What The Federal Reserve Could Learn From Strike Debt

take-note-yellen

One year ago, a campaign group affiliated with Occupy Wall Street called Strike Debt announced a campaign called the Rolling Jubilee, which sought to buy up distressed debt for pennies-on-the-dollar — for the purpose of abolishing it.

Historically, a debt jubilee was a feature of ancient Jewish law, under which all debts were written off every seven years. So why is Strike Debt trying to do something similar?

Strike Debt describes the program as a “bailout of the people, by the people.” The group targeted people struggling to service necessary debt, such as those without medical insurance who ended up needing expensive medical care.

So far, the Rolling Jubilee campaign has bought up and written off almost $14 million in debt.

Read More At TheWeek.com

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10 thoughts on “What The Federal Reserve Could Learn From Strike Debt

  1. The Jubilee occurred every 50th year, at which time ALL LAND reverted back to the original families that the land had been equally distributed to in the beginning. It promoted equality among the Israelites. There were to be no monopolist land owners in Israel. God owned the land. What you are referring to is debt term limits that were established by God to prevent long term debt enslavement. Every 7th year ALL DEBT was cancelled, not just “bad debt”. Yes, the Fed could definitely learn from God’s example. They could encourage bankruptcy to be mandatorily executed across the board for all US citizens every 7 years, with no exceptions. This would be a simultaneous reset for all citizens, not just a few.

  2. Strike debt is actually monetary grace once removed. However, it does point at the solution which is actual monetary grace. A debt jubilee in combination with dividend and discount policies are what will quickly and wisely end the otherwise slow, painful and potentially utterly destructive slow process of digging ourselves out of the biggest credit bubble in human history. It’s time to “up our game” and evolve the system toward not only a new new human sensitivity, but a new workability as well.

  3. While Strike Debt seems well intentioned, I’m skeptical of the effects. “Forgiven” debtors, I assume, would still have damaged credit records as a consequence of allowing their debts to be turned over to collections. This would leave them free of debt temporarily, but unable to obtain cheap credit. Prices are based on credit nowadays, so the freed debtor would now have to obtain credit from high interest sources to buy any necessity like a reliable car. They will soon be right back in debt trouble due to the reality of life in a credit-priced environment. The best solution would be to learn from the Divine Jewish example and limit all national debt to maximum seven year terms, canceling all citizen’s debts at the same well known and pre-established time. This would keep prices low. Citizens would then have a plausible opportunity to rise above debt slavery.

    • Doug Walton – “This would leave them free of debt temporarily, but unable to obtain cheap credit.”

      How about they just forego expenditures until they have the money in hand? How about living within your means? Why should they get “cheap” credit? I’m at a loss.

      For Heaven’s sake, just don’t buy!!!!!

      • Backwardsevolution: Prices are set by the majority’s buying habits. If the majority uses credit to purchase cars using 72 month term financing, then 72 month term financing will set the price of cars. Used cars will be slightly lower. In this environment, someone may wish to forgo credit and just pay cash—they will have to have the equivalent of 72 month term financing. This reality makes it almost impossible for all except the very wealthy to live on a cash basis, when the majority use credit instead. The answer is to limit debt for all through mandatory short-term debt limits. 7 years was the limit God set for Israel.

  4. This is similar to what I wrote Levin about a few years ago. Its based on the Jewish Jubilee year that happened every 50. All debts were forgiven and everyone started back at 0. During 09 I suggested a way to do something similar to wipe out debt. Give every American over 18 a million dollars with the stipulation that you had to total up all your debts like: credit cards, back taxes, loans etc and u got to keep the remainder to invest, consume stuff, take a vacation, retire making room in the work force younger workers and so on I stead of giving billions to Wall St. and watch it vanish.

  5. The moral of the story is that DEBT IS EVIL, something that has been known for thousands of years.

    The solution is to abolish debt, the greatest ‘something for nothing’ scam of all-time.

  6. Posted: March 17, 2004 File image of a Delta 2 rockets sitting atop pads 17A and 17B at Cape Canaveral. Photo: U.S. Air ForceSpace Launch Complex 17 (SLC-17, pronounced “slick”) at Cape Canaveral Air Force Station, Fla., was built by the U.S. Air Force for the Thor intermediate range ballistic missile (IRBM) research and development program. Construction of pads 17A and 17B began in April 1956 and cost $3.5 million per pad. The original site included the two pads and a blockhouse.The Air Force partially occupied SLC-17B in September 1956 and the pad supported its first Thor launch in January 1957. Pad 17A was engaged in April 1957 and completed its first Thor launch in August 1957.The Air Force modified SLC-17 for the first time in the early 1960’s to support Thor-related launch vehicles. Between January 1960 and December 1965, 35 Delta missions were launched from SLC-17 facilities.In the spring of 1965, the Air Force transferred SLC-17 and other Thor-related facilities to NASA seeing no further military use for Thor facilities at the Cape. However, following the Challenger accident in January 1986, military and commercial launch services shifted back to expendable launch vehicles. In response, Boeing built a new generation of launch vehicle, Delta 2, to meet the growing military and commercial space launch requirements.The Air Force eventually transferred all of its new NAVSTAR 2 Global Positioning System (GPS) payloads from the Space Shuttle to Delta 2. Civilian customers also began signing up for launches on Delta 2. Launch Complex 17 was chosen as the launch site for the Delta 2, and transfer of responsibility for SLC-17 from NASA back to the Air Force was completed in October 1988.SLC-17 underwent major modifications to support the larger Delta 2. Structural changes included the installation of new platforms and a hydraulic lifting system, as well as a liquid hydrogen storage and supply system. A major reconstruction effort raised the complex’s mobile service tower 10 feet to accommodate the taller launch vehicle. The Air Force launched the first Delta 2 from Pad 17A in February 1989. Work on Launch Complex 17 continued, and the first commercial Delta mission was launched from Pad 17B in August 1989. Since then, SLC-17 has supported more than 50 commercial, Air Force, and NASA launches.To meet the changing needs of its customers, Boeing developed the Delta 3 with twice the payload of Delta 2. The Delta 2 and Delta 3 share SLC 17B, and modifications to that pad to accommodate both vehicles were completed in October 1997.Because the blockhouse on Complex 17 was considered inadequate for Delta 3’s heavier launches, the Air Force built a new 39,000-square-foot administrative and launch-operations facility, called the 1st Space Launch Squadron Operation Building (1 SLS OB). The new facility, completed in June 1996, is located two miles south of Complex 17 and houses the new “soft blockhouse” or Launch Control Center (LCC).Columbia ReportA reproduction of the official accident investigation report into the loss of the space shuttle Columbia and its crew of seven. Choose your store: – – – Mars PanoramaDISCOUNTED! This 360 degree image was taken by the Mars Pathfinder, which landed on the Red Planet in July 1997. The Sojourner Rover is visible in the image. 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Available from our store.Choose your store: – – – Viking patchThis embroidered mission patch celebrates NASA’s Viking Project which reached the Red Planet in 1976.Choose your store: – – – Apollo 7 DVDFor 11 days the crew of Apollo 7 fought colds while they put the Apollo spacecraft through a workout, establishing confidence in the machine what would lead directly to the bold decision to send Apollo 8 to the moon just 2 months later. Choose your store: – – – Gemini 12Gemini 12: The NASA Mission Reports covers the voyage of James Lovell and Buzz Aldrin that capped the Gemini program’s efforts to prove the technologies and techniques that would be needed for the Apollo Moon landings. Includes CD-ROM.Choose your store: – – – | | | | 2014 Spaceflight Now Inc.Space Launch Complex 2 BOEING FACT SHEETPosted: April 17, 2004 File image of a Delta 2 rocket sitting atop SLC-2W at Vandenberg. Photo: U.S. Air ForceSpace Launch Complex 2 (SLC-2) at Vandenberg Air Force Base (VAFB), Calif., is the home of west coast launch operations for the Delta 2 expendable launch vehicle. From SLC-2, Boeing launches satellite payloads into polar and near-polar orbits.The base is on a western projection of California’s central coast, midway between San Francisco and San Diego. SLC-2 overlooks the Pacific Ocean and is just northwest of the VAFB airfield.SLC-2 had its beginnings with the Thor intermediate-range ballistic missile, which was the predecessor of the Delta launch vehicle family. The complex, built in 1958, was part of a group of seven launch installations at VAFB designed for the Thor.The first Delta launch from VAFB occurred Oct. 2, 1966, when Boeing launched the Environmental Science Services Administration’s ESSA 3 satellite for NASA.Others in the ESSA series followed, and during the same time period, Delta launched four NASA Explorer satellites designed for radio astronomy in deep space.Delta launched the Cosmic Observatory Background Observer (COBE) satellite from VAFB for NASA on Nov. 18, 1989, marking the last west coast Delta launch for more than half a decade.SLC-2 was refurbished in 1992 by raising the tower 12 feet to accommodate the larger Delta 2 model. Among the more recent upgrades to the complex is an automated Advanced Launch Control System (ALCS). ALCS provides greater availability of system status information to all operators through a commercial computer workstation on a high-speed fiber optic computer network.After a six-year hiatus, Boeing resumed launch activities at SLC-2 on Nov. 3, 1995 with a successful Delta 2 launch for NASA of the Canadian RADARSAT scientific Earth observation satellite.In addition to NASA and Department of Defense payloads, Boeing has launched the majority of the Iridium global telecommunications network satellites, using 12 Delta 2 rockets.VAFB is the home of the Air Force’s 30th Space Wing, the U.S. Space Command organization for all Department of Defense, NASA and private industry space and missile launch activities on the West Coast.Columbia ReportA reproduction of the official accident investigation report into the loss of the space shuttle Columbia and its crew of seven. Choose your store: – – – Mars PanoramaDISCOUNTED! This 360 degree image was taken by the Mars Pathfinder, which landed on the Red Planet in July 1997. The Sojourner Rover is visible in the image. Choose your store:Apollo 11 Mission ReportApollo 11 – The NASA Mission Reports Vol. 3 is the first comprehensive study of man’s first mission to another world is revealed in all of its startling complexity. 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Credit: ULA videoThe Geosynchronous Space Situational Awareness Program, or GSSAP, launched from Cape Canaveral at 7:28 p.m. EDT en route to operational orbits 22,300 miles above Earth.The GSSAP project was designed in secrecy and only announced to the public by AFSPC commander Gen. William Shelton in February.”It’s time to stipulate that we’ve got a critical dependence on space. I would challenge…each of you to bring me an example of a miliary operation that doesn’t somehow involve space. That’s from humanitarian relief operations all the way up through major combat,” said Shelton.It’s that overarching dependence on space that has spurred the U.S. military to ramp up its surveillance on man-made objects and threats in orbit.Some 170 countries now have at least one satellite of their own and 11 nations have the capability to launch a spacecraft into orbit, Shelton said, adding that with space launch also comes missile technology and the potential for anti-satellite shootdowns.The Chinese carried out a dramatic kinetic-energy anti-satellite demonstration in 2007, blasting one of its own orbiting spacecraft with a missile, drawing international condemnation. “And then there are the overt threats, anything from jamming, which is actually mission affecting, obviously, all the way up through high powered laser activity that’s coming along, to kinetic ASAT (anti-satellite) activity. Threats to our spacecraft that not too many years ago we didn’t have to concern ourselves with,” Shelton said.Built by Orbital Sciences Corp., the twin GSSAP satellites are small in size and stature with an important mission before them. Fitted with an electro-optical sensors, the craft will drift just above and below the geosynchronous satellite belt 22,300 miles above the Earth.”(They) will drift in probably just below and just above the GEO belt depending on which direction you want to drift and provide that neighborhood watch capability,” Shelton said. Credit: ULAGeosynchronous orbit allows communications, missile launch detection spacecraft and eavesdropping reconnaissance spy satellites to match the Earth’s rotation and appear fixed above one part of the globe.It is a place where some of the most “precious” Air Force satellites reside.”Think about Advanced EHF satellites on orbit,” Shelton said of the nuclear survivable communications spacecraft constellation. “When the chips are down that’s the system the President is going to use to communicate his orders; the President and National Command Authority to communicate orders to deployed forces. One cheap shot against the AEHF constellation would be devastating.”There’s also the Space Based Infrared System, or SBIRS, that monitors the world on the lookout for enemy missile launches to sound the alarm to friendly countries.”One cheap shot creates a hole in our environment,” Shelton said.”SBIRS is great. We can tell you anytime a missile has launched on the planet, we can tell you where it launched from, we can tell you the type of missile it is, we can tell you the impact point. It’s what the President uses to determine his response options; and in the situation of the United States under attack, deciding what to do and when to do it.”We can’t afford to be down Advanced EHF; down SBIRS.”That’s where GSSAP will help close the surveillance gap on what’s happening 22,300 miles up.”Our decision to declassify this program was simple. We need to monitor what happens 22,000 miles above the Earth, and we want to make sure that everyone knows we can do so,” said Douglas Loverro, deputy assistant secretary of defense for space policy, at the Department of Defense..”We believe that such efforts add immeasurably to both the safety of spaceflight and the stability that derives from the ability to attribute actions — to the benefit of all space-faring nations and all who rely on space-based services.””If we’re going to be a global power, we want global coverage, we want global access and we want it at a time and a place of our choosing,” Shelton said of space situational awareness.Two more GSSAP satellites are due to launch in 2016 aboard an Atlas 5 rocket.”GSSAP will present a significant improvement in space object surveillance, not only for better collision avoidance, but also for detecting threats,” Shelton said. “GSSAP will bolster our ability to discern when adversaries attempt to avoid detection and to discover capabilities they may have, which might be harmful to our critical assets at these higher altitudes.” Credit: USAFShelton said the Air Force tracks about 23,000 objects routinely on a daily basis. “There are some 500,000 objects in space, so a big traffic management problem and a big threat to fragile spacecraft,” he said.The GSSAP satellites will be operated by the 1st Space Operations Squadron at Shriever Air Force Base in Colorado. “GSSAP will not replace the capabilities that the 1st SOPS currently operates,” said Brig. Gen. David Buck, AFSPC director of Air, Space and Cyberspace Operations. “SBSS and ATRR operate in low-earth orbits and have different capabilities. GSSAP will be placed in a near-geosynchronous orbit at approximately 22,300 miles above the Earth. It will have a very distinct vantage point in relation to the objects it will be observing in geosynchronous orbit. With GSSAP, we will actually be able to characterize an object to a very discriminate level, not just track it.”Launching below the GSSAP spacecraft aboard the Delta 4 rocket was ANGELS, a microsatellite from the Air Force Research Laboratory to test autopilot space situational awareness in geosynchronous orbit. Credit: USAFThe Automated Navigation and Guidance Experiment for Local Space, or ANGELS, will fly above the GPS constellation but use those positioning signals to demonstrate maneuverability around the spent Delta 4 upper stage.”The ANGELS spacecraft hosts a (space situational awareness) sensor payload to evaluate techniques for detection, tracking and characterizing of space objects, as well as, attribution of actions in space,” according to the AFRL fact sheet.Additional payloads on ANGELS will assist operations using a GPS for geosynchronous orbit and high performance accelerometers.”The GPS system uses advanced algorithms from NASA to receive GPS side lobe signals and generate near continuous navigation solutions. The high performance accelerometers precisely measure small spacecraft accelerations for enhanced guidance and navigation,” the fact sheet said.”The experimental onboard vehicle safety system explores methods for dramatically reducing the probability of collision with other space objects in an increasingly congested space environment.”Orbital Sciences also built ANGELS under a $29.5 million deal signed in November 2007. Credit: USAF”The ANGELS program will develop key technologies and capabilities for a broad spectrum of defense and civilian space missions,” Antonio Elias, Orbital’s executive vice president and general manager of its Advanced Programs Group, said at the time. “Under AFRL’s leadership, this effort will help maintain the United States’ continuing technological and industrial superiority in space.”The mission is scheduled to last one year.”As other nations show their commitment to invest in systems capable of harming our satellites, we are committed to investing in space surveillance assets like GSSAP that will directly enable safe operations, protect our spacecraft and indirectly enable a range of decisive responses that will render counter-space threats ineffective,” said Shelton.The launch was the 368th for a Delta rocket, the 27th Delta 4 and the 12th to fly in the Medium+ (4,2) configuration with a pair of strap-on solid motors. For United Launch Alliance, it was the company’s 33rd flight for the Air Force, the 85th launch overall since 2006 and the eighth this year.The next Delta 4 launch is the much-anticipated Heavy with NASA’s Orion capsule on Exploration Flight Test No. 1, set to lift off from Cape Canaveral on Dec. 4.Final Shuttle Mission PatchFree shipping to U.S. addresses!The crew emblem for the final space shuttle mission is now available in our store. Get this piece of history!STS-134 PatchFree shipping to U.S. addresses!The final planned flight of space shuttle Endeavour is symbolized in the official embroidered crew patch for STS-134. 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Credit: Northrop Grumman The Missile Defense Agency is pursuing the Space Tracking and Surveillance System (STSS) program as a space-based sensor component of the Ballistic Missile Defense System (BMDS). Using sensors capable of detecting visible and infrared light, the Space Tracking and Surveillance System constellation of satellites will become part of a collection of land-, sea-, air-, and space-based BMDS sensors.OverviewTwo research and development satellites will be launched into low earth orbit in 2009.A ground segment has been developed to operate the satellites and provide an interface to the BMDS.The STSS Demonstration Program will demonstrate the key functions of a space-based sensor, passing missile tracking data to missile defense interceptors with the accuracy and timeliness necessary to enable them to successfully intercept missile targets.Lessons learned from the on-orbit operation of the demonstration satellites will provide a foundation to proceed with the fielding of an operational constellation.Initial ProgramThe demonstration satellites have completed buildup, integration, systems testing, and environmental testing, and are in final prelaunch preparation.Two satellites will be launched together on a single Delta 2 launch vehicle in 2009.The STSS ground station is currently functional and is being used to train and certify operators. The ground segment will communicate with the BMDS Command and Control, Battle Management and Communication system.The STSS will perform on-orbit testing of sensor performance against ground targets, airborne targets and short and long range ballistic missile targets.The demonstration satellites are expected to be available for two to four years after launch. Next StepsThe Missile Defense Agency will use early on-orbit testing of the Demonstration Program satellites to refine software and processes to enhance the usefulness of the demonstration satellites.On-orbit satellites will test and demonstrate key knowledge areas in 2009/2010:Birth-to-death tracking of strategic and tactical missiles.Ability to hand-off timely midcourse track data to the BMDS kill chain.Integrated space-based tracking in support of missile defense.Upgrading ground station and spacecraft software will improve the demonstration satellites and reduce risk for future satellite development. 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The design features the space shuttle Columbia’s historic maiden flight of April 12, 1981.Mercury anniversaryFree shipping to U.S. addresses!Celebrate the 50th anniversary of Alan Shephard’s historic Mercury mission with this collectors’ item, the official commemorative embroidered patch.Fallen Heroes Patch CollectionThe official patches from Apollo 1, the shuttle Challenger and Columbia crews are available in the store. | | | | 2014 Spaceflight Now Inc.Spacecraft launched to observe cataclysmic blasts BY WILLIAM HARWOOD

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