Tag Archives: Circular

Occupy Wall Street’s debt buying strikes at the heart of capitalism

In buying debt so cheaply and writing it off, Occupy has revealed the illusory and circular nature of owing money

By

Across the United States, 2,693 people have received a letter in the last few months, which identified a debt and read: “You are no longer under any obligation to settle this account with the original creditor, the bill collector, or anyone else.” This is the work of the Rolling Jubilee project – a non-profit initiative which buys personal debt for pennies on the dollar in the secondary market (where debt is sold to companies who then resell it to collection agencies) but then simply cancels it.

When the Occupy movement came into being in the summer of 2011, its critics said that a lack of identifiable objectives and strategy for achieving them meant it was doomed to fail. This was a monumental underestimation of its potential impact. Two years on, the debate about the ethics of corporate capitalism in its current form, the fairness of the remuneration of those at the top, the widening wealth gap and the morality of tax avoidance is alive and well. The concept of the “99%” is now part of the collective consciousness. All this is, in no small part, down to the fuse lit by the Occupy movement.

However, another significant aspect of the movement – dismissed as being woolly – was that it brought like-minded people together and allowed a dialogue which identified common strands. This appears to have evolved into several focused and practical initiatives. One of the most significant, and perhaps the most threatening to the status quo, is the Strike Debt group, of which the Rolling Jubilee project forms part.

The idea is that, those freed from debt and those sympathetic to the movement, then donate into the fund to keep it “rolling” forward; hence the name. The fund has already raised $600,000 and has used $400,000 of this to purchase and cancel an astonishing $14.7m of debt, primarily focusing on medical bills. This strikes at the very heart of the system, not only by using its own perverse rules against it, but critically by revealing the illusory and circular nature of debt.

Capitalism requires a layer of cheap, flexible labour to operate optimally. It is not a coincidence that the most successful global economy, by any traditional capitalist measure, is an authoritarian quasi-communist state. Many, myself included, have been arguing that our current predicament is not crisis-consequent austerity, but a permanent adjustment. David Cameron on Monday confirmed as much. The great lie, peddled by Thatcher and Reagan, was the idea that we could all be middle class, white-collar professionals within a neoliberal economy. It was simply not true.

Continue reading Occupy Wall Street’s debt buying strikes at the heart of capitalism

Rasool Bux Palijo, a Politician, a Tactician & a Writer

Notes From My Memory, Part VII, By Mir Thebo: Rasool Bux Palijo, a Politician, a Tactician & a Writer

by Mir Thebo

In early 1960s, Rasool Bux Palijo and I were neighbors in Rosy Corner flats in Hyderabad. Those were very dirty pigeon hole flats in Tando Wali Mohammad area. Palijo lived on 2nd floor while I lived on the 1st. floor. Occasionally I went to his flat. He had no furniture and no proper bed in the flat. Palijo hated cleanliness. One could rather say that he hated regular life therefore he didn’t like well-dressed petty bourgeoisie people. He never cared about food. Shoes would be lying over the floor. He had good collection of books but they would be scattered all over the place. He didn’t like to live there so most of the time he remained outside.

By profession, he was a lawyer, a mediocre advocate at that because he was not interested in practicing law, although he was intelligent and had a logical mind. He had a small office in the Circular Building, which didn’t look like a professional lawyer’s office. He didn’t care much about these things. He was a good reader though. He read non-fiction, fiction and poetry books. He loved Shah Latif’s poetry. He was also an admirer of Shaikh Ayaz’s poetry. In later period, he disowned Shaikh Ayaz and his followers glorified Ustad Bukhari more than Ayaz but they were friends during 1960s. Ayaz also liked Palijo.

Palijo also read Urdu, Russian, Chinese, English and Arabic literature. He had good knowledge of history and international situation. He also had a good knowledge of the history of Sindh. He was great at appreciating someone. He will make you fly higher and higher until you reach the top of the world. He would say things that will make you wonder if you really possessed such ‘qualities’ as mentioned by Palijo. But if you disagreed with him, he will throw you in the dust mercilessly so much so that he will not allow you even to protest. He is a witty person with good sense of humor. He has good hospitality. He will serve you meals and every thing including drinks, etc. I have few chances to drink with him along with other friends. I never observed him out of control but he is careful not to drink too much with casual visitors.

Palijo was a Marxist at that time. I don’t know if he still is or has changed as many of us old Marxists have said goodbye to our once favorite ideology of Marxism. During my last meeting with him at his residence in Naseem Nagar in 2005, he came across as neither a Marxist nor a Maoist. He didn’t mention either of them in his analysis. He sounded like a populist Sindhi nationalist political leader.

Palijo is considered to be a great tactician but sometimes he is caught in his own tactics and faces failure. Many times he has stumbled and fallen down but he has good stamina to rise up again and start a fresh. He is very swift in changing tactics and at that moment he never cares about the principles. Any way lets talk of his life of the earlier period of 1960s. As a politician, you will see his glimpses many times in my memoir.

In 1960s, Palijo was General Secretary, National Awami Party (NAP), Hyderabad City. NAP at that time was the open united front of the Communist Party of Pakistan (CPP) headed by Khan Abdul Wali Khan.

Continue reading Rasool Bux Palijo, a Politician, a Tactician & a Writer