Interesting post at BoingBoing (h/t ZW) entitled Rolling Jubilee: Occupy raising money to buy up, and wipe out, debts.
The idea of the Rolling Jubilee is that the Occupy Wall Street types will take contributions and use them to buy up distressed debt at fire sale prices and forgive the debts that were bought. So, they’re stepping into the shoes of the debt buyers — who typically buy distressed debts at low prices and then hound debtors for fun and profit.
It’s a nice gesture and undoubtedly nice for the debtors who are relieved of the debt. But, my guess it will be something like spitting in the ocean.
Symbology is important.
It one of the few actions that have come out of OWS that people can see.
As much as they are dismissed, change and movements don’t happen overnight. Unless you gets lots of backing from organizations like Freedom Works.
My worry is that once the banks figure out what’s up, they’ll stop selling–figuring that the short-term cost of holding on to bad debt a bit longer is outweighed by the long-term plus of not allowing what (to them) is something of a moral hazard to take hold.