The thinking Viking loves a good twist.  Usually a plot twist, sometimes though, it’s a knife.  Almost always a metaphorical knife.

I am going to give you a “knife”.  It might even be good enough to bring to a gun fight.

Ever play the game where everyone (needs to be a good number)  stands in a circle and places their hands on the shoulders of the person to their right, and then everyone just kind of … sits down, and so long as everyone times it OK, everyone winds up sitting on someone else’s knees, in turn supported by the person behind them.  It’s actually pretty cool.

Now, I am going to gloss over most details, going for the 30,000 foot view here (how many of you cringed when I used that term? you know where I have been)….and I am certain that since  it is only in the last two hours I learned about this idea that complications of many sorts will arise.  But…

Banks sell “debt” – credit and loans etc that are in default/foreclosed “high risk” and other complicated transaction etc at rates some where near 5 cents on the dollar.  So, If I had $10,000, I could buy up $200,000 in “debt” that people owed to some sort of financial institution.  Read that again.  My ten grand buys two hundred grand of debt at that rate.  Normally, I would buy this so I could then hound the debtor into paying ME instead of the bank, and even after my costs, still get a pretty bad ass return – remember “math”? -5 cents on the dollar is a twenty to one return if I collect 100%.  Granted, there are costs – paying call centers to harass you, mailing letter, legal fees, etc, but still. Twenty freaking to one return is worth it in the long run.  Banks do this shit all the time.

I am not a bank.  I’m  a person.  Let’s say I buy a $200,00 portfolio for $10,000 (5 cent per dollar, right?) – but I say, fuck this, I had no intention of collecting.  And I tear up the paperwork – let it expire past the statute of limitations for corporate collections. .. provided that the people who would have owed ME that $2000,000  – use their money the same way – amplified 20 to one by buying someone else’s debt instead of paying off theirs.  Between the say, twenty of them, I bet they could scrape up enough to buy a bunch of other people’s debt….again, remember, buying debt is pennies on the dollar. Paying off your own debt is dollar for dollar.  Time for Math.  Ok, Done.

And here’s the kicker – These guys are ALREADY doing this at a scale big enough to make a a difference.  I have some of my model in this hastily written post…. hmm  off a bit – but hey, get teh details from them now that you read this far – go here “Rolling Jubilee”

Metaphorically, in the “standing on the knees of the guy behind you game ” I am the guy – with a fucking CHAIR who doesn’t need someone standing behind me with knees to sit down upon.  There are a lot of chairs out there.

Think about how many people we could get some relief for this way.  It could keep rolling for a long, long ways…

Please give feedback and talk to me – there have to be some serious problem economically somewhere here, right?

Seriously. Think about it.


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