Read

Search form

OWS Buys Up Debt — To Abolish it

OWS Buys Up Debt — To Abolish it
Tue, 11/13/2012 - by Matthew Sparkes
This article originally appeared on The Telegraph

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 have now raised $115,000, which they say is enough money to buy and cancel more than $2.3 million of debt. After a variety show and telethon this Thursday, both sums will surely rise substantially.

David Rees, one of the organizers behind the project, writes on his blog: "This is a simple, powerful way to help folks in need - to free them from heavy debt loads so they can focus on being productive, happy and healthy.

"Now, 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."

A video released to promote the project says: "We shouldn'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.

"We bailed-out the banks and in return they turned their backs on us. We don't owe them anything, we owe each other everything. It's time for a bail-out of the people, by the people."

Read more: The Deliciousness of the Rolling Jubilee, Occupy Gets Into the Debt Market.

Add new comment

Sign Up

Article Tabs

water privatization, Nestlé, water grabs, Community Water Justice, water conflict, Fryeburg, Maine, Peter Gleick, water bottling, Cascade Locks

The Swiss corporation Nestlé has a penchant for gobbling up huge areas of freshwater across the planet and bottling it for profit – even as judges, courts, cities and entire regions try to stand in their way.

Take On Wall Street, break up the banks, too big to fail, financial transactions tax, 21st century Glass-Steagall, carried interest tax loophole, Dodd-Frank Act,

In launching a new coalition to reign in the power of the big banks, Warren warned said taxpayers still may have to bail them out: “Dodd-Frank imposed some discipline, but let’s get real. Dodd-Frank did not end too big to fail.”

Some of the biggest issues facing our country are forgotten once the cameras switch off, but our ADD news cycle only makes us more vulnerable to repeat disasters like the Flint water crisis.

climate change denial, climate deniers, Donald Trump, rising sea levels, carbon emissions

The billionaire who called global warming a hoax is now warning of its dire effects in his company's application to build a sea wall to protect Trump International Golf Links & Hotel Ireland in County Clare.

wealth inequality, income inequality, wealth gap, growing poverty, growing disparity

After 35 years of wealth distribution to the super-rich, inequality has forced much of the middle class towards the bottom, to near-poverty levels, and to a state of helplessness in which they find themselves being blamed for their own misfortunes.

Bernie Sanders, political revolution, money in politics, political left, generational shift, revolutionary politics, Occupy Wall Street, Black Lives Matter, Fight for $15, young voters, Bernie supporters

Without Occupy, Black Lives Matter, the Fight for $15, the mobilization of teachers and nurses, immigrant movements, and many other struggles, there would never have been a Bernie Sanders campaign.

Posted 6 days 9 hours ago
Activists in Ibeno, Nigeria.

Last weekend, tens of thousands of activists in 13 countries on six continents protested against climate change and the burning of fossil fuels.

Posted 6 days 10 hours ago
climate change, global warming, Break Free from Fossil Fuels, climate protests, global climate movement, Carbon Brief, carbon emissions, climate arrests, British Petroleum, BP, Enbridge, Flood Wall Street, People's Climate March, risking arrest, civil dis

My arrest didn’t feel like a risk, it felt like a transaction. I’ve found freedom in facing my fears and dispensing with false choices.

Posted 3 days 15 hours ago
Nestle water grab, water privatization, Columbia River Gorge, Cascade Locks

Voters in one Oregon county last week approved a ban on commercial bottled water production, stopping a years-long effort by Swiss transnational Nestle to sell over 100 million gallons of water a year from the Columbia River Gorge.

Posted 3 days 16 hours ago

Some of the biggest issues facing our country are forgotten once the cameras switch off, but our ADD news cycle only makes us more vulnerable to repeat disasters like the Flint water crisis.

Posted 1 day 11 hours ago
Activists in Ibeno, Nigeria.

Last weekend, tens of thousands of activists in 13 countries on six continents protested against climate change and the burning of fossil fuels.

Some of the biggest issues facing our country are forgotten once the cameras switch off, but our ADD news cycle only makes us more vulnerable to repeat disasters like the Flint water crisis.

climate change denial, climate deniers, Donald Trump, rising sea levels, carbon emissions

The billionaire who called global warming a hoax is now warning of its dire effects in his company's application to build a sea wall to protect Trump International Golf Links & Hotel Ireland in County Clare.

wealth inequality, income inequality, wealth gap, growing poverty, growing disparity

After 35 years of wealth distribution to the super-rich, inequality has forced much of the middle class towards the bottom, to near-poverty levels, and to a state of helplessness in which they find themselves being blamed for their own misfortunes.

Bernie Sanders, political revolution, money in politics, political left, generational shift, revolutionary politics, Occupy Wall Street, Black Lives Matter, Fight for $15, young voters, Bernie supporters

Without Occupy, Black Lives Matter, the Fight for $15, the mobilization of teachers and nurses, immigrant movements, and many other struggles, there would never have been a Bernie Sanders campaign.