I like this

I like this December 6, 2012

Here’s a website called “Rolling Jubilee“:

A bailout of the people by the people

Rolling Jubilee is a Strike Debt project that buys debt for pennies on the dollar, but instead of collecting it, abolishes it. Together we can liberate debtors at random through a campaign of mutual support, good will, and collective refusal. Debt resistance is just the beginning. Join us as we imagine and create a new world based on the common good, not Wall Street profits.

I fancy this is a little taste of how economics might be done in heaven. Trade will still happen, but everybody will be laboring to out do one another in generosity born of the certainty of God’s love instead trying to get as much as they can for themselves out of fear of God abandoning them.

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  • I’ve always thought a debt relief program for newlywed couples would make a great project for a parish or a Catholic organization. You could tie the program to a financial education class or a test to make sure you’re just not enabling irresponsible consumption.

  • TheRealAaron

    A friend said the other day that if he got filthy rich, he would start a charity that takes over student loan debt for people who want to enter religious life. It seems like such a good idea that I can’t believe it doesn’t exist. Does anyone know if there is such thing?

    • I think there is…a friend of my daughters joined the Sisters For Life and I donated to some organization that helps those going into religious life pay off their loans. They are not allowed to enter, at least in that order, until they are debt free. Unfortunately, I don’t remember the name of the group.

    • Andy, Bad Person

      There are other groups that take on loan payments while the debtors are in religious life. For example, they would pay the loans of a woman entering the convent, but if she left the convent would have to resume payment herself. Seems like a fair way to avoid system abuse.

  • Jared B.

    Sounds like an interesting idea, but I got a little frustrated with both of those links when I tried to find out exactly what they *mean* when they say they “instead of collecting [debt], abolishes it”. Definitely could use more transparency there, especially since part of what they want to highlight is banks’ and financial institutions’ chronic lack of transparency. It’s a new initiative tho and I’m sure they’re doing the best they can to communicate what they’re trying to do.

  • Jared B.

    Complain loudly that the national debt is a national and even global crisis that threatens to destroy our economy and increase poverty: you’re a heartless conservative who wants to eliminate all government programs that help people.

    Complain loudly that the individual debts that almost every person and family incurs is a national and even global crisis that threatens to destroy our economy and increase poverty: you’re a pinko liberal who wants to eliminate private property and socialize all business.

    Complain loudly about both: I guess you must be a Catholic! 😉

    • At least the latter generally only happens when the presented solution to private debt is to increase taxes on others to pay off the debts of others. Reach into your own pocket to pay off somebody else’s debts and they call that charity where I come from, something not anybody’s business unless you decide to take it off your taxes.

      Try dropping by instapundit and searching out his many, many comments on debt and how it’s changing the character of the nation for the worse. The right is not silent on private debt.

  • tz

    Not heaven where there are no shortages. This is for here on earth.

  • Jared B.

    @TMLutas I was intentionally presenting *stereotypes* 😛

    One thing I do like about Rolling Jubilee / Strike Debt is that it comes from Occupy Wallstreet which most people (and most members that I’ve heard from) characterize as leftist, but their newest campaign, the Debt Resistors’ Operations Manual, is mostly about personal financial responsibility. Some of them might drop dead from shock if they discovered that Personal Responsibility™ is traditionally (if only stereotypically) a hallmark of conservatives. But if “fight the system” rhetoric gets the message across to people who otherwise would reject the typical of language personal financial responsibility as mere “blame the poor” Republican propaganda, then hey, whatever works. My tongue-in-cheek point was that it isn’t either/or—individuals doing what they can to stay out of debt and thus out of the sick and immoral System of Debt, or people banding together to fight that system as a bloc—but both/and.