Occupy Detroit

Occupy Wall Street Rolls Out Plan That Claims It’s Paying Off Consumer Debt But Is It?

Steve Dibert, MFI-Miami

OWS organizers are hatching another Pie-In-The-Sky idea that sounds like a scam.

The plan is called “Rolling Jubilee” and it basically calls for people to donate money to an organization called, Strike Debt to in order to pay off other people’s debts for pennies on the dollar.  This sounds so warm and fuzzy that you just want to embrace it and not let go.  That is until you go to Strike Debt‘s website and read the fine print.   The plan gets kind of fuzzy because according to Strike Debt’s website,

“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.”

Assuming their plan is legitimate it sounds like it was concocted by hippie teacher Mr. Van Driessen from Beavis and Butthead because its based more on uber-liberal idealism, speculation and assumptions.

Call me cynic but it doesn’t sound like OWS wants your money to actually help people, they want your money so they can pay themselves to sit in a circle and sing songs like Lesbian Seagull to make themselves feel that they are making a difference in the world.  After all, the Trotskyist elements of the the AFL-CIO  that were funding their protests and giving organizers a stipend have cut off funding.  If you still think Rolling Jubilee is a great idea, ask yourself what did the OWS movement really accomplish other than show that Millennials have poor skills when it comes to personal hygiene.

What people don’t understand is that OWS, like the Tea Party and the Florida Foreclosure Activist Groups were all started by people with deep pockets and an agenda and have used people as pawns for their agenda.  As these groups begin to slide into obscurity, you have a few true believers who can’t let go and will do whatever it takes to avoid going back to their normal lives.


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7 thoughts on “Occupy Wall Street Rolls Out Trotskyist Scam Claiming It Will Pay Peoples’ Debt”

  1. This could be a very important way to set a price on old debt. Banks can now declare the debt value to be balance owed + Interest + penalization on their books. What if any investor could independently look at and discount the amount of debt the banks are claiming at full value, to a real, true value based on the prices OWS is selling the debt directly to consumers . This could be a great way to set a “Mark to Market” value for any debt and give a true value of a bank’s share price.

    1. And what if we lived in a world of sunshine and lollipops? Read the fine print on the Strike Debt website. They will not be paying off individual debt. They want to use it to “help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.”

  2. Is there any reason why OWS couldn’t just buy the debt and sell the debt directly to the other party at say cost? Then hope to gain support and donations to do it again and again? OWS will not have to buy it all, just enough to set the true price.The real value is to set a price on the debt in a transparent independent way.
    Banks borrow from the Fed based on the debt they hold on the books. Why not have a way to value the debt independent of the banks. People have spent far more money than this will cost just trying to get elected to congress.

    1. Because you would have to do it on an individual basis and that is not what they want to do. They’re using this as a way to raise money so they can sit in a circle and sing kumbaya or hang out in a park somewhere and not shower for weeks on end.

  3. I would like to add that this “debt” they are buying for pennies on the dollar is charge-off debt that has already ruined the debtors credit rating. Third party agencies buy this kind of stuff because they can usually strong-arm some dupe into paying it with the “We can settle this today for 1/2 of what you owe” scam which usually has an ROI of 500% or more. Additionally a lot of this debt was released under BK or is at or past the Statute of Limitations in the states the debt was incurred. In other words…. Steve got this one correct. It’s a scam.

  4. Norton or Steve…..So where is the loss or illegality If they buy the debt and expunge it (cannot say I actually know how this is accomplished) and the debtor is not hounded by the real debt purchasers, who is hurt? Are you contending that Jubilee is actually pocketing the donations? IS there any reason you can clarify that would keep them from expunging individual debt? It seems they are doing this to keep from any personal bias from determining who gets their debt paid. Talking about their hygeine under extenuating circumstances is ridiculous. I will grant that OWS was co-opted, but that does not mean this offshoot is under the same influence. Could be it’s a good idea to ask them for more details as to how they get rid of the debt and if they pocket any donations for expenses.

    1. You’re missing the point. Creditors don’t sell these debts on the open market or bundle them together like mortgage backed securities. According to their website they won’t be buying individual debt. So how are they buying it?

      Again, according to their website, “We cannot buy specific individuals’ debt—instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.”

      OWS was not co-opted. It was manufactured by the uber-lefties and Trotskyists in the Labor movement just as the Tea Party was manufactured by big business.

      As for encouraging people to ask Strike Debt for more details about how the money is going to be spent was the whole purpose of the article.

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