Occupy Movement Rallies for “Debt Strike” Worldwide – http://globalvoicesonline.org/2012/10/27/occupy-movement-rallies-for-debt-strike-worldwide/
Under the slogan “You are not a loan, you are not alone,” Occupy Wall Street‘s #StrikeDebt group is aiming to inject life into a resistance movement against debt repayment. The operation is gaining worldwide support, and could very well revive the protest movement which was born a year ago.
To the financial institutions of the world, we have only one thing to say: we owe you nothing.
However, beyond education and acts of solidarity, several Strike Debt activists have a more general proposal to put forward. They suggest a modern debt jubilee, meaning a massive debt cancellation.
The Australian economist Steve Keen also calls this idea a “quantitative easing for the people,” in reference to the huge support central banks give to private banks through their policy of purchasing assets. He explains his proposal on his site: – http://www.debtdeflation.com/blogs/manifesto/
A Modern Jubilee would create fiat money in the same way as with Quantitative Easing, but would direct that money to the bank accounts of the public with the requirement that the first use of this money would be to reduce debt. Debtors whose debt exceeded their injection would have their debt reduced but not eliminated, while at the other extreme, recipients with no debt would receive a cash injection into their deposit accounts.
- Strike Debt (otpglobal.wordpress.com)
- OWS debt resisters mobilize arts, education and media for a ‘People’s Bailout’ (wagingnonviolence.org)
- Occupy Wall Street Begins New Organizing Campaign as Strike Debt Launches (news.firedoglake.com)
- Occupy’s new ground: Debt resistance (salon.com)