The Interesting Economics of Rolling Jubilee
THU NOV 15, 2012 AT 12:45 PM PST
Many followers of the Occupy Wall Street movement are undoubtedly already aware of it's latest endeavor--the Rolling Jubillee Movement. The movement describes itself in the following way on their website:
How Does Rolling Jubilee Work?
Banks sell debt for pennies on the dollar on a shadowy speculative market of debt buyers who then turn around and try to collect the full amount from debtors. The Rolling Jubilee intervenes by buying debt, keeping it out of the hands of collectors, and then abolishing it. We’re going into this market not to make a profit but to help each other out and highlight how the predatory debt system affects our families and communities. Think of it as a bailout of the 99% by the 99%.
I'm profoundly intrigued by this movement's potential for a number of reasons.
Their "$1 will abolish $20 worth of consumer debt message" cures economic inefficiences that plague most grassroots fundraising efforts....