Could this Really Work? Occupy Wall St Wants to Buy Your Debt
Occupy Wall St movement has largely disappeared from the public’s eye, not because it has diminished in ambition or desire to spark a social revolution, but because it has been working on the next phase of it’s agenda – taking the economy back from Wall St and giving to the people. In a fascinating new project that could deliver some serious results if it catches on, “The Rolling Jubilee,” Occupy Wall Street-affiliated operatives at Strike Debt have been coordinating with the IRS, and debt-brokers world to buy up distressed debt from lenders at rock bottom prices in order to forgive it. From their site:
A bailout of the people by the people.
We buy debt for pennies on the dollar, but instead of collecting it, we abolish it. We cannot buy specific individuals’ debt – instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.
The Jubilee begins November 15
with “The People’s Bailout,” a variety show and telethon in NYC.
All proceeds will go directly to buying people’s debt and cancelling it.
Here’s their official video explaining the concept and process in greater detail:
It’s important that projects like this gain mass support, otherwise Wall St will find a way to smash it to pieces. The financial industry makes billions of dollars buying and trading debt – there’s a fortune to be made hiking interest rates on poor people and forcing them into a life time of loan repayments and abject poverty, and they won’t give up the market without a fight. So please raise awareness about this project in the hope that it captures the public’s imagination and takes off.