Credit where credit’s due

In the past I haven’t been shy of giving the whole occupy movement a hard time, and i still think that much of what they do is ill thought out, inconsistent and rather ludicrous. However just as even a stopped clock is right twice a day, the Occupy mob over on Wall Street have actually come up with a rather sterling idea. Their jolly wheeze is to follow the example of the usual residents of that street and buy up bundles of cheap debt, but instead of then going after the debtor and hounding them for the money, they plan to just write it off. I seem to recall some beardy hippy in the middle east observing a few thousand years ago how much forgiveness really screws with the system.


Occupy Wall Street Is Buying And Paying The 99%’s Debt

“We buy debt for pennies on the dollar, but instead of collecting it, we abolish it. We cannot buy specific individuals’ debt – instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.”

The organizing web site can be found at: rollingjubilee.org and more power to their elbow I say for as long as it lasts. I do wonder if once their buyer has been identified if the debt bundles they get won’t be quite as cheap and random as they might normally be but then I’m a suspicious sort like that. Now if Occupy over here could come up with something equally useful…

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