The Occupy Wall Street
(OWS) movement is alive and well, albeit working in various different capacities these days. One of the results of the ever-evolving OWS coalition is a new initiative, the Rolling Jubilee. The Rolling Jubilee is a debt buyout of the people and by the people and it kicks off on Nov. 15, 2012.
“People shouldn’t have to go into debt for an education
, because they need medical care, or to put food on the table during hard times. We shouldn’t have to pay endless interest to the 1 percent for basic necessities. Big banks
and corporations walk away from their debts and leave taxpayers to pick up the tab. It’s time for a bailout of the people, by the people.” Source: Rolling Jubilee
Rolling Jubilee operates on an interesting concept: buying public debt for pennies on the dollar, just like a debt collection agency would do, but instead of attempting to collect the debt, the Rolling Jubilee movement abolishes it. If the movement raises $50,000, this could eliminate $1 million worth of debt. This is debt forgiveness in its purest form.
The movement begins on Nov. 15 at 8 p.m. with "The People’s Bailout," a variety show and telethon that will be streaming live from New York City. Variety show special guests include actress and comedian Janeane Garofalo, Air America Radio co-founder Lizz Winstead and writer Max Silvestri.