How can I paint walls to disguise the many defects, bumps, divets, etc

Hathawayaud
by Hathawayaud
The walls are old, cheap, 1/8-1/4 thick, and covered with a paper over what looks like compressed paper. I am looking for something neutral and unobtrusive so it doesn't interfere with multiple decorating schemes. I'm also open to any other ideas to cover the walls inexpensively.

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