Comment: I think it is the dumbest thing i have ever seen.

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I think it is the dumbest thing i have ever seen.

Very typical of the Occupy movement. Very socialist also.
Instead of abolishing the debt the debt (whats left of it) should be repaid.

For instance if a debt of 100000 US$ has a rate of 5% the burden for the ones who have that debt is 100000 / 100 * 5 = 5000 US$ a year.
On top of that the principal has to be paid back, say in 10 years.
That adds another 10000 US$ a year making the total amount that has to be paid per month 15000 / 12 = 1250 US$.

Now if that debt is bought for pennies on a dollar. Let's assume this debt can be bought for 25000US$.
You would need to raise the interest rate to maybe about 10% fixed for the total duration.
Then they would have to pay 25000/100*10 = 2500US$ per year for interest and 2500 for the pricipal making a total of 5000 per year. That would be 417US$ per month.
If someone can still not pay that then they should find another place to stay, because if that amount can not be paid, a lot of things are wrong and it is better to just repossess the house and sell it.

By doing this there would be a cashflow that can keep the jubilee rolling for a long time and is not only depended on donations. It will reach the goal quicker.

This can be of interest for people who want to make money on this (You know, it is the capitalist system and free market).
The 10% gives enough profit, and a deal can be made that a part of it is put back in the 'jubilee fund'.
A 10% roi is very interesting for people who want to invest, it is even backed by a property that is worth more so no risks.
If this is promoted the problem is solved in a month.