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A deserving peace prize

I had to smile this morning when I read that Bangladeshi economist Muhammad Yunus and his Grameen Bank won the Nobel Peace Prize. Yunus pioneered the concept of microcredit -- giving unsecured loans to poor people -- and he was the inspiration for a man we featured earlier this year on a Nightly News "Making a Difference" piece from the island of Samoa, in the South Pacific.

What might appear to be dry economic and social theory on paper is actually deeply moving when you see it in practice and witness the results -- as we were lucky enough to do this spring.

Our story featured Greg Casagrande, who was a hard-charging executive for Ford and Mazda before he gave it all up to chase his dream of eradicating poverty. After studying Yunus' principles, he used his own money to start up a loan program for women in impoverished Samoa. 

With the equivalent of just $200 in loans -- money they would never have been able to get from traditional banks -- the Samoan women went right to work opening up grocery stores, sewing centers, tiny restaurants, orchards and craft booths. Some raised pigs and cattle, others wove and sold colorful baskets.

Under the rules of the program, the women were expected to put their kids in school, account for all their financing, and pay back the loans. At the time of our reporting, Casagrande's program had given out nearly 10,000 loans, totaling $3 million over a period of six years. Almost every one of those loans has already been repaid.

With their business profits, the women cared for their families and helped build new homes. They wore nicer clothes and were healthier, and they had a glowing sense of accomplishment.

Millions of poor people have benefited from Yunus' microcredit success, and are all part of this year's Nobel Peace Prize. We had the privilege of meeting some of them in a far-off corner of the world, as they took pride in their success.

Read more from Mark Potter

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COMMENTS

There is no word to express the honor that Prof. Dr. Yunus and his brainchild Grameen Bank has bought for the Bangladeshi people.His credibility lies in the fact that being an economist he has received the nobel peace working with the poor.He will be an inspiration for the young generation.Being a Bangladeshi I feel very proud and wish him and his Organization all the best.

Its a huge task that Dr Younis took as a challange and been able to prove to the rest of the world that the micro system can make a significant difference to peoples life. well done.

It's the window of the highlighted personality to enlarge his open heart for the well being of the poor society of the world to enrich their hope to live with the high minded people. Thanks Dr. Yunus for your theory and its practical implementation for the deserving folks and now you are in heart of each and every one of the world. God bless you.

Thankfully, people who work for the eradication of poverty are getting recognition. There is so much we all can individually do to address the Millennium Goals through projects such as ONE campaign, Fair Trade products, Product RED, the Borgen Project, and of course contacting our politicians. It's just too bad we sit back and wait for someone else to do it. I am so excited that Yunus is got the recognition he deserved. Microcredit is a GREAT and empowering concept!

When I have heard that Dr. Muhammad Yunus got the Noble Prize for peace for his outstanding performance in the field of economics, I was so amazed.
Congratulations for your revolutionary discovery for the well being of poors, and salute to be the GURU of micro credit system.
May God bless Dr. Muhammed Yunus.

Dr.Muhammad Yunus deserved it long time ago.

Wish we and his efforts can uphold the sole objective of pioneering the concept of free or low interest loan to the poorest for generations. Wish make differeces in the vast majority of people of the world population instead becoming a tool for world bank, other banking giants of for sucking and money grabing from the poor some how.Hope he remain aware of it.

Great to Yunus and Grameen Bank for the well deserved award.
Let the world now start a Global Fund for the Development of Microfinance across the globe.

Josephat Sanda
Dar es Salaam
Tanzania

The Noble Prize for Peace, 2006 was awarded to may be the most deserving of all of Noble Prizes combined, to Mr. Yunus. Finally the Noble Organization did the right thing and thanks a million for not selecting someone who gives away cars for her own benefit or some singer who toils around in private jets or in airforce one. This award actually made the Noble Prize Organization more proud than the recepiant himself.
For your information Ms.Estela Laura White, Baltimore, Maryland ( whose letter was published on the top of the page), President Clinton and Hillery Clinton are very good friends of Professor Yunus. They knew him from a long time before when President Clinton was the Governor of Arkansas. Governor Clinton met him in an airplane and was charmed by his smile and knowledge of Economics. Last time when Hillery Clinton went to Bangladesh, she went to see his Grameen Bank and it's Projects.
Thank you very much the Noble Prize Organization for selecting the right Catagory to award the Peace Prize rather than for Economy as the Peace Prize has much broader impact in the world civilization. This may be the most well deserved award in the history of Noble Prize.

I agree with Mr. Potter, what a well-deserved recipient. It is thanks to his great idea people living in poverty around the world are starting to get a second, or in many cases a first chance. These are the people who might be living with AIDS, without help from their families, living with social stigma, or with many other issues which other nominees for this prize have been fighting. Whatever the roots of their circumstances, the less fortunate are caught in a vicious circle of capitalist finance built to favor the wealthy. Ignored by traditional, profit-seeking banks, these people don't have a realistic chance at helping themselves no matter how hard they work. Microfinance has been changing the face of poverty in Asia, and is now in Africa, South America & even here in the U.S. This solution deserves more press and this is a great step in that direction. Congratulations to the Grameen Bank!

NOBEL PEACE AWARD to Dr. Mohammed Yunus & Grameen Bank.
"CONGRATULATIONS" to all BANGLADESHI.

I would also like to extend my congratulation to Dr. Mohammad Yunus and GRAMEEN FAMILY for the grate achievement.
Now Bangladesh will be also knows as "THE LAND OF PEACE"
I believe this nomination make NOBEL PRIZE more prestigious.
Thanks to The Nobel committee... finally you choose the right person.
Once again "CONGRATULATIONS" on behalf of BKMEA.

My heart felt congratulation to Dr. Yunus. While watching the news I could visualize what a big event for Bangladeshi it is.
As Dr. Wahiduddin Mahmud said, perhaps this is the first time a practically tested concept entered as one of the basic theory in the economics that works directly against poverty.

A nobel prize that was long past due. congrats to Dr. Younus. I can't see why he was not selected for the prize is Economics but i think Peace prize is just as good. The micro credit concept is an innovation in economics and Dr. Younus deserves full credit for it. As a Bangladeshi i feel really proud.

A well deserved award to a well deserved man. We are very happy that finally the nobel committee recognized the right person for the award. Thank you Mohammad Yunus. I would like to follow in your footsteps.

Dr.Yunus is a great source of inspiration and hope to millions of distressed families around the world. I appreciate nobel committee for awarding a right personality at a right time.

Congratulations to Dr.Yunus. A well deserved peace prize. No politician can come close to him in terms of bringing peace. You can't bring peace keeping people hungry. Mr. yunus is on the right track for the eradication of poverty. God bless him.

Congratulations to Dr.Yunus. A well deserved peace prize. No politician can come close to him in terms of bringing peace. You can't bring peace keeping people hungry. Mr. yunus is on the right track for the eradication of poverty. God bless him.

It is a memorable day for every member of the struggling
families of the world where survival needs support. This
was made possible by the vision of a genius none other
than Dr Mohammed Yunus of Bangladesh. This is an extra-
ordinary feat and my congratulations to Dr Yunus !

Imagine if all the billionaires and multi-millionaires on Fortune 500 were to donate just 1% of their wealth to provide $200 microcredit to whomever meet the critiria for the loan, anywhere in the world. Imagine if all the spoilt jet-setters - actors, singers, sports figures - were to do likewise, putting their money where their mouth is. Then we will see a true revolution. Then "Peace on Earth" will not sound so hollow.

I think finally we may have found the magic formula to remove poverty from word and have world peace. It’s just simply refreshing to know that using Dr. Yunus’s theory, there is hope for more than one third of the population who live bellow poverty limit.

I think Mrs. Hillary Rodham Clinton was interested in this kind of microloan system to help the poor women of Pakistan and India. I don't know how far she went with the plan, but it was the same idea, women could buy looms or hire one employee or start a small farm with a microloan and many got these credits and improved their lives and those of their children. I don't know if Mrs. Clinton had read Dr. Mohammed Yunus book or met with him in her travels to Asia. It is wonderful that this man has obtained the Nobel Peace Prize, he should also have gotten the Nobel Economy Prize, which is constantly given to people that belong to the Chicago School of Economy think tank. I am so happy that this year there was a Noble prize given to someone that does not follow Frydman's theories or any other professors from the University of Chicago, where I also studied. Luckily I was in the History Department and had nothing to do with the people from the Department of Economy. But I did meet many of the graduate students and nobody was interested in the problems of the poor people.
We should all look into this new direction now to alleviate World Hunger and Atrocious Conditions not only in the Third World, but here in the United States of America too.

Congratulations to Dr. Mohammed Yunus on getting the 2006 Nobel Peace Prize. It was long overdue. As an American of Bangladeshi origin, I am really proud of his achievements. His selfless devotion to the cause of alleviating the sufferings of the poor in Bangladesh and around the world should be applauded by all. Hopefully, the politicians of Bangladesh will follow his ideals and serve the people of the country instead of protecting their own petty interests. By bestowing the prize on Dr. Yunus, the Nobel committee has basically endorsed the view held by many, including myself, that western economic concepts and theories does not necessarily work in the poor, thirld world countries.

The NOBEL PEACE AWARD to Dr. Yunus, unbelievable!!!
I would like to extend my congratulation to Dr. Mohammad Yunus and his family for the grate achievement. Following Dr. Yunus lets we all try to make some difference in the poverty of Bangladesh.

I can't belive people will suggest names like Oprah or Bono. They should be ashamed of it. What they have done? Nothing. She gives out cars and money to her viewers. Now, she wants more money? The woman made money by talking her head off. And I don't even want to talk about Bono. This is a deserving choice. Thanks to Nobel Committe.

After living abroad for 25 years, the news of Dr.Yunnus is inspiring me to go back to the place where I am needed to make a difference. Today I am equally proud to be a bangladeshi like the rest. Best of luck to Dr.Yunnus, his family and the Grameen Bank folks.

I was so sad yesterday, thinking there are are not many nice people like Mother Teresa any more. I now find hope in mankind.
And, I am sure it hurts Dr.Younis to see billions being poured into Iraq while people in Bangladesh, Darfur are in utter poverty. Will we ever change?

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