Greece, Spain, and Italy: for the last few years, they’ve been on the verge of going under, but through a series of international loans and bailouts in the billions of dollars, these countries have yet to go bankrupt. The American people have been doing the same thing for banks and all types of corporations in this country, but that’s not fair for the millions of us already burdened with credit card debts and student loans.
If only there were a system of forgiveness on a smaller scale: if we can forgive countries for debt, then why not individuals? Can’t we just have a system of take-backsies?
Well, yes, and it’s called the “Rolling Jubilee”, an event that seeks to celebrate people by freeing them from debt. On Thursday, November 15th, the Rolling Jubilee’s organizers will host what’s sure to be a rollicking fundraiser with “The People’s Bailout” variety show and telethon featuring some of your favorite alt-celebs like Jeff Mangum of Neutral Milk Hotel, Janeane Garofalo famed comedian, and Lee Ranaldo of Sonic Youth. A $25 entry ticket will get you into the music, comedy, and art show. Better still though, it will be used to abolish about $500 worth of debt. That’s a whole lot debt forgiven for the cost of a cab ride.
How does it work? Strike Debt, an offshoot of Occupy Wall Street and the brains behind the Jubilee, found out that credit agencies aren’t the only ones who can buy up people’s debt for just a few cents on the dollar. In fact, anyone can buy up those debts. But instead of acting like a creditor would, and hounding people late at night on the phone and sending them nasty letters, they’re just going to make that bad credit disappear.
That’s something to celebrate.