Occupy Wall Street has a great new answer to all the doubters who ripped on them over the past year for not having a specific enough plan.( Collapse )
It took a while, but a new offshoot group that grew out of Occupy called Strike Debt has a highly specific, highly brilliant plan for how to improve the lot of the 99%: It’s called Rolling Jubilee, and it’s basically a crowd-funding campaign to buy up big swaths of people’s debt and simply cancel it. It’s sort of like the economic equivalent of buying slaves to free them.
Here’s how it works: All kinds of debt, from student loans to credit card to mortgages, are sold by the people who originally made the loans to collectors eager for the chance to take the interest payments on those loans for years to come. Loans get bundled into big groups and sold as securities on the open market. Rolling Jubilee will raise money through crowd-funding and use that money to buy bundled loans like any other institution—but once they own the debt, rather than collecting on it they’ll simply cancel it.
Brilliant plan, right? And the best part, it’s totally non-political, non partisan, and it doesn’t require Congress to pass any new regulations. It’s a people’s bailout, and the idea is to harness the power of people to impact the economy at a large scale, rather than depending on the government. It might have taken a while, but OWS has answered with a plan, and their plan kicks ass.SourceWhat do you think, ONTD_P?