Could this Really Work? Occupy Wall St Wants to Buy Your Debt
FILED TO: Economics
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.