Posts Tagged: Rolling Jubilee
41

Assets & Liabilities: Understanding The Rolling Jubilee Project

Strike Debt, an offshoot of the Occupy movement, recently launched a project called the Rolling Jubilee, which has raised over $350K as I write; the money will be used to buy, and then forgive, around $7 million worth of distressed medical debt. That's what a "jubilee" meant, in Old Testament times: a period for cancelling debts, and for the manumission of slaves, that came around every five decades: "And ye shall hallow the fiftieth year, and proclaim liberty throughout all the land unto all the inhabitants thereof: it shall be a jubile unto you; and ye shall return every man unto his possession, and ye shall return every [...]

10

Who Wants to Buy and Forgive Some Cheap Debt? It's the Rolling Jubilee!

"OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT." It's the Rolling Jubilee! There are some tricky issues with this as a program but guess what? TECHNICALLY, it actually works.