OWS Buys Up Debt — To Abolish it

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.

Article Tabs

A new in-depth report has revealed the influence the government-industry revolving door has had on Big Oil's ability to obtain four liquefied natural gas export permits since 2012 from the Obama Administration.

Forces both inside and outside the traditional labor movement united to campaign for a higher minimum wage for hotel workers in Los Angeles.

The Crosscheck purge list swamped GOP Senate margins in Alaska and Georgia, and likely provided the victory margins for GOP gubernatorial victories in Kansas and Massachusetts.

Among other human health and environmental violations, the TPP agreement will facilitate harsh legislation that further restricts free speech, privacy and innovation.

Attending Bilderberg is not a guarantee for holding high office – but it can often support a rapid rise to state power for politicians who impress the members and guests at the annual meetings.

Raleigh resident Bibi Bowman says the fact that a police officer called her and told her to take down a Facebook post is an invasion of her privacy and a thinly-veiled attempt to intimidate her into silence.

Posted 4 days 3 hours ago
pipeline protests, Kinder Morgan, tar sands, tar sands pipeline, Burnaby, #BurnabyMountain

Standing on the side of the protesters, Burnaby Mayor Derek Corrigan vowed to wage war against fossil fuel giant Kinder Morgan.

Posted 4 days 3 hours ago

A new Financial Times survey shows the majority of UK voters believe that instead of using harsh public cuts to peel back the deficit, other forms of extravagant government spending should be abolished.

Posted 3 days 4 hours ago

Among other human health and environmental violations, the TPP agreement will facilitate harsh legislation that further restricts free speech, privacy and innovation.

Posted 2 days 4 hours ago

Tens of thousands will be demonstrating at more than 2,200 Walmart locations across the country, calling for a minimum wage of $15 an hour for Walmart workers and access to consistent, full-time work.

Posted 3 days 4 hours ago

Students are rejecting a proposed tuition hike that would raise their costs by more than $3,300 over the next five years.

A new Financial Times survey shows the majority of UK voters believe that instead of using harsh public cuts to peel back the deficit, other forms of extravagant government spending should be abolished.

pipeline protests, Kinder Morgan, tar sands, tar sands pipeline, Burnaby, #BurnabyMountain

Standing on the side of the protesters, Burnaby Mayor Derek Corrigan vowed to wage war against fossil fuel giant Kinder Morgan.

The foreclosure crisis of this century, fueled by racially discriminatory predatory lending, forced hundreds of thousands of residents out of the city.

Attending Bilderberg is not a guarantee for holding high office – but it can often support a rapid rise to state power for politicians who impress the members and guests at the annual meetings.

Sign Up