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Weekly word: microfinance

December 8, 2010

We can solve all the world’s problems by loaning money to folks who wouldn’t normally qualify for loans.  That was a great economic recipe for America, right?

As long as we give it a technical sounding name like microfinancing, micro-credit, or micro-loans, it’ll sound official and well thought out.  In his textbook, Cultural Anthropology, Jack David Eller offers this definition of microfinancing:  “A recent development approach which provides very small loans directly to poor individuals or families in poor states so that they can start small businesses or expand their already-existing businesses.”*

By the way, it was just revealed that Muhammad Yunus, one of the only Muslims to have ever won a Nobel prize, is being investigated by Norway for bilking Western nations for a hundred million dollars that was supposed to be lent to poor (Muslims) in Bangladesh and around the world, but was instead directed by Yunus into other companies that he owned (h/t Religion of Peace).

Remember that the latest innovation in Sharia finance is to combine the “success” of micro-credit with “ethical” Islamic banking to create sharia micro-loans to grow the economy of Gaza.  What could possibly go wrong?

*Eller, David Jack.  Cultural Anthropology (London:  Routledge, 2009)

One comment

  1. Rather like financing the fall of western civilization.

    Why am I not surprised that Yunus was actually a fungus.



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