in case you were wondering, after reading my post on #strikedebt, whether this is just “another insular #occupy liberal fantasy/fetish among trust-fund hippies who don’t understand how the economy works”, here are links to media commentary about the #strikedebt initiative:
It has taken Occupy Wall Street long enough to manage to come up with an idea that I think we can all get behind. But they have managed it: even to the point of convincing me, a neoliberal who believes very strongly in capitalism red in tooth and claw. What they’re suggesting is that if we wish to alleviate the debt burden on people we should purchase that distressed debt and then forgive it. Sounds like an excellent plan to me.
one of the finest examples, so far, of individual capitalism at work
Business Insider: Occupy Wall Street Has An Ambitious Plan To Buy Distressed Consumer Debt And Forgive It: http://www.businessinsider.com/how-rolling-jubilee-works-2012-11
Digital Journal 11/13/12:
So far the Rolling Jubilee has collected $137000 which will abolish around $2 million worth of American held debt. The Strike Debt affiliate will take their donations and purchase the debt from the loan holders or banks and instead of collecting on it they will simply forgive it. How is this legal? You can thank the same people who made the housing bubble burst because of speculation, bad loans, and the ability to buy and sell debt.
New York Times 11/13/12: http://www.nytimes.com/2012/11/14/nyregion/occupy-offshoot-aims-to-erase-peoples-debts.html
and from across the pond:
the UK Financial Times: http://ftalphaville.ft.com/2012/10/30/1237921/haldane-occupy-and-the-path-to-reform/
There is the quiet, but unmistakable, sound of a leaf being turned.
If I am right and a new leaf is being turned, then Occupy will have played a key role in this fledgling financial reformation. You have put the arguments. You have helped win the debate. And policymakers, like me, will need your continuing support in delivering that radical change. – Bank of England’s executive director for financial stability, Andy Haldane
and, finally, a great one for skeptics: Reuters 11/13/12
Filed in politics and news, things you can do | Tagged with #occupywallstreet, #ows, #strikedebt, capitalism, economics | Comment (0)