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Discuss issues related to business, finance, taxes, investments, cost of living in different countries, etc.
3 posts • Page 1 of 1
like the concept, but Iâ€™m not sure it accomplishes much. I know the Wall Street scum are responsible for destroying the world economy and the lives of millions of Americans. But there were also hundreds of thousands of slimy deadbeats in this country who lied and cheated to buy houses they couldnâ€™t afford, drove luxury cars they had no right to be driving and ran up their credit cards living the good life. They deserve to be broke and destitute. I donâ€™t know how Occupy can distinguish between those down on their luck and the deadbeats.
Occupy Wall Street campaigners buy-up debt to abolish it
A group of campaigners linked to the Occupy Wall Street movement is buying-up distressed loans for pennies in the pound and cancelling them to â€œliberate debtors at randomâ€.
A bank clerk works behind twenty-dollar bills piled at a bank in Seoul
As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans
By Matthew Sparkes
1:24PM GMT 09 Nov 2012
The Rolling Jubilee project is seeking donations to help it buy-up distressed debts, including student loans and outstanding medical bills, and then wipe the slate clean by writing them off.
Individuals or companies can buy distressed debt from lenders at knock-down prices if it the borrower is in default or behind with payments and are then free to do with it as they see fit, including cancelling it free of charge.
As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans and pardoning the debtors. They are now looking to expand their experiment nationwide and are asking people to donate money to the cause.
David Rees, one of the organisers behind the project, writes on his blog: â€œThis is a simple, powerful way to help folks in need â€“ to free them from heavy debt loads so they can focus on being productive, happy and healthy.
â€œNow, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program live and nationwide, buying debt in communities that have been struggling during the recession.â€
A video released to promote the project says: â€œWe shouldnâ€™t be forced into debt to cover basic needs like healthcare, housing and education. We need a jubilee, a clean slate. The math is on our side; a little bit of money goes a long way. If we can raise $50,000 we can buy a million dollars worth of debt and abolish it.
â€œWe bailed-out the banks and in return they turned their backs on us. We donâ€™t owe them anything, we owe each other everything. Itâ€™s time for a bail-out of the people, by the people.â€
"The object of life is not to be on the side of the majority but to escape finding oneself in the ranks of the insane." Marcus Aurelius, Roman Emperor and stoic philosopher, 121-180 A.D.
(1) Much more Biblical than "welfare". Truly gives people a clean slate, a fresh start, rather than humiliation and bureaucratic control.
(2) Subversive to the Rothschild-invented debt-bondage system. So it is "Resistant-Correct".
(3) Better place for Roman Catholic's tithe dollars than current Masonic, criminal-infested, homosexual-infested, pro-immigrant/subversive Roman Catholic hierarchy. Give with a clear conscience.