Below is a letter that I sent to Mr. Muhammad Yunus and his Grameen Bank. I think it's time to take his bank to the next level and start micro and macrofinancing in the United States. It's time for a breath of fresh air in the world's biggest financial system.
"I'm a great admirer of your bank and your work with poor people in 3rd world countries. Your system on giving loans on trust and producing only a default rate of 2% is truly remarkable.
In North America, we need a change in the U.S. financial system away from the irresponsible heavily leverage and subprime loan fiascos of the past. We need rays of sunshine to dispel the clouds of doom and gloom from Goldman Sachs, Citibank, The Leeman Brothers and others.
I believe that your bank could play a part in rebuilding confidence in a "Reinvented U.S. Financial System" that would mentor and monitor its creditors so they developed genuine good credit.
The above would result in good mortgages and good lines of credit to those who improved their credit ratings. This applies to anyone rich or poor, businesses and financial institutions.
At a time when you and your bank were succeeding so well, the U.S. financial endured heavy losses which are still being felt throughout the world.
I live in Brampton, Ontario Canada and our particular problem here are exploitive "payday loans" from legal loan-sharking businesses. It's the poor who suffer the most from these predatory companies. Your bank would help put the payday loan sharks out of business.
I know there's a Grameen Bank in New York City, but I don't know if you're planning a branch in the Greater Toronto Area. If you do, I'll be your first customer.
Thank you for helping those most in need".
All the best,