Nobel laureate out of sync in Paradise Island
Professor Muhammed Yunus was invited to Paradise Island to share his idea of a poor man's bank with Singaporeans. There were also talks of setting up an equivalent bank to help poor Singaporeans. I almost got choked when hearing this. This is probably the biggest contradiction to start with. In the first place there are no poor in Paradise Island. Or at least the poor are given more monetary aid than what the poor man's bank is giving out as loans, a miserable $50. Our govt is giving $300 a month to the poor as handouts! That must be a princely sum to go by. It is thus a non starter as a concept. The talks of Singaporean banks starting a poor man's bank is also another non starter. We used to have a poor man's bank. But since it started to charge a fee for the poor men to keep their miserable few dollars in our world class banks, I don't think any of our banks will bite at the possibility of giving out petty loans of $50 in the first place. It does not justify the high administrative cost. And how could we expect our banks to give loans without collaterals? Unthinkable. The talk by the Nobel laureate is as good as an academic exercise in futility to honour a great man.