
© KeystoneUSA-ZUMA/Rex Feature
The 'Rolling Jubilee' debt relief plan has re-energised the Occupy movement.
Occupy's Rolling Jubilee idea transcends politics and will be difficult for lenders to oppose
A new initiative is re-energising the Occupy movement. Called the
Rolling Jubilee, it is a plan to use money from donations to buy distressed consumer debt from lenders at a marked down price, just as debt collection agencies normally would. But instead of hounding debtors for payments, it will simply cancel the debts. The hope is that the liberated debtors will themselves contribute to the fund, "rolling" the jubilee forward.
The Rolling Jubilee is a genius move for several reasons. First, debt relief is a
transpartisan message that eludes conventional political categorisation. As such, it returns Occupy to its origins as an advocate for the wellbeing of ordinary people, neither leftwing nor rightwing. The Rolling Jubilee says, non-threateningly, "We just want to help people in this unfair system."
But despite its non-threatening appearance, the Rolling Jubilee has significant transformative potential. Two pillars uphold the present debt regime: the moral legitimacy of debt in society's eyes, ie, the idea that a person "should" pay back what he owes; and the coercive mechanisms that enforce repayment, such as harassment, seizure of assets, garnishment of wages, denial of employment or housing, and even imprisonment. The Rolling Jubilee erodes both. It destigmatises debt by saying, "we're all in this together, we believe your situation is unfair, not shameful, so we're going to help you out". And it lessens the severity of the consequences of default. If defaulting means you might get bailed out, why keep paying?
Comment: News the Government doesn't like is still suppressed. The question is why this tidbit was allowed to see the light of day. A little ray of 'hope and change' for the masses maybe, that will of course, not come to pass.