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<\/p>\nDavid “How to Sharpen Pencils<\/a>” Rees describes the Rolling Jubilee<\/a>, a project from Occupy Wall Street to buy up, and zero out, other peoples’ debts:<\/p>\n <\/p>\n 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\u2019re a debt broker, once you own someone\u2019s debt you can do whatever you want with it \u2014 traditionally, you hound debtors to their grave trying to collect. We\u2019re playing a different game. A MORE AWESOME GAME.)<\/p>\n This is a simple, powerful way to help folks in need \u2014 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\u2019s a crazy bargain!<\/p>\n 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.<\/p>\n We\u2019re kicking things off with a show called THE PEOPLE\u2019S BAILOUT<\/a> at Le Poisson Rouge on Thursday, November 15. It will also stream online<\/a>, like a good ol\u2019-fashioned telethon!<\/p>\n<\/blockquote>\n I just put in $100, which will erase $3000 worth of someone’s debt. <\/p>\n\n