Usury is a sin in Jewish, Moslem and Christian religions. Microloans have a usury component, and they are controversial in Moslem countries especially. Grameen Bank, and countless other organizations have spread microloans through Moslem countries, by targeting the poor and women. I met a women from Guatemala at an economic development conference and asked her about microloans. She replied they were a trap.
People do not need credit, they need freedom, freedom to contract, freedom from force or fraud. Poor countries suffer from lack of freedom. The USA backs the regimes in charge of poor countries.
President Obama’s Mom worked for Tim Geitners dad, setting up Microloan programs in Asia in the late 1970s and 1980s.
As I have reported many times, I suspect Geithner's father is/was high level CIA and used the Ford Foundation as cover to travel Asia.
What NYT fails to mention is that Geithner's father was in charge of microfinance in Asia for the Ford Foundation and the Obama's mother ran microfinance for the Ford Foundation in Indonesia. In other words, Geithner's father was the boss of Obama's mother. This is what I wrote in March. 2009:
Geithner's father, Peter Geithner, was head of the Ford Foundation's Asia grant making for a period in the early 1980s, including micro finance grants. He traveled and lived throughout Asia – which to me smells like a perfect CIA cover.
Obama's mother Ann Dunham-Soetoro developed the micro-finance program in Indonesia.
Geithner's father and Obama's mother most certainly knew each other. According to Ian Wilhelm of the The Chronicle of Philanthropy, the Ford Foundation says, "they met at least once in Jakarta."
Muhammad Yunus discovered microloans in 1976, according to Wikipedia.
"He was offered a Fulbright scholarship in 1965 to study in the United States. He obtained his PhD in economics from Vanderbilt University in the United States through the graduate program in Economic Development (GPED) in 1971.[11] From 1969 to 1972, Yunus was an assistant professor of economics at Middle Tennessee State University in Murfreesboro, TN."
GPED “has benefited over the years from the generous support of the United States Agency for International Development, the Ford Foundation and the Rockefeller Foundation, as well as from numerous agencies sponsoring students across the globe.”
Small world.
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