A way for "people like us" to contribute

[geoffrey]

It's been awhile ladies and gents but I'm back to pass on an interesting website and concept to you all.

I had the privledge this evening of listening to a talk by President Bill Clinton. I've never seen such a down to earth leading figure, he really understand the issues of today and of the future. The bottom line, the world needs more Bill Clintons. Very inspiring, just listening to the man is like a call to action.

At the end of his talk, Bill mentioned Kiva.org. This organization finds third world business men and women that need access to capital to grow their businesses. However, these people aren't asking for millions, they are asking for just a few hundred. With this, they grow their businesses, add jobs, and develop prosperity for their community. They repay the loans once they are profitable.

What a great way to help out the third world. Instead of renewing that GIC, go let a guy in Africa employ some hungry farmers.

Again, the url is kiva.org

Please check it out and contribute if you have the means to do so. It's an investment in someone else, they aren't even asking for money, it will all likely be returned.

Websites like this and microcredit in general have the ability to truly change the lives of hundreds with very little money. As a whole, I'm sure these loans have benefited millions of communities world wide.

[August1991]

It's been awhile ladies and gents but I'm back to pass on an interesting website and concept to you all.

I had the privledge this evening of listening to a talk by President Bill Clinton. I've never seen such a down to earth leading figure, he really understand the issues of today and of the future. The bottom line, the world needs more Bill Clintons. Very inspiring, just listening to the man is like a call to action.

...

Again, the url is kiva.org

Please check it out and contribute if you have the means to do so. It's an investment in someone else, they aren't even asking for money, it will all likely be returned.

Clinton is a good speaker but the Ancient Greeks had a term for this: oratory and it was understood as a skill. Oratory does not replace well thought out ideas.

As to kiva.org, I am reminded of food banks. We have a system for transferring claims on assets between people. It's called the financial system and it works extremely well. I don't quite see why we should create a parallel system when the existing one is already efficient and is always on the look out for unexploited niches.

It is simplistic to say that third world entrepreneurs face credit problems.

[jdobbin]

I don't quite see why we should create a parallel system when the existing one is already efficient and is always on the look out for unexploited niches.

There is a system for loans is developing nations for as little as $100?

[Michael Hardner]

Auguste,

As to kiva.org, I am reminded of food banks. We have a system for transferring claims on assets between people. It's called the financial system and it works extremely well. I don't quite see why we should create a parallel system when the existing one is already efficient and is always on the look out for unexploited niches.

This isn't a new financial system - this is information that you can use to invest.

[xul]

At the end of his talk, Bill mentioned Kiva.org. This organization finds third world business men and women that need access to capital to grow their businesses. However, these people aren't asking for millions, they are asking for just a few hundred. With this, they grow their businesses, add jobs, and develop prosperity for their community. They repay the loans once they are profitable.

What a great way to help out the third world. Instead of renewing that GIC, go let a guy in Africa employ some hungry farmers.

Honestly, I think the great way to help third world poor people is to establish a WalMart factory in their country, which can help those poor, not very intelligent but industrious people to earn a decent wage, according to their country's criterion, and sustain their families. Of couse, meanwhile these factories's cheap products can sustain those western poor families and let them don't vote another CPC and knock down the "system".

Clinton's proposal, "Lend money to poor people, so they can use these money to get rich, then they can contribute the 'system' more", is a theory invented by those western academic intellectuals becasue they have a faith or illusion of that everyone is just as smart and clever as them. But the reality is it is not. Does those poor in Canada to be what they are just because no one funds them to study a MBA to get a good salary? In third world countries, the things are the same---people are always to be what they would be whether they could get loan from a western bank.

Edited June 22, 2008 by xul

[Remiel]

In third world countries, the things are the same---people are always to be what they would be whether they could get loan from a western bank.

The breadth of your misunderstanding is truly astounding.

[geoffrey]

This isn't a new financial system - this is information that you can use to invest.

Michael is right. This is a new exchange that allows Western investors to connect with the third world. Exchanges like this promote economic freedom, allowing access to pools of fund (for the poor people) and excellent growth potential (for the rich people). This is the perfect case of where access to new markets benefits two groups of people. Win win.

[August1991]

There is a system for loans is developing nations for as little as $100?

There would be one if it were profitable. And the reason one is not profitable has alot to do with existing institutions in poor countries. Despite Clinton's upbeat oratory, I don't see how this organization can overcome these institutional problems.

I don't want to seem pessimistic but the problems of poverty are more complicated than a $100 loan.

Michael is right. This is a new exchange that allows Western investors to connect with the third world. Exchanges like this promote economic freedom, allowing access to pools of fund (for the poor people) and excellent growth potential (for the rich people). This is the perfect case of where access to new markets benefits two groups of people. Win win.

I'm with Xul on this. The breadth of naivety is astounding.

Financial markets work with information and usually require real guarantees of trust. What makes you believe that a foreigner several thousand kilometers away is going to have the information, the ability to assess information or be able to appreciate the validity of a guarantee. It is to believe that lenders in Hong Kong could compete with lenders in Canada in the retail mortgage market.

Have you ever heard of Nigerian transfer scams? This is the dogooder version.

[myata]

Western financial system has evolved in different environment (and time), and it's a bit presumptious to expect that it'll be a perfect solution for all places and situations everywhere. New solutions will be tried and some just may work better in the specific environment than a behemoth WalMart of CreditSuisse. It's called niche.

However, a prerequisite to sustained progress is social and political stability. Without it, things will just bounce around basic subsistence, and the fruits of work by industrious people (and returns on microinvestmens by well meaning foreigners) will be erazed by the next surge of violence.

[xul]

The breadth of your misunderstanding is truly astounding.

Perhaps it would be....but I think to any system, if it can be considered as a "system" that means it can exist several decades to hundreds of years not only several weeks, it must have a way to let those ingenious and industrious people to get success, so even in the poorest country in the world I don't think a guy who even has not $100 would have the ability to run a small business and repay the loan.

[HisSelf]

Clinton's solution for the Middle East made him look like an idiot. My definition of people like us does not include Bill Clinton. The guy is just another American/Israeli hegamonist.