Last week we talked about the Occupy Wall street movement. I had mentioned the debt buying project in class, which is referred to as “rolling Jubillee”. This is a offshoot of the Occupy movement that focuses on raising money to purchase dept at a reduced price. Under this debt buyout system, $25 is worth $500 in debt. Their current goal is buying $1 million worth of Americans’ debt for the price of $50,000. Once purchased the group plans to simply forgive the dept for the the lucky individuals. Interesting strategy on the Occupy Movement, but what is troubling to me is if this system is in place there must be a large profit for other organizations buying dept and painstakingly collecting debt and its interest by squeezing profits from those deep in financial debt. Scary how broken our financial system is.
http://www.huffingtonpost.com/2012/11/12/rolling-jubilee-occupy-wall-street_n_2117792.html
http://rollingjubilee.org/
Cory Banks
