Occupy Wall St Says 'Rolling Jubilee' Raises Enough to Abolish $6 Million in Debt

[Riley18]

49. I sent them a question to them last week when I first heard, and had an answer by the next morning.

They cannot identify a specific person's debt, but purchase "blocks" of debt for pennies on the dollar. Apparently, this is a standard practice for making money. Purchase "bad debt" for a small sum such as $500 for several thousand dollars of debt, and then go after the debtors to see how much you can "earn" on your investment. The huge difference is that Rolling Jubilee is forgiving the debt and not going after it.

It is a very good idea for the people, but I think it may also help to bring the dialog over to the questions as to why we are saddled with such debts in the first place. Why do venture capitalists get such wonderful breaks on taxes for the capital gains, and American students get very little tax incentives for incurring student loan debt. The people in charge say crap like "capital gains help America" or something to that effect, but American students becoming better educated certainly helps more. It is all up to who has the most money because they are able to turn a positive into a negative.