Occupy Wall Street has decided to capitalise on this system of incredibly cheap debt purchases by launching their own collection agency (of sorts). Through this agency and donations they will begin buying up people's debts and forgiving them. Apparently they've done a test run which provided a 30:1 ROI (for every $1 dollar invested, $30 dollars could be forgiven).
Debt forgiveness is a huge piece of the puzzle, this won't stop the economy from sinking, but will help stop people from drowning along with it. All I can say is if you happen to have your debt forgiven (it will be random just as credit agencies randomly purchase debt) have a plan to avoid getting back into that situation. Things are still going to be hard, but for a lot of people that debt weight being lifted off their shoulders would be like winning the lottery. What a great idea, and intelligent way to use the system against itself. Bravo.
The 'Rolling Jubilee' (or 'people's bailout') begins November 15th, 2012.
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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading.