What Is The Rolling Jubilee?
Published on Nov 7, 2012 by StrikeDebt
We need a jubilee, a clean slate, a cancellation of debt for the 99%.
The Rolling Jubilee raises money to buy debt. But instead of collecting on the debt we buy, we’re going to abolish it. It’s time for a bailout of the people, by the people.
Individuals or companies can buy ‘distressed debt’ from lenders very cheaply if the borrower is in default or behind with payments. This is how so-called ‘Vulture Funds’ operate. The Vulture Fund’s profits depend on how ruthlessly they pursue the recovery of the ‘bought’ debts from already struggling and impoverished individuals, companies or nations. The Occupy Wall Street idea is to turn the whole system on its head and cancel the debts free of charge.
Of course, it would be an even more ‘Brilliant idea’ if the UK government would organise a debt jubilee on behalf of ordinary people and small businesses. After all, this is what government did when it ‘socialised’ the vast losses incurred by the casino banks, leaving the bankers free to carry-on as before.
But given the unlikelihood of George Osborne and the words ‘debt jubilee’ appearing in the same sentence…. the electorate taking things into their own hands and following Occupy Wall Street’s example sounds like a very ‘Brilliant idea’! As David Rees, one of the organisers 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”.