Democratic MicroFinance Project
Mark Udall | U.S. Senator for Colorado
Suppose you had first-hand experience in both radical leftwing activism and the world of finance. How does the Occupy movement look to you? And what makes you say things like: "Karl Marx would have made a fantastic hedge fund manager"? Brett Scott is a thoughtful yet lively guy in his late 20s, of South African origin, with long curls that jump in all directions. A fervent leftwing activist throughout his early 20s, he took an unusual detour from the road to become a full-time academic when he deliberately immersed himself in the financial sector. 'Karl Marx would have made a fantastic hedge fund manager' | Comment is free
Karl Marx and the world financial crisis: Bernd Debusmann Wed Oct 15, 2008 5:13pm EDT Bernd Debusmann is a Reuters columnist. The opinions expressed are his own. By Bernd Debusmann WASHINGTON (Reuters) - Capitalism as we used to know it is on its deathbed. And those who predicted that the old brand, the unfettered, American-promoted system, was a danger to the world, are being vindicated.
Organizing for the Anti-Capitalist Transition David Harvey Talk given at the World Social Forum 2010 Porto Alegre The historical geography of capitalist development is at a key inflexion point in which the geographical configurations of power are rapidly shifting at the very moment when the temporal dynamic is facing very serious constraints. Three percent compound growth (generally considered the minimum satisfactory growth rate for a healthy capitalist economy) is becoming less and less feasible to sustain without resort to all manner of fictions (such as those that have characterized asset markets and financial affairs over the last two decades). s Capital with David Harvey » Blog Archive » Organizing for the Anti-Capitalist Transition
Slide Show >> Signs of worldly success abounded as members of the Young Presidents' Organization met at a mansion in a tony New Jersey suburb. BMWs, Lexuses, and Mercedes-Benzes lined the manicured lawn. Waiters in starched shirts and bow ties passed out vegetarian canap?s. Karma Capitalism
Inclusive capitalism is a term composed of two complementary meanings: (1) poverty is a significant, systemic problem in countries which have already embraced or are transitioning towards capitalistic economies, and (2) companies and non-governmental organizations can sell goods and services to low-income people, which may lead to targeted poverty alleviation strategies, including improving people’s nutrition, health care, education, employment and environment, but not their political power. History Inclusive capitalism originates with philosophical questions that predate modern day capitalism. These questions regard people’s motivation. Are people motivated by what is best for their own self-interest, for the good of society or perhaps somewhere in between? Different philosophers have advanced their own ideas about these questions, including Thomas Hobbes (1588–1679). Inclusive capitalism
The People’s Bank of China, the central bank of the People’s Republic of China, and PlaNet Finance, a France-based nongovernmental organization, plan to carry out a study on “Expanding the Short and Medium Term Notes Market to Microcredit Companies in China.” The purpose of the research is to upgrade risk management in Chinese microfinance. The reports are planned for publication during 2012 . Although China’s micro-, small, and medium-sized enterprises (MSMEs) reportedly make up 90 percent of enterprises in the country, these companies are generally excluded from the formal banking sector, and thus rely on microcredit for funding. While the current regulatory framework does not allow microcredit companies to take deposits, the Chinese government is looking to expand other channels of microfinance funding . By Natalie Baer, Research Associate BRIEF: People’s Bank of China, PlaNet Finance Research Project Aims to Upgrade Microfinance Risk Management
Bangladesh microfinance banker turns down World Bank post
Microfinance banks and their owners are no better than Wall Street banks and their owners. So says Jonathan Lewis a microfinancier, social entrepreneur and commentator. In an excellent article in the Huffington Post, Lewis makes the point that Barack Obama’s criticisms of the “bandits” of Wall Street (in the run up to passing stricter regulation of banking practice) are just as applicable to the profit-seeking microfinance business. He explains why the neat solutions offered by microfinance are attractive but that the reality in many cases is predatory behaviour, exploitation of the poor and misuse of the market and funds. “Microfinance is not a cure-all, an economic development elixir. Parminder Bahra » Blog Archive » Obama’s criticism of Wall Street banks extends to microfinance sector
Senator Obama Visits K-Rep Bank, a Microfinance Institution in Kenya’s Kibera Slum - MicroCapital: On Microfinance and Microcredit Investment On the third day of his tour in Kenya, Senator Barack Obama of Illinois greeted representatives of K-Rep Bank, a microfinance institution operating throughout Kenya. After talking to beneficiaries of the program in Nairobi’s Kibera slum, Obama commended K-Rep’s work and added, “The Kenyan Government needs to support such programs. It is a wonderful model replicated in many parts of the world.”
Bank Of America | Microfinance USA 2011 By Matt Royles, conference attendee I promised in my pre-conference blog post to check out some of the emerging sources of capital for microfinance CDFIs. The panel discussion entitled “Where Does All that Loan Capital Come From, Anyway?” tackled just that subject.
Emily Medina isn't running a pyramid scheme, despite what people often think. As the petite 26-year-old works her way through some of New York City's poorer neighborhoods, she approaches women selling food and trinkets on the street and offers to lend them money to grow their businesses. The organization Medina works for, Grameen, is one of the world's largest microfinance outfits and has a Nobel Prize to its name for this work. But in New York neighborhoods where loans to street vendors tend to come with interest rates north of 40%, it can take a while to build trust. Microfinance in the U.S.: Can Lenders like Grameen Succeed?
YES BANK, Indias new age private sector bank, today announced the launch of YES MICROFINANCE, a specialised and dedicated division of the Bank focused on developing a pioneering strategy of Direct Intervention for the Microfinance domain. YES MICROFINANCE aims to offer the entire gamut of financial services and products to the unbanked and under-banked sections of Indian population aimed at satisfying consumption demand as well as augmenting capital formation,thereby enabling Greater Financial Inclusion. YES MICROFINANCE, in a phased roll out, will offer credit, savings, insurance and remittance products to the underprivileged both in Urban and Rural areas with the Pilot programme being launched in Mumbai. Yes Bank launches YES MICROFINANCE -
The United Nations (UN) International Fund for Agricultural Development (IFAD), an organization working to alleviate rural poverty in developing nations, has pledged to provide USD 100 million to the Federal Democratic Republic of Ethiopia for the Rural Financial Intermediation Programme Phase II (RUFIP II). Ambassador Extraordinary and Plenipotentiary of Ethiopia to Italy Mulugeta Alemseged and IFAD President Kanayo F Nwanze met recently to sign the agreement, which includes a USD 50 million grant and a USD 50 million loan . When it was launched in 2001, the three objectives of RUFIP were to extend services to 1.5 million rural households, develop a community banking system through rural savings and credit cooperatives (RUSACCOs) and advance connections between the formal banking sector and rural financial institutions . The program now reaches 3.3 million rural households, of which almost 50 percent are headed by women surviving on under USD 2 per day . BRIEF: United Nations (UN) International Fund for Agricultural Development (IFAD) Provides $100m to Ethiopia for Rural Microfinance, Bridges to Traditional Banks
IFC Partners with Advans S.A. to Set Up Microfinance Bank in Oyo State, Nigeria LAGOS, Nigeria, January 27, 2012/African Press Organization (APO)/ -- IFC, a member of the World Bank Group, is investing $1.1 million (174.5 million Nigerian naira) alongside Advans S.A., German development bank KfW, and Dutch development bank FMO to establish La Fayette Microfinance Bank in Oyo State, Nigeria. La Fayette, which is expected to start operations during the fourth quarter of 2012, will serve small and medium enterprises that have limited or no access to formal banking services. Financial surveys indicate that only one in five Nigerian adults owns a bank account, and over half of the country's adult population is excluded from access to financial services. “With the objective of becoming the leading microfinance bank in Oyo State, La Fayette will address a critical gap by providing quality financial services to help small businesses grow and create jobs,” said Claude Falgon, Director of Advans S.A.
By the Economist Intelligence Unit, funded by The Multilateral Investment Fund, Corporación Andina de Fomento and the International Finance Corporation, October 2011, 72 pages, available at: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=36453519 . This paper examines the microfinance business environments in 55 countries, comparing them across three categories: supporting institutional framework, political stability, and regulatory framework and practices. MICROFINANCE PAPER WRAP-UP: Global Microscope on the Microfinance Business Environment 2011
Obama uses NDAA to halt Iranian assets
Arnold Kling: Ideology and Macroeconomics, by Arnold Kling: Scott Sumner writes, I am amazed by how many proponents of fiscal policy don’t understand that it’s symmetrical. Fiscal policy doesn’t mean more government; it means more government during recessions and less government during booms, with no overall change in the average level of government. Anyone who doesn’t even get to that level of understanding, who doesn’t think in terms of policy regimes, is simply not part of the serious conversation. Fiscal Policy
Obama | MuniLand
Cantor Nixes President Obama’s Infrastructure Bank Idea
Technology Blog – Mobile Banking, Microfinance Information Systems and More
On a National Infrastructural Bank – News and Opinion from Social Democrats USA
Dems introduce bill creating Obama's infrastructure bank - The Hill's Floor Action
Sen. Hutchison Opposes Democrats’ Infrastructure Bank Proposal Kay Bailey Hutchison | U.S. Senator - Texas
Health-care provision meets microcredit finance in Argentina
Mica opposes Obama’s call for national infrastructure bank - The Hill's Transportation Report
Microfinance: An Alternative Means of Healthcare Financing for the Poor
Microfinance Goes Public - Forbes.com
The Big Banks Have Sold Us Out. Democrats And Republicans Have Sold Us Out. No One Is Defending Our Interests. Our Future Is Going Up In Flames. It’s Time For Us To Stand Up And Defend Ourselves
CBO ranks Democratic and Republican stimulus proposals in one chart