Artists blow up £1.2m of high interest debt in Walthamstow

Discussion in 'photography, graphics & art' started by chainsawjob, Mar 19, 2019.

  1. chainsawjob

    chainsawjob Kipping in the dunes

    Artists blow up £1.2m of high interest debt in Walthamstow

    Well this is nice to hear about. More of this sort of thing.
  2. butchersapron

    butchersapron blood on the walls

    Well, why didn't they just do it? Why career it? Is is a private school oxbridge/sorbonne thing that they have to? In the US it was just done.
  3. twentythreedom

    twentythreedom Patterdale Terrorist R.I.P.

    Why couldn't large groups of people join together to exploit this by borrowing large amounts of money then buying back the debts for pennies etc and coining it in?

    Oh hang on, the City bankers already do that, don't they. Cunts :mad:

    Anyway, good on the E17 people, more of this kind of thing :thumbs:
    chainsawjob and SpookyFrank like this.
  4. Pickman's model

    Pickman's model Starry Wisdom

    chainsawjob likes this.
  5. SpookyFrank

    SpookyFrank Whatever it is, I'm against it

    Much more effective to simply blow up a bank.
  6. Pickman's model

    Pickman's model Starry Wisdom

    i wonder how much tnt you'd need to dent the bank of england
  7. salem

    salem Well-Known Member

    Well the money from these bonds pays for the debt to be bought up - something that seems a bit complicated as they need to be registered as a bank.

    Getting a bit of publicity for it is only going to help. If they get a bit rub off on themselves good luck to them. I'm gonna buy one off that back of this thread. I'd not heard about them before (but had heard of the general principle)
    chainsawjob likes this.
  8. chainsawjob

    chainsawjob Kipping in the dunes

    Well, as they say in the article to " draw[ing] attention to the growing personal debt crisis sweeping not just across Britain but across the Western world." Valid, no?

    I've no idea if they're private school whatevers but so what? What's wrong with wanting to draw attention to this issue that they see as wrong: "They [Strike Debt in the US] argued that ‘creditocracies’ were emerging across the developed countries, where access to healthcare, education and housing were increasingly controlled by creditor gatekeepers - a problem exacerbated by the austerity policies following the 2008 crisis."? Seems very worthwhile to me, I think they have demonstrated that point by looking at the debt situation in Walthamstow and finding plenty of people affected.

    As they say in the article:

    Except they didn't operate as a bank except in their ability to now buy up debt and then cancel it, for people struggling to pay it back. They sold the cash as artworks to raise the money to buy up the debts.

    Seems fair enough to me. It's brought it to my attention, and even though I'd heard of Strike Debt in the US, it had dropped off my radar.

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