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.