“If we empower the economically marginalized grassroots network and build social capital, poor people will leave poverty.”-Paul Singer, Brazil’s National Secretary of the Solidarity Economy

In the impoverished Brazilian suburb of Rio de Janeiro, known as the City of God, the residents are taking economic measures into their own hands.

On September 15, they opened their own community bank called, City of God Communitarian Bank.  Not only do they have their own bank, but they’re issuing their own money.

The new bank is part of the Brazilian Network of Communitarian Banks, which was started by former President Luiz Inacio Lula da Silva in 2003.  It’s based on a growing international form of banking for lower income people.

One of the radical ideas of this new international bank, is that local banks issue their own local currency, to be used only for locally enrolled businesses. The idea is to develop strong local economies, to counter the destructive power of U.S. led multi-national corporations.