OWS buying and canceling debt

Rolling Jubilee ^ | Recently | n/a

[ksen]

From the top of their website:

------------------------------------
A bailout of the people by the people

Rolling Jubilee is a Strike Debt project that buys debt for pennies on the dollar, but instead of collecting it, abolishes it. Together we can liberate debtors at random through a campaign of mutual support, good will, and collective refusal. Debt resistance is just the beginning. Join us as we imagine and create a new world based on the common good, not Wall Street profits.
-------------------------------------

[EBH]

It is not really disappearing.

They are basically setting up a type of consolidation agency. Like an agency they will renegotiate hopefully for pennies on the dollar. What the debtor would be avoiding is the consequence of bankruptcy.

There are legal ramifications and IRS consequences to doing this. Although as a group if it is something they want to do...I say let them. The life learning experience will be good for them.

[ksen]

Debt can be made to disappear by someone else buying it and then forgiving it.

[ksen]

what are you babbling about?

[The Louiswu]

Well I must be a chump because I thought that if I buy something on credit, I should ACTUALLY pay that money back or return the item if I can't afford it. But now, with this new math...POOOF, I can make buy way more that I can ever hope to afford and just watch the debt go away.

I must be a chump because I just don't understand this at all.

[1rudeboy]

I’m sorry, you gave me the impression that you had some superior knowledge. All you have is Iceland.

[ksen]

So I can run up a mountain of debt, pay it off for pennies on the dollar and the Rolling Jubilee just refuses to pay it off. I get a bunch of sweet swag for almost nothing?!

Is that how this works?

I take it you're not a big fan of the biblical "Jubilee"?

[MrB]

They’re right, even though they don’t know HOW they’re right.

Our currency system is debt-backed instead of commodity backed.

That isn’t sustainable.

[ksen]

Iceland is all I’ve mentioned not all I have. I also have 1930s America in my bag of evidence.

And yeah, if you didn’t know about it then my knowledge in this area is superior than yours is.

[The Louiswu]

I'm not in slavery if that's what you mean. No one can force me to do anything I don't want to do, even at the point of a gun or threat of death.

I enter into my debts of my own free will and with full knowledge that they MUST be paid off. Skipping out on debt is wrong I don't care how it is phrased.

[concerned about politics]

As a society we really do need to rethink the idea of debt.

As in, not getting into debt in the first place, or defaulting on it and hoping someone lets you off the hook?

Exactly. If you can't afford it - don't buy it.
My dad was big on this. He warned us about debt even when we were little kids. The only things my parents ever got on credit were the house and the car.
My parents were small children during the depression and grew up during the recovery. All those who were deep in debt lost everything. Those who were debt free went on virtually unscathed. My parents learned from that, and went on to teach us, because no one knows what the future holds.

If the OWS kids want to pay off each others debt, fine, but good luck with that. I just don't see it happening. Liberals are great when it comes to giving away other peoples money, but don't even think about touching theirs.
I think these people are just day dreaming if they think they're going to financially support each other. They can't even support themselves.

At least they're thinking about doing it without forcing others to carry their water. This is a move in the right direction.

[1rudeboy]

Iceland apart from its geographical advantages, has half the population of Denver, Colorado.

So if you have some superior knowledge, let's see it.

[ksen]

Of course, without credit, we don’t have an economy (as it currently operates.)

Of course. That's another reason this is a good idea since one of the main problems holding the economy back are households trying to deleverage. Relieve some of that debt pressure and the urgency to deleverage goes away. And this in turn frees up more disposable income to use in the economy.

[ksen]

Way to ignore the 1930s America example I gave you in the post you responded to. Was 1930s America half the population of Denver, Colorado too?

[kevkrom]

Gotta give the OWS guys behind this some credit for a decent idea (for their philosophy). I doubt they have the resources to make this more than just a PR stunt in the long run, but give them credit for using the system “against itself”, so to speak.

That’s more creativity and initiative than I would have expected from that lot.

[The Louiswu]

My bet is that most of these folks who get a “get out debt free” card will just get back into debt in a very short amount of time. Giving someone a fish or teaching them to fish, which is better? Giving them a handout or making them work to get out of debt? Which is better?

[ksen]

Debt isn’t some sacred thing that must be bowed down to. Stop making debt your idol.

http://www.amazon.com/Debt-First-5-000-Years/dp/1933633867

[ksen]

Waiting for you to turn your sneering onto businesses and banks that do whatever they can to wiggle out of debt.

[1rudeboy]

Writing "I also have 1930s America in my bag of evidence," is the equivalent of writing, "I have 1930s House Atreides of the planet Arrakis in my bag of evidence."

[The Louiswu]

Debt is not my idol slick. It's a personal obligation you freely take on. Stop trying to walk away from your obligations, stand up like a man and accept responsibility for what you have created (your own debt).

You don't want debt? Pay cash.

[ksen]

ok