The Rolling Jubilee is coming on November 15, 2012 when the group Strike Debt
, an offshoot of the Occupy Wall Street movement, will be taking money donated by the people and using it to forgive millions in debt. The group picked a concept called Jubilee to describe their efforts. In the Bible every seven years people were to be forgiven of all debt and every fifty years be freed of slavery.
1 At the end of every seven years you must cancel debts. 2 This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed.
And you shall consecrate the fiftieth year, and proclaim liberty throughout the land to all its inhabitants. It shall be a jubilee for you, when each of you shall return to his property and each of you shall return to his clan.
feels that it is time for a Jubilee to free Americans from debt and slavery to the 1%. They began the concept of the Rolling Jubilee to help the 99% bail each other out by forming a non profit debt brokerage that buys block debt and instead of collecting on it, forgives the debt.
So far the Rolling Jubilee has collected $137,000 which will abolish around $2 million worth of American held debt. The Strike Debt affiliate will take their donations and purchase the debt from the loan holders or banks and instead of collecting on it they will simply forgive it. How is this legal? You can thank the same people who made the housing bubble burst because of speculation, bad loans, and the ability to buy and sell debt. A little silver lining to the dark cloud of back alley bank deals.. According to the website, the Rolling Jubilee will be completely transparent and keep the public up to date on its acquisitions and the debt it forgives.
Although the process by which the Rolling Jubilee will be conducting its business is perfectly legal there is no telling what kind of repercussions the group could face in the future. Their movement will leave a bad taste in the mouth of many debt brokerage firms who make a living off of dealing in debt. There may be lobbying and legislative action in the future if the Rolling Jubilee takes off from its small roots.
The Rolling Jubilee will be kicking off a telethon event based at Le Poisson Rouge
to gather even more donations. The Nov 15 launch party will be live streaming at 8pm EST with performers such as Janeane Garofalo, David Rees, Jeff Mangum of Neutral Milk Hotel, Lee Ranaldo of Sonic Youth, and many more. Tickets to the live show have already sold out.