http://howtosharpenpencils.tumblr.com/p ... es-bailout
Now OWS is launching the ROLLING JUBILEE, a program that has been in development for months. OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you’re a debt broker, once you own someone’s debt you can do whatever you want with it — traditionally, you hound debtors to their grave trying to collect. We’re playing a different game. A MORE AWESOME GAME.)
It sounds like a great idea, but is it too good to be true? Am I missing something? The system is so fucked up as it is, I can't see how doing this could make it any worse. If it gains traction, think about the amount of personal debt that would be eliminated.