<html><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div>Rolling Jubilee starts it Strike Debt project today,Nov 15. For details go to: <b> <a href="http://rollingjubilee.org">http://rollingjubilee.org</a></b></div><div><div id="content">
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<div class="contentNav sectionTitle"><br></div><div class="contentNav sectionTitle"><h1 class="pageTitle" itemprop="name" style="font-size: 17px; ">Rolling Jubilee: Buying Up Distressed Debt, Occupy Offshoot Bails Out the People, Not the Banks</h1><div><fb:like class="fb_edge_widget_with_comment fb_iframe_widget" fb-xfbml-state="rendered" send="false" href="http://www.democracynow.org/2012/11/15/rolling_jubilee_buying_up_distressed_debt" font="arial" show_faces="false" action="recommend" layout="button_count" width="115" ref=".UKUc2gHkOYM.like"><span style="height: 21px; width: 119px; "><span class="Apple-tab-span" style="white-space: pre; "> <span class="Apple-style-span" style="font-size: 17px; "> </span></span><span class="Apple-style-span" style="font-size: 17px; ">From Democracy Now</span>:<a href="http://www.democracynow.org/seo/2012/11/15/rolling_jubilee_buying_up_distressed_debt#" class="addthis_button_facebook_like at300b" fb:like:action="recommend" fb:like:layout="button_count" fb:like:width="115" title="Share this story using another service" style="font-size: 16px; "><iframe src="http://www.facebook.com/plugins/like.php?api_key=172525162793917&locale=en_US&sdk=joey&ref=.UKUc2gHkOYM.like&channel_url=http%3A%2F%2Fstatic.ak.facebook.com%2Fconnect%2Fxd_arbiter.php%3Fversion%3D17%23cb%3Df24432d6069e574%26origin%3Dhttp%253A%252F%252Fwww.democracynow.org%252Ff1a4c6aff7f7f38%26domain%3Dwww.democracynow.org%26relation%3Dparent.parent&href=http%3A%2F%2Fwww.democracynow.org%2F2012%2F11%2F15%2Frolling_jubilee_buying_up_distressed_debt&node_type=link&width=130&font=arial&layout=button_count&colorscheme=light&action=recommend&show_faces=false&send=false&extended_social_context=false" class="fb_ltr" title="Like this content on Facebook." style="border: medium none; overflow: hidden; height: 21px; width: 119px;" name="f7776f601b319c" id="f366d6950f3049a" scrolling="no"></iframe></a></span></fb:like><span class="Apple-style-span" style="font-size: 16px; ">
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<div class="intro" itemprop="description" style="font-size: 16px; "><p>An offshoot of Occupy
Wall Street has launched a new movement called "Rolling Jubilee" to buy
distressed debt from financial firms, often for pennies on the dollar,
and then canceling it so that borrowers do not have to repay. The people
who incurred the debt in the first place then get a certified letter
informing them they are off the hook. Typically, financial institutions
sell debt for pennies on the dollar to third parties who either try to
collect on it or bundle it up for resale. However, the Rolling Jubilee
activists say they are buying up the debt in order to "liberate debtors
at random through a campaign of mutual support, good will, and
collective refusal." Tonight, Rolling Jubilee is holding a sold-out
benefit concert in New York City to continue its anti-debt fundraising.
The group says it has already raised $129,000 through online donations,
which is enough to buy approximately $2.5 million worth of defaulted
loans, due to their steep markdowns. We’re joined by Pamela Brown, a
Ph.D. student in sociology at the New School and one of the organizers
of the Rolling Jubilee. She also is participating in the Occupy Sandy
efforts to organize local relief efforts to people hit hardest by
Superstorm Sandy. [Transcript to come. Check back soon.]</p></div></div></div></div></div></div><div><br></div><br><div><div class="row"><div class="span24 center bg arrow-down-steep" id="top"><div class="row"><div class="span14 offset5 intro">
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<h3 class="sub">A bailout of the people by the people</h3>
<h3>Rolling Jubilee is a <a href="http://strikedebt.org/">Strike Debt</a>
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.</h3>
<h3><a href="http://rollingjubilee.org/#faq" class="scroll">Learn more</a> or <a href="http://rollingjubilee.org/#contribute" class="scroll">contribute</a>.
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<h3 class="sub">Join our mailing list</h3>
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