BANKS SELL DEBT to speculators for pennies on the dollar--I know this from personal experience. The speculators then try to collect the full amount from debtors.
The Rolling Jubilee intervenes by buying debt, keeping it out of the hands of collectors, and then abolishing it. The cause is not a market practise but it is a public attempt to highlight the predatory debt system, its effects on families and its stifling impact on communities. Rolling Jubilee is a project of Strike Debt.
The Rolling Jubile campaign is a bailout of the 99% by the 99%. I hope some form of this campaign emerges in Ireland, with the same level of transparency.
1. Ariel Kaminern -- "Occupy Wall St. Offshoot Aims to Erase People’s Debts" in the New York Times, November 13, 2012.
2. Charles Eisenstein -- "Why Occupy's Plan to Cancel Consumer Debt Is Well Spent" in the Guardian, November 12, 2012.
3. Nick Pinto -- "The Rolling Jubilee Mails its First Debt Forgiveness Letters" in The Village Voice, December 12, 2012.