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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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I would like to extend my congratulations to Mohammed Yunus and his family for this wounderful Nobel Peace Prize award. I sincerely hope and pray that people will learn from Yunus example.!!!!
" CONGRATULATIONS." { AKBER A. KASSAM. NYC. }
AKBER A. KASSAM. (Sent Oct 13, 2006 3:57:57 PM)
economic is not all about corporate culture as in US. Dr. yunus showed that.
(Sent Oct 13, 2006 3:24:20 PM)
As a Bangladeshi-American, this Nobel Peace Prize makes me very proud. The news came as a delight to Bangladeshis living at home and abroad, who cheered the event as a great national honor. I am proud that we have given something to the world. Prof. Yunus’ work has now been recognized by the whole world. In celebrating his Nobel Peace Prize ,let us emulate the greatest social reformer of our time in renewing our faith in the people of Bangladesh and give them the respect that we deny them all the time and inculcate a bit of humility so that we can serve our nation better.
Enamul Haque, Silver Spring, Maryland (Sent Oct 13, 2006 3:05:34 PM)
I have been following the Nobel awards and cheered every time a new prize winner was announced.
This award to Dr. Yunus brought tears to my eyes, tears of joy and gratitude for the amazing difference he has mad in the world, for the role model he has become and for all Grameen borrowers who were given the chance to realize their potential and have done so, successfully.
Bravo !! Bravo !!
(Sent Oct 13, 2006 2:49:43 PM)
i will like toi congratulate nobel peace prize commitee for the most approprite salection. indeed mr younus and his bank is a role model for those who would like to make a difference to this world.my congratulations for mr younus and garmeen bank
shahid (Sent Oct 13, 2006 2:16:43 PM)
As a Bangladeshi-American -- born there, raised here -- this prize makes me very proud. Whatever one may think about the relevance or even the credibility of the Nobel Peace Prize (John Bolton as a nominee?...), no one can dispute that the winner and his/her cause will be in the crosshairs of every major media outlet in the world for a sustained period of time. In the case of Dr. Yunus, this means further adoption of microfinance programs around the globe and ultimately, the empowerment of our most dispossessed everywhere -- esp. women. This is a truly deserved win.
(Sent Oct 13, 2006 1:45:03 PM)
yes!!! i am not surprised that Prof. Yunus and Grameen bank won! it is a feeling of like, "finally!"
i came upon his work 5 years ago and i was deeply inspired---it inspired me to work on social and human rights issues!
peace, joy, and much much happiness to Prof. Yunus and Grameen staff and customers!
if only we could be half as open hearted- the world would be a better place!
Sandy'Ci Moua, St Paul, MN, USA (Sent Oct 13, 2006 1:35:57 PM)
I agree with Don from Tennesse! It's amazing to see how someone who most have not heard of before, be the very change that we all need to begin to be. Muhammed Yunus is a man with no fear of poverty, no fear of scarcity -- there is enough in the world to go around for everyone. The Universe is abundant, the thoughts of man have made it so limited. God bless him and his vision.
Connie, Redondo Beach, California (Sent Oct 13, 2006 1:34:52 PM)
IF you think this is a great choice (which it is) read his book! It is very inspiring.
The Nobel committee finally got it right!
DV, Greenville, SC (Sent Oct 13, 2006 1:22:13 PM)
I am so glad to hear this guy, whom I never heard of, get this famed award. It warms my heart that people were pulling for billionaires, like O. Winfrey or Bono or, if you can believe it, the likes of Microsoft (perish the thought), who might have given trickles to help a few become crass & philantrhopic with a big tinge of hubris, this guy, and his enterprise, and those like him really are the kind of person the cosmos needs to turn the nasty hedonistic chauvinistic myopic world we live in around.
Good for him. Great selection Nobel committee.
Don - Nameless, TN (Sent Oct 13, 2006 1:06:15 PM)
This may be the most appropriate Peace Prize ever awarded.
This man should be the true face of the Muslim world and of all people who care about others.
Hooray for Dr. Yunis.
(Sent Oct 13, 2006 12:43:52 PM)
This is great! The Nobel Committee has redefined the true meaning of Peace. Peace must make a difference in the lives of the ordinary people - throughout the world. Yunus had the vision and Grameen Bank is the reflection of this vision. May the Grameen principle get multiplied throughout the world - our world needs more Grameen visionaries like Yunus.
Asit Sarkar, Saskatoon, SK, Canada (Sent Oct 13, 2006 12:40:11 PM)
Why don't liberals talk George Soros into doing the same in the US instead of spending billions in paying off the MSM to attack republicans?
In other words, stop trying to fashion a socialist government in America. Pursue your ideology in the private sector.
Here's a Good Idea! (Sent Oct 13, 2006 12:32:35 PM)
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