Banks sell debt for pennies on the dollar on a shadowy speculative market of debt buyers who then turn around and 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. We’re going into this market not to make a profit but to help each other out and highlight how the predatory debt system affects our families and communities. Think of it as a bailout of the 99% by the 99%. — Rolling Jubilee
Politics can be divisive, so that’s why we really don’t post about any of it–we just like geeky stuff, pretty stuff, funny stuff and all that. But this was particularly interesting because it’s basically hacking the debt-collection industry and using it for the greater good. It’s white hat hacking!
We here at Fractalspin (well, technically, our holding company, but an authorized person had to move the mouse around and click numbers and stuff) totally donated to this. Tt’s a brilliant, legal, humanitarian hacking of the financial systems to start lifting people out of their crippling debt, and telling the guys who think they run these shady schemes that we got this.