A Promise Made for Thanksgiving

My co-blogger and friend Laci has donated a couple of times now to the Rolling Jubilee; I made a promise to him that I would write a post here today about it.  It is representative, in my humble opinion, of what is best about this nation, and about people in general.

On a day dedicated to thankfulness, giving and giving thanks, it is more worthy of attention than Black shopping greediness.  Appropriately, the dictionary word of the day is agape, unselfish love of one person for another without sexual implications.

This appeared a few hours ago, for a little bit of insight into the ongoing progress of a remarkable initiative from a remarkable group of people.  We are these people, these people represent the best of each of us.  Please join them in what they are doing, however much or little you might be able to contribute -- whatever that amount is, please support them. The video below refers to the launch of this effort roughly a week ago.

We are the 99%, not the 47%, not lone or isolated individuals indifferent to each other. 

If you are interested in learning more about the rolling jubilee, if you are at least considering makig a donation, here is the web site:
http://rollingjubilee.org/

from their FAQ:

What is Strike Debt?

Strike Debt is an offshoot of Occupy Wall Street. First started in New York City, but inspired by movements around the globe, Strike Debt now has affiliates across the country. We believe people should not go into debt for basic necessities like education, healthcare and housing. Strike Debt initiatives like the Debt Resistors’ Operations Manual offer advice to all kinds of debtors about how to escape debt and how to join a growing collective resistance to the debt system. Our network has the goal of building a broad movement, with more effective ways of resisting debt, and with the ultimate goal of creating an alternative economy that benefits us all and not just the 1%.

What is a jubilee?

Jubilee comes from many faith traditions including Judaism, Christianity and Islam. A jubilee is an 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. What these examples show is that debts are just a promise which can - and should - be renegotiated or cancelled when the circumstances warrant. Strike Debt believes that now is the time for a jubilee for the 99%.

How Does Rolling Jubilee Work?

Banks sell 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. The Rolling Jubilee intervenes by buying debt, keeping it out of the hands of collectors, and then abolishing it. We’re going into this market not to make a profit but to help each other out and highlight how the predatory debt system affects our families and communities. Think of it as a bailout of the 99% by the 99%.

1099-C Cancellation of Debt form with the IRS?

No. The Rolling Jubilee will earn no income from the lending of money and is therefore exempt from filing a Form 1099-C under the Internal Revenue Code Section 6050P.

What is your mailing address?

The Rolling Jubilee Fund c/o Occupy Wall Street Radio WBAI, 10th floor 120 Wall St New York, NY 10005

Is this legal?

Yes! What should actually surprise everyone is the fact that it is legal to trade in people’s misfortune. As part of the deregulation of the finance industry, the government made it legal to buy and sell charged-off debt.

Join in the Jubilee

For every $1 donated, we are able to buy and abolish $20 worth of debt.

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• Got $10 to spare? We'll liberate someone from $200 of debt.
• Throw us twenty bucks and we'll obliterate $400 of a struggling American's debt.
• $100? We'll take the weight of *TWO THOUSAND DOLLARS* off someone's back.

Transparency

All contributions go to The Rolling Jubilee Fund, a non-profit 501(c) (4) organization with the exclusive mission of buying and abolishing debt. 100% of the money raised will go to the process of buying and abolishing debt (a process that includes some associated costs such as paperwork, accounting, and legal fees). The volunteers managing the fund receive no compensation. In the interest of transparency, a full accounting of funds received and spent will be reported on our website. Unfortunately, your contribution is not deductible for federal income tax purposes as a charitable contribution.