The Rolling Jubilee is a bailout of the people by the people – we buy defaulted debt for pennies on the dollar, but instead of collecting it, we abolish it. Our goal for the launch is to raise $50,000, which will likely allow us to abolish more than $1,000,000 dollars worth of personal debt. The more money we raise, the more debt we can abolish. Donations can be made online at rollingjubilee.org beginning around November 15.
The Rolling Jubilee is a project of Strike Debt, which emerged out of Occupy Wall Street and is dedicated to raising public awareness about predatory debt practices, debt resistance and mutual aid. Debt is the tie that binds the 99%, from recent graduates paying hundreds of dollars in interest every month on their student loans, to elderly homeowners underwater to the banks, to teachers and firefighters forced to take pay cuts because their cities are broke, to countries that that have to slash school and hospital budgets to pay back bondholders. Strike Debt links diverse individuals and communities to resist the debt system. Initiatives include publishing The Debt Resistors’ Operations Manual, hosting teach-ins and debt assemblies, supporting the Occupy Student Debt Campaign‘s pledge of student debt refusal, and creative direct actions across the country.