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Sun Nov 11, 2012, 08:56 AM

Brilliant. Positively BRILLIANT.

Most people that hear the word jubilee think it's something like a anniversary celebration (Diamond Jubilee, etc.) but in fact, the concept of the jubilee is much deeper.

Long before "the Churchies" here in America perverted the Christian religion, the Church was about Unconditional Love (and if it stayed true to this, I most likely would not have left it) not a haven for haters enabled by passive congregations. If the Church were true to its original ideology, it would elevate a practice that was once quite common and is, in fact, the original and true meaning of the jubilee concept: hitting the reset button.

Enslaved? Poof, you're free.
Buried by debt? Poof, forgiven.
House taken? Poof, it's yours again.
And on and on...

Jubilee is about debt forgiveness. Jubilee is, ironically, a lot like social security. The short version of its interpretation is along the lines of God knowing that people and money are not necessarily best friends, people will act irresponsibly, there will always be poor and all of this creates suffering that simply need not exist. So, every 7 years, a jubilee. Every 50 years, a Super Duper Jubilee. Got it?

But in Corporate America, something like this just doesn't--couldn't--exist. Enter the Occupy Movement and a BRILLIANT idea.


http://rollingjubilee.org/

The concept is simple. Pool funds to buy debt.
For example, buy $1 million in debt for just $50K. Then instead of collecting on the debt, cancel it.

Like I said before, BRILLIANT!
Oh, and what a great way for the Right Wing to help make all that Evil Debt could go away!

On Twitter, it #peoplebailout

DUers, check it out.








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Arrow 39 replies Author Time Post
Reply Brilliant. Positively BRILLIANT. (Original post)
TheAmbivalante Nov 2012 OP
TheAmbivalante Nov 2012 #1
Coyotl Nov 2012 #12
alfredo Nov 2012 #18
wakemewhenitsover Nov 2012 #2
Earth_First Nov 2012 #3
Phentex Nov 2012 #14
bkkyosemite Nov 2012 #28
savebigbird Nov 2012 #4
BlueToTheBone Nov 2012 #5
magical thyme Nov 2012 #7
BlueToTheBone Nov 2012 #34
magical thyme Nov 2012 #36
alphafemale Nov 2012 #8
BlueMan Votes Nov 2012 #10
rucky Nov 2012 #6
Barack_America Nov 2012 #9
nc4bo Nov 2012 #13
Barack_America Nov 2012 #15
Luminous Animal Nov 2012 #16
nc4bo Nov 2012 #17
riderinthestorm Nov 2012 #24
liberalmuse Nov 2012 #26
Avalux Nov 2012 #11
patrice Nov 2012 #19
SHRED Nov 2012 #20
patrice Nov 2012 #21
patrice Nov 2012 #22
johnnyrocket Nov 2012 #23
TheAmbivalante Nov 2012 #25
nbsmom Nov 2012 #33
JimDandy Nov 2012 #35
ellenfl Nov 2012 #27
yodermon Nov 2012 #29
TheAmbivalante Nov 2012 #32
bkkyosemite Nov 2012 #30
Jake2413 Nov 2012 #31
trailmonkee Nov 2012 #37
jerseyjack Nov 2012 #38
Whisp Sep 2013 #39

Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 08:58 AM

1. A video tells more




I dig this on so many levels, it's sick.

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Response to TheAmbivalante (Reply #1)

Sun Nov 11, 2012, 09:54 AM

12. WHOIS? But it does not tell us who the money is sent to = joker.com ??? ablog.org ??

Domain Name:STRIKEDEBT.ORG
Created On:12-Jun-2012
Sponsoring Registrar: CSL Computer Service Langenbach GmbH d/b/a joker.com a German GmbH (R25-LROR)
Status:CLIENT TRANSFER PROHIBITED
Registrant ID:CORG-314593
Registrant Name:ablog.org
Registrant Street1:ablog.org whq
Registrant Street2:
Registrant Street3:
Registrant City:new york
Registrant State/Province:ny
Registrant Postal Code:10011

Registrant Name:Aaron Bornstein
Registrant Street1:ablog.org whq



?2479809

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Response to TheAmbivalante (Reply #1)

Sun Nov 11, 2012, 11:14 AM

18. Put it on Facebook and Google+

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 08:58 AM

2. You're right. Brilliant.

K&R

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 09:03 AM

3. Let's see billionaire philanthropy get behind this one!

"Oh, the places we'll go!"

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Response to Earth_First (Reply #3)

Sun Nov 11, 2012, 10:17 AM

14. That's wht I'd like to see...

someone pointed out in another thread on this that the debt is in the trillions and $500 here and there won't make a dent. But what if the Hollywood people got behind it and donated a million toward the cause? Or billionaires who want to help the country move forward? Five million from Oprah could make a difference!

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Response to Phentex (Reply #14)

Sun Nov 11, 2012, 12:09 PM

28. Warren Buffet wants to give all his money to charity well how bout helping the 99% get on their feet

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 09:07 AM

4. +1

Mind blowing!

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 09:12 AM

5. How can this help someone like me?

I'm not in bankruptcy, my income has declined, I own a house, I owe big cc bills so I see no way that would help people like me...the old middle class and not of the $250,000 annual kind.

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Response to BlueToTheBone (Reply #5)

Sun Nov 11, 2012, 09:24 AM

7. Blue, it is meant to help people who have lost everything...

and are being hounded by collectors day and night, making their recovery that much harder.

However, taking the big picture, it will help the economy and that will help everybody.

I'm not in bankruptcy, my income has become a joke, I own a house and owe big student loan bills. My income doesn't come close to allowing me to pay the student loans, but I'm hanging on thanks to the President's income-based student loan repayment program.

I've long since fallen out of the middle class and it won't help me directly either...but I don't begrudge helping people who are doing worse than I am.

It has been my experience in nearly 60 years of living that sooner or later, as long as the money is *circulating* some of it will eventually find its way through my hands.

It has also been my experience that not every program will help me, but at a critical juncture one or another will. So it's hard sometimes, but I try not to expect every, single program to carry my next step. As long as enough come along.

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Response to magical thyme (Reply #7)

Sun Nov 11, 2012, 05:54 PM

34. I too am happy that this can help many people who have lost

everything. Like you, I'm just hanging on and the grind seems almost more than I can bear somedays. I'm about to have shoulder surgery and I will be immobile and unable to work for 2 months. I'm afraid I will be right there with all the people who have lost everything. Sorry I sound so whiny.

I actually don't expect any program to help me and I'm happy my taxes and efforts are now going to be more socially centered than war centered.

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Response to BlueToTheBone (Reply #34)

Sun Nov 11, 2012, 06:11 PM

36. No need to apologize. The grind is wearing me down too...

We are so understaffed at the hospital that 2nd shift has turned into an 8 hour sprint. I am so exhausted I start making mistakes toward the end of the shift, as does everybody else. And then too exhausted the next day to do anything.

I am always hanging by a thread. Every time I start to get a little ahead, one or another emergency happens. For me, the latest one will be my tooth breaking and needing a crown. My payback for celebrating a 2nd evening with popcorn instead of holding the line at election night only.

I don't expect any program to help me. They've just come through twice now right when I was at my breaking point. Homelessness is not an option for me. When I lose my home, I lose too much of my fur and feather family. My parents used to go away for weekends and lock me out in the street when I was 14 years old. I will not be locked out in the street again, period.

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Response to BlueToTheBone (Reply #5)

Sun Nov 11, 2012, 09:26 AM

8. what?

That's your response? "What's in it for me?"


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Response to BlueToTheBone (Reply #5)

Sun Nov 11, 2012, 09:42 AM

10. it probably can't.

 

they can't buy any one person's specific debt.
they 'buy' debt in large bundles- they don't know who, or what it's for.
it could even be debt that's owed by someone who HAS the means to have paid it- but didn't.

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 09:20 AM

6. Cool, but...

Why is the domain registration private?
http://whois.domaintools.com/rollingjubilee.org

Why is the phone number listed from Panama?

They're asking to be trusted to distribute potentially millions of dollars, but there's no contact info on the website, and no disclosure of ownership.

Awesome concept. Proceed with caution.

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Response to rucky (Reply #6)

Sun Nov 11, 2012, 09:35 AM

9. That's an excellent point. Transparency in the process is key.

I want to know more about who's behind this.

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Response to rucky (Reply #6)

Sun Nov 11, 2012, 10:11 AM

13. Just sent off an email asking similar questions and expressed concerns on transparency and

accountability.

Hope to hear something back and will post responses if/when I get one.

Others should do the same.

Update from RollingJubilee.com autobot response:


Thanks so much for contacting us! As you can imagine, we're incredibly
busy working on this campaign, but we're also eager to respond and
will get back to you as soon as possible.

If you are writing to ask us to purchase your debt, please understand
that we have no way of buying a specific person's debt. Anonymous
accounts get bundled together by other firms and sold as a whole. We
have no input into whose debt is included.

We hope to buy as much debt as we can and, more fundamentally, to get
people asking why it is that debt can be so cheap to everyone except
the debtor.

Over three-quarters of American households are in debt and one of out
every seven Americans is being pursued by a debt collector. Remember:
you are not a loan!

If you are a member of the press, please respond to us with your
deadline, and we will expedite your request.

Best,
The Strike Debt team

www.strikedebt.org
www.rollingjubilee.org
https://twitter.com/StrikeDebt
https://www.facebook.com/pages/Strike-Debt/244850825627699


--
On Nov 15th make sure to watch the telethon on our live-stream, Nov 15, 8pm
EST featuring Jeff Magnum of Neutral Milk Hotel, Janeane Garofalo, Lee
Ranaldo of Sonic Youth, Guy Picciotto of Fugazi, Tunde Amebimpe of TV on
the Radio and many more.

follow @StrikeDebt on twitter, and donateyouraccount.com/StrikeDebt
share your debt story on whystrikedebt.tumblr.com

Remember, you are not a loan,

-The Strike Debt Team

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Response to nc4bo (Reply #13)

Sun Nov 11, 2012, 10:21 AM

15. It appears that the Rolling Jubilee is a wing of the Strike Debt movement.

The only name I can find attached to "Strike Debt" is Astra Taylor, a documentary filmmaker. She has been listed as a "founder".

She is married to Jeff Magnum (of Neutral Milk Hotel), who appears to be the headliner at the Rolling Jubilee concert. Interestingly, his late father was a Professor of Economics.

I'm not sure who exactly is behind all of this, but they must be some fairly well-connected people in order to get the media coverage they have.

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Response to nc4bo (Reply #13)

Sun Nov 11, 2012, 10:55 AM

16. David Rees (the Get Your War On guy) appears to be fielding questions...

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Response to Luminous Animal (Reply #16)

Sun Nov 11, 2012, 11:01 AM

17. Ok..

This just seems like such a fine idea and I'd be ecstatic if it took off like a rocket.

So thanks. I'm hoping the more people ask about these things and receive honest and accurate answers, the better it will be.



Damn fine idea!!

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Response to rucky (Reply #6)

Sun Nov 11, 2012, 11:42 AM

24. +1. This has my cautious K&R. Hope we get some answers and transparency soon... nt

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Response to rucky (Reply #6)

Sun Nov 11, 2012, 12:02 PM

26. This was my concern.

I absolutely LOVE this idea and would gladly donate, but first, need to know more about who is behind this. I want to make sure they're doing exactly what they claim they're doing because I can just as easily donate to the Red Cross or Planned Parenthood where I know my money will do a lot of good.

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 09:49 AM

11. This idea is nothing short of mindblowing.

I keep imagining what might happen if it snowballs, it could change the world.

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 11:17 AM

19. Most of us WANT to stand on our own two feet. LEARNING from mistakes, hint hint, makes that possible

and learning is change and what needs to change is that which caused all of the mistakes in the first place, Evangelicals running everything and a sick Financial Sector from too much de-regulation.

Personally, I think our whole country would be happier and more efficient if we'd all just agree to let Labor & women run things. Let's talk with them about Jubilee!

.....................................

My sister and my niece and I have started a theater costume design, makiing and rental. I'm looking forward to the holidays. I hope everyone plans to celebrate and relax for a bit, and to have some fun!

Just a reminder to get out there and celebrate locally, one wine bar/brewery at a time, you've earned it and it's good for your LOCAL food entrepreneurs and students and artists and such . . . .

Celebrate local communities!

Boycott WalMart Nov 23.

Support local Arts!

..................

USA! USA! USA!, all.

... still gloating,

:p

for pi.~

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 11:19 AM

20. K & R

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 11:30 AM

21. U.S. invest in us! Grow small businesses & mass transit, & ed. with Jubilee, & we should have

booth fairs and chautauqua, and fun local debates, for local organizations,
and Food, education, and the arts are good family opportunities for the people to talk about a Jubilee.
AND mass transit!

Into the streets!!!

... one wine bar at a time.

:p

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 11:32 AM

22. Let's have street parties for Jubilee, please, and concerts. nt

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 11:36 AM

23. This is a great idea, plus it would stimulate the economy greatly.

Freeing up debtors puts them back in the economy to buy things they need now, not be overwhelmed by debt.

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 11:57 AM

25. Some More Insight

From
http://www.businessinsider.com/how-rolling-jubilee-works-2012-11

Could it work? Alex Hern at the New Statesman points out that, while the law is on OWS's side, the banks may not be. Hern points to Felix Salmon's discussion of the American Homeowner Preservation, which sought to buy up distressed mortgages and find ways for the homeowners to stay in there homes and pay off their debt.

Here Salmon explains why that plan didn't work:
The idea might have been elegant, but it didn’t work in practice, because the banks wouldn’t play ball: they (and Freddie Mac) simply hated the idea of a homeowner being able to stay in their house after a short sale, and often asked for an affidavit from the buyer saying that the former owner would certainly be kicked out.

Regardless of these pitfalls, OWS seems to be putting a lot of effort into the project (a benefit concert with big name indie rock stars will take place in NYC next week). The plan will formally begin November 15th.


Read more: http://www.businessinsider.com/how-rolling-jubilee-works-2012-11#ixzz2BvyVXID9

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Response to TheAmbivalante (Reply #25)

Sun Nov 11, 2012, 04:40 PM

33. To your point

The way I understand it, some of the lack of transparency is deliberate: this is potentially a smarter system, possibly populated with some of the same people behind American Homeowner Preservation, but it would make sense that a key learning is that they now know they have to stay much lower profile, so they don't inadvertently become "market makers."

In other words, to accomplish what they've set out to do, they have to be able to move significant amounts of capital around in a rather stealthy fashion. Not that different from people who go to garage sales trying to buy valuable works of art for $15. If the person who's holding the garage sale recognizes you as a knowledgeable art collector, all of a sudden that Picasso print is no longer for sale.

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Response to nbsmom (Reply #33)

Sun Nov 11, 2012, 06:01 PM

35. Not quite the right analogy.

The garage sale painting potentially has a higher value unrecognized by the seller, whereas the debt is a known, fixed amount (not including possible interest and court and attorney fees) recognized by both the seller and buyer.

I agree though that they need to be stealthy about buying the debt so that the cost to buy it doesn't increase.

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 12:06 PM

27. kick eom

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 12:32 PM

29. How is "debt" "sold"? Is it on the open market? Won't the typical buyers-of-debt just bid higher?

Will the current entities making $$$$$$$$ on this just step aside and let it happen?
unintended consequences and all that.

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Response to yodermon (Reply #29)

Sun Nov 11, 2012, 04:33 PM

32. Debt is an Existing Market

Bond trading.

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 12:46 PM

30. I just wrote a letter I will send to Warren Buffet. Hey who knows.

Asked him to help out and give 1 Billion to this effort. Think of how many millions of Americans that would help. He says his money will go to not his kids but to a need of some kind so why not this need. It would certainly help the economy. No debt you have money to buy things...He's a business guy right?

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 03:19 PM

31. Just donated....

Heard about this idea. Thanks for the link to help.

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 06:24 PM

37. just donated via paypal

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Response to TheAmbivalante (Original post)

Sun Nov 11, 2012, 10:40 PM

38. Good idea and we also need to work on the most common cause of debt. Hospital bills.

 

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Response to TheAmbivalante (Original post)

Thu Sep 19, 2013, 11:25 AM

39. kick!

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