Rolling Jubilee: the activists buying and destroying debt
Activists calling themselves the Rolling Jubilee are striking off millions of pound of debt in a 'bailout of the people, by the people'

A group of activists affiliated with the Occupy Wall Street movement are randomly buying and destroying debt through a large scale crowdfunding campaign.
The international organisation, known as the Royal Jubilee, has so far been responsible for the cancellation of over £11m in debt and is calling for a global 'bailout of the people, by the people".
Just last month, nearly 3,000 students at Everest College in the US discovered that all of their private student debt had disappeared overnight, The Guardian reported.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
So how have they done it?
Through online crowdfunding, the Royal Jubilee has managed to raise over £400,000 which they then used to buy debt from lenders. This "distressed debt" is heavily discounted because borrowers have either defaulted or fallen behind on the repayments. Instead of pursuing that debt at a profit as investors do, they simply destroy it.
The debt is anything from student loans to outstanding medical bills and is bought at random. The entire process is legally sound.
Why?
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
The activists describe what they do as financial liberation, saying too many people in the world are being "held hostage" by creditors.
"We bailed out the banks and in return, they turned their back on us," say those behind the movement. "We don't owe them anything, we owe each other everything."
Will it work?
The activists do, however realise their actions are not going to solve the current debt crisis. "I realise that the debt market is too big for Rolling Jubilee to make a difference, but the action just pokes some really big holes in capitalism," said one supporter.
"The gesture is meant to be symbolic," writes Jana Kasperkevic, "as it proves that debt can be conquered – and at a discount".
-
October 13 editorial cartoons
Cartoons Monday's political cartoons include Donald Trump's consolation prize, government workers during shutdown, and more
-
Can Gaza momentum help end the war in Ukraine?
Today's Big Question Zelenskyy’s request for long-range Tomahawk missiles hints at ‘warming relations’ between Ukraine and US
-
The Israeli hostages and Palestinian prisoners being released
The Explainer Triumphant Donald Trump addresses the Israeli parliament as families on both sides of the Gaza war reunite with their loved ones
-
Russia is ‘helping China’ prepare for an invasion of Taiwan
In the Spotlight Russia is reportedly allowing China access to military training
-
Interpol arrests hundreds in Africa-wide sextortion crackdown
IN THE SPOTLIGHT A series of stings disrupts major cybercrime operations as law enforcement estimates millions in losses from schemes designed to prey on lonely users
-
China is silently expanding its influence in American cities
Under the Radar New York City and San Francisco, among others, have reportedly been targeted
-
How China uses 'dark fleets' to circumvent trade sanctions
The Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?
today's big question More than 60 protesters died during demonstrations in 2024
-
What happens if tensions between India and Pakistan boil over?
TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations