The Bank of the Poor

January 31, 2012

Dear St. Paul’s Family,

How about some good news for a change? In a time when the economic downturn has hit countries around the world, it is refreshing to hear a story about a banking institution that has made the news for all the right reasons.

The Credit Municipal de Paris has decided to forgive the debts of nearly 3,500 of its customers, all of which owe a maximum of 150 euros (about $190 U.S. dollars). The bank is also known as “Mont-de-piete,” or “Bank of the Poor,” and has had a 375-year-old history of catering to the poorest in France. They offer low-interest loans against inexpensive valuables, a kind of alternative to pawn shops that made it one of the world’s first micro-lenders. It was started in 1637 by philanthropist and journalist Theophraste Renaudot, who started the bank as a way of combating poverty and giving the needy access to fair banking. Since its founding, it has served famous customers like author Victor Hugo, painter Claude Monet, and Napoleon Bonaparte’s wife Josephine. Today, it maintains a capitalization of 60 million euros, covering loans totaling 93 million euros. And in 2010, the Bank of the Poor took its 1.3 million euro profit and assigned part of it to rebuild substandard emergency housing for the poor.

But none of those good deeds compares to what just happened a few weeks ago, when the bank sent official word of its one-time cancellation of debts to some of its poorest customers. Lina, a young mother who put her jewelry up for collateral and took out a mere 120 euro loan, was amazed by the news. “It was nice. I have recovered it all,” the grateful mother told a regional newspaper.

When Genevieve, a woman in her fifties, heard the news, she went straight to the bank to recollect her gold coin and small wedding ring she pawned there three years ago. She later told Good Magazine, "I'm very happy, it's the first time I get something for nothing. There came a point when I needed money. They're not worth much but they're important to me." [1]

The preacher part of me has to resist the temptation to theologize too much over this news. After all, this story could serve as the perfect metaphor for one of Christianity’s earliest and most widespread theories of atonement. The Satisfaction Theory, first offered by medieval theologians Anselm and Thomas Aquinas, conceives the cross as payment for a debt that we could not repay on our own. Whether that debt be to Satan (for Anselm) or God (for Aquinas), our sinful condition forced us into a kind of “Bank of the Poor,” and we could not pay our way out. The work of Jesus on the cross satisfies that debt and wipes us free and clear.

I could also make a connection between this story and the Hebrew concept of Jubilee, the mandate from Mosaic law that every fifty years, the land lies fallow, all property returned to their rightful owners, and slaves are set free. It is a concept that was the basis for Jubilee 2000, an international coalition of 40 countries that called for the cancellation of third world debt by the year 2000. Since that effort, several Jubilee groups around the world have formed, including Jubilee USA, which advocates for cancellation of debts to the U.S. by third world nations.

And, of course, the pragmatist in me would want to reflect on the current state of our political and social discourse, in which terms like “too big to fail,” and “Wall Street bailout,” and “class warfare” have framed our national conversation about the growing divide between rich and poor. Especially during an election season, we would do well to remember the very first words uttered by Jesus in what would be the most famous sermon he ever preached. Blessed are the poor.

Rev. Jim Wallis, author of God’s Politics and founder of Sojourners Magazine, remarked on the importance of remembering the poor during this election year: "If a candidate for president claims to follow Jesus, then their concern should be for the poor. If they profess faith in God, they should faithfully observe God's concern for the oppressed. It's up to voters to evaluate how the candidates respond to these numbers and it's up to the media to hold leaders accountable to their professed beliefs. We know what campaign bundlers, special interests, and big business are watching for in this election, and it is not the poor.” [2]

And for a celebrity quote of an entirely different flavor, consider the words of comedian, satirist, and political neo-commentator Stephen Colbert: “If this is going to be a Christian nation that doesn’t help the poor, either we have to pretend that Jesus was just as selfish as we are, or we’ve got to acknowledge that He commanded us to love the poor and serve the needy without condition and then admit that we just don’t want to do it.” (from The Colbert Report, December 16, 2010)

Skeptics might say that the shocking announcement by the Bank of the Poor is a mere publicity stunt, a cunning way to gain more customers and promote its 375th anniversary. Regardless of their intentions, their work should be received as a rare dose of good news, and a reminder for all of us Christians that our work, theologically and pragmatically, should be a living embodiment of the prayer that Jesus taught us:

Forgive us our debts, as we forgive our debtors.

Grace and Peace,

Magrey

The Rev. Magrey R. deVega
St. Paul's United Methodist Church
531 W. Main St.
Cherokee, IA 51012
Ph: 712-225-3955
Email: mdevega@sp-umc.org


[1] To read more about the Bank of the Poor, visit http://www.good.is/post/a-375-year-old-french-bank-forgives-debts-of-paris-poorest/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+good%2Flbvp+%28GOOD+Main+RSS+Feed%29&utm_content=Google+Reader

[2] http://blog.sojo.net/blogs/2011/09/13/jim-wallis-poverty-should-be-1-issue-2012-election



THIS SUNDAY: ECCLESIASTES
This Sunday, we turn our attention to the darker passages of Ecclesiastes, chapters 7-8, in which the Teacher vacillates between hope and cynicism, optimism and despair. Halfway into his immersive social experiment, he comes to the conclusion several times that “all is vanity and chasing after the wind.” Still, we will be able to learn some important principles for getting through the ups and downs of life, with a sermon titled “Survivor: When the Chips are Stacked against You.” See you Sunday, and bring a friend who can use a dose of good news!

YOUTH SKI TRIP
Back by popular demand! The youth group (grades 7-12) will head back to Mt. Kato for another fun day of skiing on Saturday, February 18. Each youth can bring one friend. We will meet at the church at 6:45 a.m. and be back between 9 and 10pm. The cost will be $20 for youth members and $35 for friends. We do need adults to serve as drivers and chaperones. Interested persons can contact John Chalstrom at 229-3894 or the church office. Youth will need to complete a permission slip and medical release form, available on the table outside the church office.

SUPER BOWL SNACK SALE
To raise funds for the ski trip, the youth will be sponsoring a Super Bowl snack sale this Sunday. Church members can help by contributing snacks and treats to be sold after church, and can be brought in this Saturday or left in the kitchen before 9:00 am Sunday. Thanks so much!