Strike Debt, an offshoot of Occupy Wall Street, is launching the Rolling Jubilee--a project that buys debt for pennies on the dollar, but instead of collecting it, abolishes it. The project has already drawn national attention to the crippling burden of debt on the average household, the 99%.
The launch of the Rolling Jubilee -- a sold out telethon called the "People's Bailout"-- featuring musicians and comedians will be held at Le Poisson Rouge in NYC. Live stream is available (embed code below), and local NYC viewing party at Church of the Village (201 W 13th St) is open to everyone. Telethon viewing parties are organized in over 30 cities across the country.
The event is to raise additional funds to buy defaulted debt. This is an effort to turn the tables against Wall Street and bring collective power to debt resistance. Debtors are liberated at random through a campaign of mutual support, good will, and collective refusal. The Rolling Jubilee is just the first step toward lifting the crushing debt burden and remaking the economic system so that no one has to go into debt for basic necessities.
So far there has been enough raised $180,000 which should enable us to purchase and cancel roughly $3.5 million of debt. We have already bought and abolished $100,000 in medical debt. There are big plans for the future, stay tuned.
Follow @StrikeDebt @RollingJubilee and #PeoplesBailout on twitter
Over three-quarters of American households are in debt and one of out every seven American is being pursued by a debt collector. $26,000 is the average level of student debt in this country. 25% of homeowners are underwater in their mortgage. Debt is everywhere. You likely have questions. How does this work? Has this been done before? Whose debt will be forgiven? We have Frequently Asked Questions and are happy to connect you with one of the many Strike Debt organizers behind the Rolling Jubilee to answer any other questions