Microcredit has been purported as the only socially and economically conscientious way to lift people out of poverty. Mohammed Yunus, the man who invented it, won the 2006 Nobel Peace Prize. Hell, even Natalie Portman has been crusading for it.
But it's evil. Like sell your children evil.
Microcredit is actually loan sharking under the guise of philanthropy. The villagers who are unable to pay back their loans and are harassed by Grameen Bank who doles out the small amounts of change. “Their technique is to scare borrowers and insult them. We tell them to sell their clothes, that they have no other choice. I’m not proud of myself, but several times, I had even been obliged to say ‘sell your children.’”
Fucking sad! Bono where are you when we need you!
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