Topic: Rolling Jubilee (Read 526 times)
The Rolling Jubilee is an idea that takes advantage of the shadow banking system rehypothecation infrastructure. This group buys bad debts at a fraction of their face value from lenders willing to take the write-off. They are normally bought by debt collectors, but in this instance they are randomly bought by an organization that forgives the loan instead. It looks like typical loans are sold for less than ten percent of face value. If everyone joined in with this, personal debts could be theoretically wiped out. Something tells me that this really is too good to be true.
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