Inspiring: Reimagining the Economy News Articles
Below are key excerpts of inspiring news articles on reimagining the economy from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
For further exploration, delve into our Inspiration Center.
Consider the Norwegians, who experienced extreme polarization at the same time as the Germans did. The Norwegian economic elite organized against striking laborers and produced a polarized country that included both Nazi Brown Shirts goose-stepping in the streets and Norwegian Communists agitating to overthrow capitalism. The politician Vidkun Quisling, an admirer of Hitler, organized in 1933 a Nazi party, and its uniformed paramilitary wing sought to provoke violent clashes with leftist students. Quisling reportedly held discussions with military officers about a possible coup d’etat.The stage was set for a fascist “solution.” Instead, Norway broke through to a social democracy. Progressive movements of farmers and workers, joined by middle-class allies, launched nonviolent direct action campaigns that made the country increasingly ungovernable by the economic elite. The majority forced the economic elite to take a back seat and invented a new economy with arguably the most equality, individual freedom, and shared abundance the developed world has known. The key to avoiding fascism? An organized left with a strong vision and broad support. Grassroots movements built a large infrastructure of co-ops that showed their competency and positivity when the government and political conservatives lacked both. Additionally, activists reached beyond the choir, inviting participation from people who initially feared making large changes. Norwegians also ... chose nonviolent direct action campaigns consisting of strikes, boycotts, demonstrations, and occupations. Norway therefore lacked the dangerous chaos that in Germany led the middle classes to accept the elite’s choice of Hitler to bring “law and order.”
Note: Explore more positive stories like this about healing social division and reimagining the economy.
Time banks offer an alternative, powered by 21st-century technology, to the U.S. dollar. About 70 exist across the country — some with a few members, others with hundreds — to give value to work that members say often goes uncompensated in a traditional market economy. The Silver Spring Time Bank formed in 2015 and has about 300 members, said co-founder Mary Murphy. Last year, she said, 1,000 hours were exchanged for basic home repairs, dog walking, cooking and tailoring, among other services, without the exchange of money. “You get to save that money that you would have spent,” she said. “You get to meet somebody else in your community and get to know that person. That's a bonus.” Edgar S. Cahn, an 84-year-old law professor who had worked on civil rights and anti-poverty legislation in president Lyndon B. Johnson’s Justice Department, suffered a heart attack in 1980. He said doctors gave him two years to live, with “maybe two good hours a day. I thought: What do I do with two good hours a day?” he said, having beaten doctors’ expectations by nearly four decades. “I have to teach people to value themselves ... We’re all trained as human service professionals: 'How can I help you?'' ” he said. “None of us is trained to say: ‘How can you make a difference?’ I need you as much as you need me.” Cahn became a proselytizer for what he called the “time dollar” — a currency in which an hour of work is worth an hour of work, whether it’s performed by a maid, a mechanic or a mechanical engineer. In 1995, he founded the D.C. nonprofit TimeBanks USA, which developed the software used by many time banks around the world. Time banks can serve as small-business incubators and a way for seniors to remain active after retirement.
Note: Read more about the potential of time banking. Explore more positive stories like this in on reimagining the economy.
Finland's high levels of social trust could be one reason the country has been ranked as the world's happiest for six years in a row. As the World Happiness Report, which does the ranking, notes, most Finns expect their wallet to be returned to them if they lose it. Finns have liberated children, trust their neighbors, commune with nature, and leave work on time. But ask them what they think of the happiness report, and you'll get a surprising answer. "We're always surprised that we are still the first," Meri Larivaara, a mental-health advocate, told me in [a] Helsinki coffee shop. "Every year there is a debate like, 'How is this possible?'" In fact, locals I talked to were exasperated by the survey and even annoyed by the global perception of them as happy. Finnish people are often stereotyped as introverted and keeping to themselves. But it's also true that Finns are very content with what they have. "They call us up and just ask if we like our lives. We just say there's nothing wrong right now, maybe call back tomorrow," one local said of the survey. Maybe it's not so much that Finns are happy but that they don't have some of the intense fears you might find in other places. Finland's government sponsors one of the most robust welfare systems in the world. In 2021, the Nordic country spent 24% of its gross domestic product on social protection — the highest of any other OECD country that year. Healthcare and education are free for all residents — all the way through to the Ph.D. level.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
Public banks are typically operated by government or tribal authorities and, in theory, would be chartered to achieve social good and invest in communities. Only two public banks currently operate in the United States: the Bank of North Dakota, founded in 1919, and the Territorial Bank of American Samoa, founded in 2018. Organizations pushing for a public banking option exist in 37 states, according to the Public Banking Institute. In contrast to private banks, which are responsible to their shareholders, public banks are responsible to their boards and are chartered to invest in public needs. The Bank of North Dakota, for instance, is chartered to offer a “revolving loan fund” to farmers, and profits from loans are directed back into the fund to keep interest rates low. The modern movement to invest in public banks grew out of the 2008 financial crisis and was galvanized during the pandemic, fueled by a populist distrust of the banking and finance sectors. In October 2020, Representatives Alexandria Ocasio-Cortez and Rashida Tlaib introduced the federal Public Banking Act, which would allow state and local governments across the country to create public banks. In the first two months of 2021 there were sixteen bills across the country designed to pave the way for public banks. Supporters of public banks are hoping that any deposits from state and local governments can be used to fund community-based projects that have trouble getting funded by private banks.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
A time bank does with time what other banks do with money: It stores and trades it. “Time banking means that for every hour you give to your community, you receive an hour credit,” explains Krista Wyatt, executive director of the DC-based nonprofit TimeBanks.Org, which helps volunteers establish local time banks all over the world. Thousands of time banks with several hundred thousand members have been established in at least 37 countries, including China, Malaysia, Japan, Senegal, Argentina, Brazil and in Europe, with over 3.2 million exchanges. There are probably more than 40,000 members in over 500 time banks in the US. Many time banks are volunteer community projects, but the one in Sebastopol, [CA] is funded by the city. “Every volunteer hour is valued around $29,” Wyatt calculates. “Now think about the thousands of dollars a city saves when hundreds of citizens serve their community for free.” The Sebastopol time bank has banked more than 8,000 hours since its launch in 2016. Five core principles ... guide time banks to this day: First, everyone has something to contribute. Second, valuing volunteering as “work.” Third, reciprocity or a “pay-it-forward” ethos. Fourth, community building, and fifth, mutual accountability and respect. “What captured me is that people are doing things out of their own good heart,” Wyatt says. “Many years ago, a woman ... said to [civil rights lawyer] Edgar Cahn, ‘I have nothing to give.’ Edgar Cahn listened and finally responded, ‘You have love to give.’ And the whole room just went silent.” Every hour of service is valued the same, no matter how much skill and expertise a task takes, whether it’s an hour keeping someone company, helping them file their taxes or repair a roof.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
In a recent discussion on the implications of blockchain technology and its democratization of finance, Roundtable anchor, Rob Nelson and Jordan Fried, CEO of Immutable Holdings explored the depth and magnitude of the possible changes ahead. Jordan Fried ... discussed the roots of Bitcoin, stating it was a direct protest against institutions like BlackRock and the financial systems that seemed to work only for the wealthy. Recalling the 2008 financial crisis, Fried expressed the sentiments of many who wondered why banks were bailed out while average individuals suffered. Bitcoin arose from this frustration, offering a transparent financial system unlike anything before. Expanding on this, Fried emphasized the transparency of Bitcoin in comparison to traditional currencies. In Bitcoin's blockchain, every transaction is traceable, unlike the ambiguous dealings within the current banking system. Contrary to common misconceptions ... only a fraction of crime occurs in crypto, as compared to the US dollar. Most financial crimes, including money laundering, are committed in US dollars. Rob Nelson humorously highlighted the recurring financial scandals of banks like Wells Fargo, suggesting that these financial giants often factor in their fines as just another "cost of doing business." In this evolving era of blockchain and cryptocurrency, one thing is clear: the potential impact on the financial world is vast. The very essence of how we view and interact with money is on the cusp of profound change.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
Republican Mayor Richard Berry was driving around Albuquerque last year when he saw a man on a street corner holding a sign that read: Want a Job. Anything Helps. Throughout his administration, as part of a push to connect the homeless population to services, Berry had taken to driving through the city to talk to panhandlers about their lives. His citys poorest residents told him they didnt want to be on the streets begging for money, but they didnt know where else to go. Seeing that sign gave Berry an idea. The city could bring the work to them. Next month will be the first anniversary of Albuquerques Theres a Better Way program, which hires panhandlers for day jobs beautifying the city. The job pays $9 an hour, which is above minimum wage, and provides a lunch. At the end of the shift, the participants are offered overnight shelter as needed. In less than a year since its start, the program has given out 932 jobs clearing 69,601 pounds of litter and weeds from 196 city blocks. And more than 100 people have been connected to permanent employment. Berrys effort is a shift from the movement across the country to criminalize panhandling. A recent National Law Center on Homelessness & Poverty report found a noticeable increase, with 24 percent of cities banning it altogether and 76 percent banning it in particular areas. When panhandlers have been approached in Albuquerque with the offer of work, most have been eager for the opportunity to earn money, Berry said. They just needed a lift.
Note: Watch an inspiring video on this great program.
On the outskirts of Austin, Texas, what began as a fringe experiment has quickly become central to the city’s efforts to reduce homelessness. To Justin Tyler Jr., it is home. Mr. Tyler, 41, lives in Community First! Village, which aims to be a model of permanent affordable housing for people who are chronically homeless. In the fall of 2022, he joined nearly 400 residents of the village, moving into one of its typical digs: a 200-square-foot, one-room tiny house furnished with a kitchenette, a bed and a recliner. Eclectic tiny homes are clustered around shared outdoor kitchens, and neat rows of recreational vehicles and manufactured homes line looping cul-de-sacs. There are chicken coops, two vegetable gardens, a convenience store ... art and jewelry studios, a medical clinic and a chapel. In the next few years, Community First is poised to grow to nearly 2,000 homes across three locations, which would make it by far the nation’s largest project of this kind, big enough to permanently house about half of Austin’s chronically homeless population. Many residents have jobs in the village, created to offer residents flexible opportunities to earn some income. Last year, they earned a combined $1.5 million working as gardeners, landscapers, custodians, artists, jewelry makers and more. Ute Dittemer, 66, faced a daily struggle for survival during a decade on the streets before moving into Community First five years ago with her husband. Now she supports herself by painting and molding figures out of clay at the village art house. A few years ago, a clay chess set she made sold for $10,000 at an auction. She used the money to buy her first car.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
Direct cash programs are growing across America, offering a path out of poverty through economic mobility. During a two-week period in 2022, nearly a quarter of a million people in the Chicago area applied for the Cook County Promise Guaranteed Income Pilot, the nation's largest direct cash pilot, and ultimately 3,250 families were randomly selected to get $500 a month for two years. Similar direct cash initiatives have changed the physical, emotional, and economic lives of families that participate. Children are better cared for, and they excel in school. Adults experience improved health and stronger familial relationships. And crucially, when recipients have economic stability, they can plan and invest in their futures—many, for the first time in their lives. The Stockton SEED project, which gave $500 a month for two years to 130 people, saw results that mirrored prior direct cash research. The study ... found that the expansion of finances and the predictable, stable source of income brought by the program created "self-determination and capacity for risk-taking not present prior," meaning that when participants could predictably afford child care, transportation, and training programs they had the financial freedom to invest in their own futures. People have big ambitions, no matter the size of their bank account. For most Americans facing economic struggles, their chief problem is a lack of cash, and not a lack of character.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
Ray, a man in his 50s, used to live in an emergency homeless shelter in Vancouver, Canada. Then he participated in a study that changed his life. The newly published, peer reviewed PNAS study, conducted by the charity Foundations for Social Change in partnership with the University of British Columbia, was fairly simple. It identified 50 people in the Vancouver area who had become homeless in the past two years. In spring 2018, it gave them each one lump sum of $7,500 (in Canadian dollars). And it told them to do whatever they wanted with the cash. Over the next year, the study followed up with the recipients periodically, asking how they were spending the money and what was happening in their lives. The recipients of the cash transfers did not increase spending on drugs, tobacco, and alcohol, but did increase spending on food, clothes, and rent. What’s more, they moved into stable housing faster and saved enough money to maintain financial security over the year of follow-up. “Counter to really harmful stereotypes, we saw that people made wise financial choices,” Claire Williams, the CEO of Foundations for Social Change, [said]. What’s more ... giving out the cash transfers in the Vancouver area actually saved the broader society money. Enabling 50 people to move into housing faster saved the shelter system $8,277 per person over the year, for a total savings of $413,850. That’s more than the value of the cash transfers, which means the transfers pay for themselves.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
Michael Tubbs had just been elected the youngest and first Black mayor of Stockton, California, when he announced his intention to launch what would be the country’s first universal basic income program in decades. The year was 2017, and the plan was to pay some residents $500 a month, no strings attached. In the years since his announcement ... the 125 participants of the Stockton program showed that they used that extra $500 a month not for luxuries or frivolities, but to pay off debt, obtain full-time jobs and get medical treatment like dental work that they had put off for years because they could not afford it. Now, more than 100 cities and jurisdictions around the country have launched their own guaranteed income programs. The basis of guaranteed income is simple: poverty, a problem at the crux of so many societal woes, can be solved with money and it is the government’s job to solve it. It’s a guaranteed monthly income without the requirements that come with a welfare program – requirements that often keep recipients in poverty when the program benefits outweigh any job or income advancement they could make. “We’re talking about like life-changing impacts for a very small amount of dollars, in the grand scheme of things,” Tubbs said. The Stockton program was originally funded by a grant from the Economic Security Project, but some programs today are drawing directly from their governmental budgets.
Note: A documentary about the Stockton program titled "It's Basic" was recently featured at the Tribeca Film Festival. Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
It was six years ago when CEO Dan Price raised the salary of everyone at his Seattle-based credit card processing company Gravity Payments to at least $70,000 a year. Price slashed his own salary by $1 million to be able to give his employees a pay raise. He was hailed a hero by some and met with predictions of bankruptcy from his critics. But that has not happened; instead, the company is thriving. He said his company has tripled and he is still paying his employees $70,000 a year. "I make $70,000 a year," Price [said]. According to the Economic Policy Institute, average CEO compensation is 320 times more than the salaries of their typical workers. Price said despite the success his company has had with the policy, he wishes other companies would follow suit. "I would say that's the failure of this. You know, I feel like I've been shouting from the rooftops like, 'This works, this works, everybody should do it!' and zero big companies are following suit because the system values having the highest return with the lowest risk and the lowest amount of work," Price said. Price thinks Gravity's returns are up in large part because bigger paychecks have lead to fiercely loyal employees. "Our turnover rate was cut in half, so when you have employees staying twice as long, their knowledge of how to help our customers skyrocketed over time and that's really what paid for the raise more so than my pay cut," said Price.
Note: Explore more positive stories about reimagining the economy.
Finlands much-lauded housing first approach ... has been in place for more than a decade. The idea is simple. To solve homelessness you start by giving someone a home, a permanent one with no strings attached. If they want to drink, they can; if they want to take drugs, thats fine too. Support services are made available to treat addiction, mental health and other problems, and to help people get back on their feet, from assisting with welfare paperwork to securing a job. The housing in Finland is a mix of designated standard apartments sprinkled through the community, and supported housing: apartment blocks with on-site services, built or renovated specifically for chronically homeless people. Formerly homeless residents ... pay rent from their own pockets or through the benefits afforded by Finlands relatively generous welfare state. The approach is working. As homelessness rises across Europe, Finlands numbers are falling. In 1987, there were around 18,000 homeless people. In 2017, there were 7,112 homeless people, of which only 415 were living on the streets or in emergency shelters. The vast majority (84 percent) were staying temporarily with friends or relatives. Between 2008 and 2015, the number of people experiencing long-term homelessness dropped by 35 percent. While its expensive to build, buy and rent housing for homeless people, as well as provide the vital support services, the architects of the policy say it pays for itself. Studies have found housing one long-term homeless person saves society around 15,000 ($17,000) a year ... due to a reduction in their use of services such as hospital emergency rooms, police and the criminal justice system.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Community currencies — alternative forms of money sometimes also referred to as local or regional currencies — are as diverse as the communities they serve, from grassroots time-banking and mutual credit schemes to blockchain-based Community Inclusion Currencies. Local currencies were common until the 19th century, when the newly emerging nation states transitioned to a centralized system of government-issued money as a way of consolidating their power and stabilizing the economy. Far from being a neutral system of exchange, a currency is a tool to achieve certain goals. Inequality and unsustainability are baked into our monetary system, which is based on debt and interest with practically all the money ... being created by private banks when issuing loans. Well-designed community currencies eliminate two main sources of financial inequality: money’s perceived inherent value and the interest rates, which both incentivize people to hoard their money. Like the pipes that bring water to your house, money is the conduit that gives you access to goods and services. The value of money is created in the transaction. In 2015 it was estimated that almost 400 of them are active in Spain alone, and across Africa blockchain-backed systems, like the Sarafu in Kenya, help underserved communities do business without conventional money. Elsewhere, local currencies like the Brixton pound in the U.K. or BerkShares in Massachusetts are a way to keep money in the community, buffering it against the pressures of a globalized economy.
Note: Explore more positive stories like this on reimagining the economy.
In 2015, [Jo] Nemeth had quit her community development job, given the last of her money to her 18-year-old daughter Amy and closed her bank account. “I was 46, I had a good job and a partner I loved, but I was deeply unhappy,” Nemeth says. “I’d been feeling this growing despair about the economic system we live in.” Her “lightbulb moment” came when her parents ... gave her a book about people with alternative lifestyles. “When I read about this guy choosing to live without money, I thought, ‘Oh my God, I have to do that!’” The first thing Nemeth did was write a list of her needs. "I discovered I really didn’t need much to be comfortable. Then I just started ... figuring out how I could meet my needs without having any negative impacts.” For the first three years, Nemeth lived on a friend’s farm, where she built a small shack from discarded building materials before doing some housesitting and living off-grid for a year in a “little blue wagon” in another friend’s back yard. Instead of paying rent, Nemeth cooks, cleans, manages the veggie garden and makes items such as soap, washing powder and fermented foods. And she couldn’t be happier. She soon started tapping into the “gift economy” more deeply, giving without expecting anything in return, receiving without any sense of obligation. “That second part took a while to get used to,” she says. “It’s very different to bartering or trading, which involves thinking in a monetary, transactional way: I’ll give you this if you give me that. I actually feel more secure than I did when I was earning money,” she says, “because all through human history, true security has always come from living in community and I have time now to build that ‘social currency’. To help people out, care for sick friends or their children, help in their gardens. That’s one of the big benefits of living without money.”
Note: Explore more positive stories like this on reimagining the economy.
Cryptocurrencies represent the marriage of decentralized networks (what we commonly know as the internet today) and assets like money. [Cryptocurrency] uniquely enables new solutions to otherwise intractable technological and social problems. Users often lose control over their personal information online, either all at once through platform hacks or bit-by-bit in the opaque world of online advertising and data brokers. A major issue is that the business model of big tech firms is advertising, creating an incentive to aggregate data into a single database, creating a “honeypot” for hackers. Blockchains can enable a new form of digital identity document for the web. Using these credentials, users can authenticate for services without having to divulge as much personal information. Traditional payment systems are often slow, costly and inaccessible to many. Cryptocurrencies backed by real-world currencies, dubbed “stablecoins,” provide an efficient alternative for global transactions. In 2023, stablecoins accounted for $4.5 trillion of crypto transaction volume on blockchain networks. Even digital payments giant PayPal announced the launch of its stablecoin earlier this year. Traditional humanitarian aid often suffers from inefficiency, lack of transparency and corruption, undermining its effectiveness and trustworthiness. Blockchain offers a solution by providing a transparent, traceable and secure system for humanitarian aid. A recent UN pilot [provided] aid directly to families affected by the war between Russia and Ukraine. The entertainment industry is famously concentrated, causing writers and actors to recently go on strike ... demanding better pay and new contract clauses. Blockchain technology enables more democratic digital economies through non-fungible token (NFTs) marketplaces like Zora, and decentralized autonomous organizations (DAOs) like CreatorDAO, allowing creators and artists to take advantage of online marketplaces and earn fair compensation for their contributions.
Note: Watch our latest video on the potential for blockchain to fix government waste and restore financial freedom. Explore more positive stories like this on technology for good.
"Welcome to the Blockchain! Your voice is worth something," states a webpage of Steemit, the social network built on a blockchain that's now exploding with popularity. Steemit ... supports community building and social interaction through cryptocurrency rewards and a reputation or influence-based system, known as Steem Dollars and Steem Power. Ned Scott, CEO and co-founder of Steemit, told IBTimes: "If you think about the existing models - Facebook, Twitter, Instagram - these are platforms that invite people to come and do all this work so that their shareholders, who are not necessarily contributors make all this money. "Our platform is a cooperative version of a social network which is more intuitive, and a more shared, community-driven approach, and that's why our early user base is growing. We are completely open source." Steemit grew out of a long process set in motion by gifted developer and co-founder, Daniel Larimer. It evolved from the idea of a decentralised exchange ... to a later exploration of blockchain-based mutual aid and micro-insurance, with a forum added for users to interact and compare notes. It does away with traditional cryptocurrency barriers to entry, like having to go and buy coins at an exchange. Scott said everyone is rewarded one way or another. People who post content actually get rewarded [with Steem, a currency whose value] is split between tradability and reputation. Steem is currently the third most valuable cryptocurrency in the world.
Note: Unlike other social media platforms such as Facebook, Steemit is technically impossible to censor and is owned by everyone that uses it. Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Libraries arent just for books, or even e-books, anymore. In Sacramento, where people can check out sewing machines, ukuleles, GoPro cameras and board games, the new service is called the Library of Things. Services like the Library of Things and the Stuff-brary in Mesa, outside Phoenix, are part of a broad cultural shift in which libraries increasingly view themselves as hands-on creative hubs, places where people can learn new crafts and experiment with technology like 3-D printers. Last year, the Free Library of Philadelphia pulled together city, state and private funds to open a teaching kitchen, which is meant to teach math and literacy through recipes and to address childhood obesity. It has a 36-seat classroom and a flat-screen TV for close-ups of chefs preparing healthy dishes. Libraries are looking for ways to become more active places, said Kate McCaffrey of the Northern Onondaga Public Library, outside Syracuse, which lends out its garden plots and offers classes on horticulture. People are looking for places to learn, to do and to be with other people. The Ann Arbor District Library has been adding to its voluminous collection of circulating science equipment. It offers telescopes, portable digital microscopes and backyard bird cameras, among other things - items that many patrons cannot afford to buy. In Sacramento, each item in the Library of Things bears a bar code, since the Dewey Decimal System was not intended for sewing machines or ukuleles.
Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.
Four years after the country let its debt-ridden banks fail, and as the country's growth looks set to far outpace the eurozone, [Iceland's president Olafur Ragnar Grimsson] said the decision not to save the banks was "the most difficult I ever had to make," but maintained it was the right one. "Allowing the banks to fail is one of the fundamental reasons Iceland is now in a strong recovery with respect to other European countries," he said. Now, according to Grimsson, "Iceland is better placed to benefit by maintaining our present position, rather than to let the EU speak on our behalf." The 69-year-old president pointed to Norway and Greenland -- two other Arctic economies and non-European Union members -- as role models. However, Grimsson said he was not sure whether Iceland's strategy with its banks could have been replicated by other countries with similar problems, such as Ireland. "Being part of the eurozone, they couldn't devalue their currency. But they could have adopted our policy with respect to the banks," he said. The Icelandic krona fell sharply as a result of the financial collapse, helping the country recover by increasing demand for exports. "There are still scars," Grimsson said, "but on the whole, the will of the Icelandic people has enabled us to recover and move confidently towards the future."
Note: Watch a great video interview of Iceland's president discussing this matter. Iceland has gone through tremendous transformation that has greatly supported both the people and the economy of this nation. Why is this getting so little press coverage?
Soon after giving birth to a daughter two months premature, Terri Logan received a bill from the hospital. She recoiled from the string of numbers separated by commas. Then a few months ago Logan received some bright yellow envelopes in the mail. They were from a nonprofit group [RIP Medical Debt] telling her it had bought and then forgiven all those past medical bills. The nonprofit has boomed during the pandemic, freeing patients of medical debt, thousands of people at a time. Its novel approach involves buying bundles of delinquent hospital bills – debts incurred by low-income patients like Logan – and then simply erasing the obligation to repay them. It's a model developed by two former debt collectors, Craig Antico and Jerry Ashton, who built their careers chasing down patients who couldn't afford their bills. RIP buys the debts just like any other collection company would – except instead of trying to profit, they send out notices to consumers saying that their debt has been cleared. A surge in recent donations – from college students to philanthropist MacKenzie Scott, who gave $50 million in late 2020 – is fueling RIP's expansion. To date, RIP has purchased $6.7 billion in unpaid debt and relieved 3.6 million people of debt. RIP is one of the only ways patients can get immediate relief from such debt, says Jim Branscome, a major donor. "As a bill collector collecting millions of dollars in medical-associated bills in my career, now all of a sudden I'm reformed: I'm a predatory giver," Ashton said.
Note: To understand the corruption in healthcare that results in expensive medical bills, read this revealing 10-page summary of medical doctor Marcia Angell's book The Truth About Drug Companies. To further explore stories that help create the world we want to live in, check out our inspiring news articles collection and our Inspiration Center.
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
