An offshoot of ‘Occupy Wall Street’ is taking the $1.2 trillion student loan bubble, debt servitude dilemma of America’s youth into its own hands… bit by tiny bit. As The BBC reports, activist group ‘Rolling Jubilee’ wants to “liberate debtors” by buying student-debt-bundled ABS on the secondary market (where they trade at significant discounts) and writing off the underlying loans. As Rolling Jubilee notes, “your debts are on sale… just not on sale to you,” until now.
Rolling Jubilee says the problem lies deep within the structure of the education system and the way that selling education as a commodity reinforces inequality.
“It is documented that they end up worse off and have no better chance of getting work than if they simply finished high school,” she says. This week, the Federal Reserve chief Janet Yellen warned the quadrupling of the student loan debt since 2004 represented a barrier to social mobility.
This post was published at Zero Hedge on 10/31/2014.