David "How to Sharpen Pencils" Rees describes the Rolling Jubilee, a project from Occupy Wall Street to buy up, and zero out, other peoples' debts:
Now OWS is launching the ROLLING JUBILEE, a program that has been in development for months. OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you’re a debt broker, once you own someone’s debt you can do whatever you want with it — traditionally, you hound debtors to their grave trying to collect. We’re playing a different game. A MORE AWESOME GAME.)
This is a simple, powerful way to help folks in need — to free them from heavy debt loads so they can focus on being productive, happy and healthy. As you can see from our test run, the return on investment approaches 30:1. That’s a crazy bargain!
Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program LIVE and NATIONWIDE, buying debt in communities that have been struggling during the recession.
We’re kicking things off with a show called THE PEOPLE’S BAILOUT at Le Poisson Rouge on Thursday, November 15. It will also stream online, like a good ol’-fashioned telethon!
I just put in $100, which will erase $3000 worth of someone's debt.
The People’s Bailout
Ladder lockdown is a metal tray with super-grippy patches on its underside; set it down on any surface (including ice!) and then set your ladder’s feet in the tray and cinch it in place and the ladder won’t “kick out” and injure you and your loved ones.
Machinist/sculptor Chris Bathgate (previously) continues his run of collaborations on small, gorgeous kinetic sculptures and fidget toys with the “Netsuke Hybrid Vessel Bead,” a collaboration with Revolve Makers.
There are three more stops on my tour for Walkaway: tomorrow at San Diego Comic-Con, next weekend at Defcon 25 in Las Vegas, and August 10th at the Burbank Public Library.
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