I just read and watched some very interesting and insightful comments from Muhammad Yunus. I keep getting a couple of themes from what he has to say. They are that broken system should be fixed and that you need to show people your solutions instead of arguing. I remember one video I watched where he said that he had an idea and an opinion, but it didn’t help to argue. It was better for him to show people through the evidence of his successes that his theories were correct. This is his part of reinventing the system. So the point he makes for responding to the current problems that we are facing is that we need to look to reinvent our system. From his perspective that would be to not give into the government taking over and intervention, but rather to solve the problems through the market. Government bail outs can provide a short term protection for a failed system. The correction is not wrong it’s the system. Greed won’t solve our problems. I will try not to put to many words in his mouth go and watch the video for yourself.
Click the following link to read Business Week Article and watch video.
Some things to think about. What are the systems that should be changed? What gives the banks the security to make bad loans? Who is accountable in our current systems? Hopefully we will see the answers to these and many more questions in the days to come.
The following is an older video not on the topic of the current banking crisis, but you may find interesting.