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Saturday, November 20, 2010

Microfinance is pretty key to pulling the poor out of poverty. Guess who's killing it in India?

I'll quote TJIC quoting the NY Times:


http://www.nytimes.com/2010/11/18/world/…
MADOOR, India â?? India’s rapidly growing private microcredit industry faces imminent collapse as almost all borrowers in one of India’s largest states have stopped repaying their loans, egged on by politicians who accuse the industry of earning outsize profits on the backs of the poor.
Remember – you can steal from existing property owners in order to benefit the peasants and improve your own electoral prospects.
…once.
After that, the property owners remove their wealth from the the sector that suffered the act of politically-motivated appropriation.

Yup.

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