Long before the curtain goes up on the Rolling Jubilee's kick-off telethon tonight, it was clear that the event's organizers have struck a nerve.
Joe Alterio The Rolling Jubilee's campaign of debt forgiveness begins tonight.
The Rolling Jubilee, a project of the debt-activist group Strike Debt, an outgrowth of Occupy Wall Street and the people behind the Debt Resistors Operation Manual, is based on a diagnosis that Americans are struggling under an ever more complex and stifling architecture of student debt, medical debt, credit card debt, and mortgages.
The solution proposed by Strike Debt is based on the biblical institution of a the jubilee, a year in which debts were wiped clean and indentured servants released from their bondage. The Rolling Jubilee will buy debt on the debt market, where it can be had for pennies and the dollar, and then, rather than hounding the debtors for repayment, it will simply forgive the debt.More »