Rolling Jubilee has devised a legal and ingenious way to abolish millions of dollars in consumer debt.by raising money in the form of donations by ordinary folks and then uses that money to purchase debt on the secondary market [for pennies on the dollar}, Rolling Jubilee has purchased millions of dollars in unpaid medical debt that is – or, was – owed by consumers. As of this morning the Rolling Jubilee Project has raised about 579,000 and with it abolished $11,580,719 of debt.
Yesterday's excellent article by Matthew Charles Cardinale explains that banks routinely sell 'bad' 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 through threats and harassment. But instead of trying to collect the debts through practises that range from threatening letters to lawsuits, Rolling Jubilee is mailing letters to families saying that their debts have been forgiven. VERY cool eh!
A jubilee is an age-old event in which all debts are cancelled and all those in bondage are set free. It worked in Biblical times and it can still work today. For example, a kind of jubilee happened in Iceland after the 2008 economic crisis: instead of bailing out their banks, Iceland canceled a percentage of mortgage debt.
Web of Debt author Ellen Brown in praising the project and suggesting its expansion, says, “The Federal Reserve could just step in and buy the debt. Let’s say they bought a trillion dollars in debt. When they rip it up, they add money into the money supply...that’s how you stimulate the economy.”
The video below, a clip from the documentary 'Maxed Out', like the Rolling Jubilee Project, focuses on America, but Canadians, Europeans and everyone else everywhere are also subject to the same bankster mafia's profiteering on the backs of the poor.
