The Rolling Jubillee
Posted in the Young Harris Forum
#1 Nov 16, 2012
Oh those crazy folks at Occupy Wall Street...
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. Were 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....
#2 Nov 22, 2012
Rolling Jubilee site:http://www.topix.com/foru m/city/blairsville-ga
WED NOV 21, 2012 AT 05:36 PM PST
Rolling Jubilee Hits $8,000,000 in Medical Debt to be Retired Uncollected.
Actually 8.25+ million as I type. The original goal of this #StrikeDebt project -- originated by Occupy Wall Street peeps -- was to raise $50,000 and buy medical debt on the 'collection market.' Since debt on those markets is bought at pennies to the dollar that would yield an estimated $1,000,000 in debt owed that would then be retired without penalty or cost to those who originally and still owed the debt.
Then the idea went viral, tweeted and blogged out across the land, even picked up by the New York Times and now the New Yorker. Almost a week after their telethon on November 15th they have raised more than $412,000, allowing them to retire more than eight million in debt.....
...Still, there were some points that required clarification. Yes, Strike Debt can specify the kind of debt that will be purchased.(In this case, it will be medical debt, although Strike Debt argues that medical debt, student loan, and housing debt are so mixed up in each households economics that it hardly matters.) No, individuals cant buy their own debtat least not deliberately.(Debt collectors acquire contact information and Social Security numbers for debtors only after the purchase.) What about the moral hazard of releasing individuals from agreements they had knowingly entered into? Strike Debt organizers take the position that most debt arises from a combination of predatory lending practicescollusion between universities and banks and misleading information, for instanceand bad luck, such as medical emergencies or layoffs. Emancipated debtors would be notified of their abolished debt with a certified letter. The hope is that those debtors will pay their good luck forward.
#3 Nov 22, 2012
Hey it worked for the Israelites
#4 Dec 3, 2012
We have raised
to abolish $9,015,645 of debt.
#5 Dec 23, 2012
...However, by the time their Telethon to raise the money was to be aired on November 15th, the idea had already gone viral and they had far surpassed the $50,000 they had hoped to raise. For this last month and a week the donations ticker has been rising steadily, first through $8,000,000, then $9,000,000, and now to the symbolically rich plateau of $10,000,000, enough to help some 4400 people if their first trial purchase of $100,000 was representative.
Rolling Jubilee's organizers have been careful, proceeding methodically. Just last week they completed their trial run -- buying $100,000 in medical debt back in November and ultimately cancelling it, sending out letters to forty-four individuals announcing that they were now free of this particular debt obligation.
They have announced that in the next month or so they will be doing a major purchase -- perhaps as much as $1,000,000 to $2,000,000 in medical debt.
Our primary focus over the next few months will be to deeply target the role of debt in our broken healthcare system. We will announce a substantial debt buy - made possible by your generosity - in concert with the release of in-depth report on medical debt...
Of course this is great news for those who debt will be retired. Ten times as much great news as Rolling Jubiliee ever planned for. But we should not forget the intent of the organizers; not just to be able to relieve some thousands of people of a debt burden, a nasty credit report, and the merciless hounding by debt collectors, but to call attention to the issue of debt in our society -- medical debt, student debt, credit card debt, mortgage debt and municipal and other forms of government-entity debt.
#6 Dec 23, 2012
"The Israelites" 1969 Desmond Dekker and the Aces. Good music before rap became crap...
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