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Monday, November 03, 2008

Once again, Muhammad Yunus impresses

On October 27, Muhammad Yunus and Michael Milken were interviewed by Charlie Rose on PBS. Very impressive. They are implementing in the United States the micro-financing model for which Muhammad Yunus so deservedly received the Nobel Prize in 2006. Microloans in the United States are naturally of a different scale from those in developing countries, but they are nevertheless necessary given the serious condition of the poor in the United States. Yunus and Milken propose to offer loans of up to $3000 without collateral. The model has demonstrated elsewhere that over 98% of loans are paid back. Imagine the impact on the poor here. The beauty of this approach is that it does not simply provide a handout; on the contrary, this is free enterprise at its best. I highly recommend that you watch this very exciting interview.


As a special bonus, the second half of the program is about a play currently on Broadway, about the Black Watch. The Black Watch is a Scottish regiment that has existed for hundreds of years, and it is often the Black Watch whom the British send in to battle first. This play, which is very moving, addresses their recent deployment into Iraq. Since I am from Scotland, and lived in Fife whence comes the Black Watch, this is a story very close to my own heart. I would be very happy to hear from others your opinions on both segments.


Thanks for reading.

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