Occupy Wall Street Has Raised Enough Money To Abolish $11,236,570 Of Personal Debt

nancy bowen ‏@lavenderblue27

Occupy Wall Street Has Raised Enough Money To Abolish $11,236,570 Of Personal Debt http://shar.es/jTzf7 via @sharethis
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http://occupyamerica.crooksandliars.com/diane-sweet/occupy-wall-street-has-raised-enough

Rolling Jubilee is a Strike Debt project that buys debt for pennies on the dollar, but instead of collecting it, abolishes it. Together we can liberate debtors at random through a campaign of mutual support, good will, and collective refusal. Debt resistance is just the beginning. Join us as we imagine and create a new world based on the common good, not Wall Street profits.

Called a “bailout of the people by the people,” jubilee comes from many faith traditions including Judaism, Christianity and Islam. A jubilee is an event in which all debts are cancelled and all those in bondage are set free.

Banks sell debt for pennies on the dollar on a shadowy speculative market of debt buyers who then turn around and try to collect the full amount from debtors. The Rolling Jubilee intervenes by buying debt, keeping it out of the hands of collectors, and then abolishing it. The objective being not to make a profit, but to help each other out and highlight how the predatory debt system affects all our families and communities.

Since they launched their effort, they have raised $561,587 which will purchase and abolish $11,236,570 of personal debt.