Monday, November 12, 2012

Occupy movement forgives debt

"A new initiative is re-energising the Occupy movement. Called the Rolling Jubilee, it is a plan to use money from donations to buy distressed consumer debt from lenders at a marked down price, just as debt collection agencies normally would. But instead of hounding debtors for payments, it will simply cancel the debts. The hope is that the liberated debtors will themselves contribute to the fund, "rolling" the jubilee forward."

   This is such a brilliant idea!  Habitat for Humanity works like this somewhat.  You build a house with a combination of community input, sweat equity, and Habitat's partial funding, and voila, a home for a lower-income family.  Rolling Jubilee buys debt, pays it off with community input, and hopes those helped thereby contribute as well to keep the system going.  I love it.

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