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article imageVideo: Occupy Wall Street to launch 'Rolling Jubilee'

By Can Tran     Nov 12, 2012 in World
Movements of Occupy Wall Street (OWS) have banded together to create "Strike Debt." Through Strike Debt, an initiative called "Rolling Jubilee" has been created with a simple goal: buy up debt and forgive it.
Occupy Wall Street (OWS), which originated in New York City with protests around Wall Street, grew to become a national movement. It ran on this line called “We are the 99%.” You would see similar movements such as the following: Occupy Boston, Occupy DC, Occupy Chicago, Occupy Oakland, Occupy Los Angeles, Occupy Atlanta, Occupy Harvard, Occupy Philadelphia, Occupy Pittsburgh, Occupy Seattle, etc. Similar protests took place across the entire world. However, this momentum has seemingly died down. On one hand, one could call OWS the opposite of the Tea Party Movement. On the other hand, OWS didn't seem to have the necessary direction as it looked as just a gathering of protesters. However, the OWS Movement is not dead.
The various OWS groups have banded together to create this larger group called “Strike Debt.” It has an online site in which you can donate money to. Through Strike Debt, the OWS Movement is launching something called “Rolling Jubilee.” There is a video available that talks about Rolling Jubilee which is raising money to purchase debt. Instead of collecting debt, Strike Debt will immediately forgive it. So far, this may be effective in the future.
Rolling Jubilee has its own website in which you can directly contribute to.
According to an article on The Telegraph, the group had already performed a test run buy spending $500 to buy up $14,000 of outstanding loans. Instead of collecting, the group went and forgave the debt.
Apparently, the people of the OWS movement have thought this through. They have consulted many people such as attorneys and the IRS.
A poster for  Rolling Jubilee   an initiative launched by OWS through Strike Debt.
A poster for "Rolling Jubilee," an initiative launched by OWS through Strike Debt.
Joe Alterio
Business Insider, in an article, praises Rolling Jubilee. According to the article, Rolling Jubilee delivers a “transpartisan” message. This cannot be classified with the Republicans nor the Democrats. One could consider Rolling Jubilee as a neutral initiative as best with the simple goal: buying up debt and forgiving it instead of collecting on it.
While the goal is simple, achieving the goal isn't going to be easy. Simple does not necessarily nor automatically mean easy. Business Insider said that lenders may scoff at the notion of Rolling Jubilee. At the same time, Rolling Jubilee can make lenders look like the villains if they seek to block debt cancellation.
It said that Rolling Jubilee needs to keep to its message. Business Insider said that Rolling Jubilee cannot look like some political strategy. While it is not the fix-all solution, this can be considered a start.
After the official launch, how much will Rolling Jubilee accomplish? Come the 2014 and 2016 elections, will there be any politicians weighing in on Rolling Jubilee?
More about OWS, ows movement, Occupy Wall Street, occupy movement, the occupy movement
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