KingofthePaupers: Nobel Yunus micro-loanshark Grameen bank

[potterjc]

20% is about the same as a cash advance on my credit card. I don't think this is unreasonable for high-risk loans, particularly in a country where retail bank loans attract about 12-15% interest anyway.

While I don't think micro-financing leads to sustained long-term social development, I do admire the good intention and positive difference Yunus has demonstrated.

You seem incredibly immodest. Stop praising yourself and pining to be given a Nobel prize. It's embarrassing and somewhat pathetic.

[kingofthepaupers]

@potterjc How about a $20 bet on a Nobel Prize in 5 years? Give me odds on 2. Give me bigger odds on 3.

[potterjc]

@kingofthepaupers

i'm certain you'd lose that bet.

...like the 72 elections you've run in and lost?

[kingofthepaupers]

@potterjc 74 elections contested and 73 elections lost. And if you're sure I'd lose my bet, here's your chance to take cash off the Great Canadian Gambler.

[potterjc]

@kingofthepaupers

I will absolutely take you up on that.

USD $100 says that by the end of the day on November 25, 2015, you will still be without a Nobel peace prize.

Do we have a bet? And if you die before the deadline, I'm claiming that hundred bucks against your estate.

[kingofthepaupers]

@potterjc Good, you put your money where your mouth was, a rarity in this world. So we have a $100 bet that by 2015 Nov 23 I'll have 3 Nobel Prizes.

Oops, the bet is on one. Would you like to lay me odds on 2? even 3? I don't think anyone's ever won 3 before I do.

[potterjc]

@potterjc @kingofthepaupers

...guess this is one bet "the Great Canadian Gambler" is too afraid to take up.

[kingofthepaupers]

@potterjc No, no, I think it's nice of you to fade my bet and provide me with the excitement of the challenge. "USD $100 says that by the end of the day on November 25, 2015, you will still be without a Nobel peace prize." Agreed, $100. Now, how about offering me odds on two prizes: say another $100 to my $20?

And to three: say another $100 to my $10? Or drop a zero? Just to say I've got money riding on a trifecta would make my day. Actually, your first bet has.

[kingofthepaupers]

@potterjc And if you win, I'll send the pay-offs to you framed.

[kingofthepaupers]

@potterjc And if you win, I'll send the pay-offs to you framed so you never forget your action with the Great Canadian Gambler. A reason most people fondly remember beating me is that I, almost alone, show my losers when beaten, others think others not knowing helps, I don't. So when, after a raising slugfest and he shows his AK to match AA on board, rather than muck my loser,

I show him my AQ so the crowd can go oooooohhhh and he has a

memorable story. Costs me nil to up his joy.

[SilverCatLady]

In Banker To The Poor, it stipulates that this 20% rate is in fact at SIMPLE interest, which is far less dubious than the intentionally complicated compounded rates we pay.

[kingofthepaupers]

Jct: If you find my turmel blog article at yahoogroups # 3654 called SilverCatLady raises interesting local currency points or my john.turmel page at facebook

I don't say extending banking to the poor in microloans at 20% isn't better than not letting have any chips at all, my point is that Grameen microlending at 20% interest is not as good as UNILETS macrolending at 0%. UNILETS is why I predict I'll get a Nobel Peace Prize too.

[kingofthepaupers]

Jct: It's the same service fee for a 1000, 10,000 or 100,000 loan. Why do you think a 1-Hour=$10US service fee would be substantial?

I made fun of Yunus piggy bank microlending at 20% usury when Turmel's UNILETS timebank would be macrolending at a 1-Hour service fee and no usury.

What do you think has had more impact, Yunus piggy bank or Michael Joseph's cell-phone-minute trading bank?

[kingofthepaupers]

"How do you expect to bear the cost of servicing 7 million micro-loan clients"

Jct: A one-time service charge is better than 20% interest.

"this bank is owned by the poor borrower themselves. You don't seem to have much knowledge of on the ground reality"

Jct: Who cares who owns their piggy bank if they need a deposit before they can lend. Your knowledge about on-the-ground reality of credit creation lacks.

[stanveer]

For the poorest in Bangladesh, a one-time yearly loan payment is not a viable idea. The mental obstacle of parting with a substantial sum will dissuade repayment and the system and will not be sustainable. Bangladeshi villages have no local commerical banks, period. Hence Grameen is able to mobilize deposits from richer people. The borrowers are too poor initially to make any significant deposits. Please do more research before heaping scorn.

[stanveer]

How do you expect to bear the cost of servicing 7 million micro-loan clients on a weekly basis and charge the same rate as commercial banks that would lend out the same amount to half a dozen clients? In Bangladesh, the commercial banks charge 12 percent a year and do not loan to the poor; so 20 percent is not all that much.. The other point is that this bank is owned by the poor borrower themselves. You don't seem to have much knowledge of on the ground reality.

[kingofthepaupers]

Jct: Anytime you'd like to put your money where your mouth is, go ahead, but I know that when I flash the cash, it's bye-bye trash for those won't put up and won't shut up. Go ahead if you've got something more useful to say than name-calling by a low-tech failed-education prole like you.

Bring on the weak-gened trash.