average poor woman to expand her business and create jobs has turned out to be the biggest impediment to success because her lack of knowledge of market requirements kept her firmly bound to a limited number of unsophisticated buyers.

Loans could not serve intended purpose

Therefore if the Grameen Bank and others of its kind are to operate, they must change tactics. Many of the small loans disbursed among poor women could not serve the intended purpose because of non-cooperation by husbands. When men became the de facto clientele of the Grameen Bank and other such organisations, it was at the expense of the women who continued to carry the burden of debt. Fortunately this became known to the dispensers of microcredit and today, no loan is given unless underwritten by the husband.

:: The Daily Independent Bangladesh :.. Internet Edition

[EyelessInGaza]

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Great man, Yunus. A gem of a person.

I think he is the greatest man to come out of Bangladesh in the past 3-4 decades at least.