Only Large Policy Interventions Such As Reparations Can Shrink The Racial Wealth Gap -Forbes

[BushidoBrown]

The financial wealth gaps isn't tailored to break down for the small minority of black people.

can you clarify what you mean by this?

The majority are. The financial wealth gaps isn't tailored to break down for the small minority of black people. It's wide scope. For any real change the majority would have to become the minority or else it will stay the same. Some haves and way more have nots.

how is the existence of few "haves" and many "have nots" any different than any other group? thats the dominant structure of societies globally.

uneducated and unskilled white people been crying about the "1%" ever since the whole #occupywallstreet movement popped off

black people are only ~13 or 14% of the United States population so there are naturally waaayyy fewer wealthy among us as your looking at a much smaller pool of people overall.

 

[BaldingSoHard]

Financial education and skills close wealth gaps.

Giving a poor person with no financial education a lump sum of money won't do anything but increase the wealth gaps as they turn around and give it all back.

Go ahead and Google how many lottery owners go broke before you @ me with your jibber jabber.

No.

Because one group of people already has wealth as well as financial education and skills. And they're able to leverage those things in a way that will exponentially outpace anything that can be done by ADOS armed with the same tools. It's simply an equation of time value of money. The ruling class has had more money for more time. There's no closing that gap without intervention.

 

[Ghostface Trillah]

can you clarify what you mean by this?



how is the existence of few "haves" and many "have nots" any different than any other group? thats the dominant structure of societies globally.

uneducated and unskilled white people been crying about the "1%" ever since the whole #occupywallstreet movement popped off

black people are only ~13 or 14% of the United States population so there are naturally waaayyy fewer wealthy among us as your looking at a much smaller pool of people overall.

The wealth gap is an overall picture. It's an average of things so when people say that there's wealthy black people it means nothing when looking at the big picture. Which brings me to your other question. How is the black community having haves and have nots different from anyone else? When black people get money what's the first thing that they do? Move that money away from people who don't have money for safety reasons.

No.

Because one group of people already has wealth as well as financial education and skills. And they're able to leverage those things in a way that will exponentially outpace anything that can be done by ADOS armed with the same tools. It's simply an equation of time value of money. The ruling class has had more money for more time. There's no closing that gap without intervention.

You can't bank on that intervention though. Black people's issue is they either give away their tools or have to use someone else's. Black people make 99% of rap music,yet only get about 2% of it. That's a 5 billion dollar industry. The NBA,the NFL the same thing. Not enough black banks so we're subjected to whatever a white bank wants to give you for rates. Reparations would just bring about more aggressive predatory lending.


You're not going to close that gap without the financial education. If you've never seen the documentary Reversal of Fortune it shows that giving someone money with no financial education will bring them right back to where they started eventually.

 

[BushidoBrown]

wait why is OPs username "@JussieSmollett" ?

 

[Secure Da Bag]

Financial education and skills close wealth gaps.

Giving a poor person with no financial education a lump sum of money won't do anything but increase the wealth gaps as they turn around and give it all back.

Go ahead and Google how many lottery owners go broke before you @ me with your jibber jabber.

Do feel the same way about any proposal of reparations to Haiti from France?

@Diasporan Royalty @Get These Nets @loyola llothta @LeVraiPapi - can speak to this better than I.

However, Haiti has not had reparations, but has had some debt forgiveness.

The big three that need to forgive Haiti's debt

Last summer, two groups moved to cancel Haiti’s debts given improved governance and economic growth under President Rene Preval. In June, an International Monetary Fund program, the Highly Indebted Poor Countries (HIPC) initiative, announced the forgiveness of $1.2 billion of Haiti’s $1.9 billion in debt. A month later, the Paris Club followed suit, cancelling $214 million further, with Canada, Belgium, Denmark, France, Germany, Italy, the Netherlands, Spain, Britain, and the United States forgiving what Haiti owed them.

That still left the country — which has a GDP per capita of around $1,300, the same as Bangladesh — more than $700 million in the red. Experts have estimated that the earthquake — which killed an estimated 50,000 and leveled the population, government, and business center of Port-au-Prince — has wiped away at least 15 percent of Haiti’s GDP.

Couple that with the PetroCaribe scandal in which Venezuela gave Haiti billions in oil with low interest payments.

New Senate Report on PetroCaribe Fund Released | Haiti Liberte

This past week, a second Senate investigative commission released a 656-page report on government corruption, incompetence, and mismanagement in spending close to $2 billion over eight years from the PetroCaribe fund, which is filled by deferred payments for Venezuelan petroleum.

...

The PetroCaribe agreement was signed between Haiti and Venezuela in 2007 despite fierce U.S. sabotage attempts. Under the Petrocaribe accord, Venezuela provides Haiti with all the oil it needs, while Haiti pays for only 60% up front. The remaining 40% of gas revenues goes into the Petrocaribe fund, which is to be paid over 25 years at 1% interest. The fund was aimed at providing capital for Haiti to invest in development projects to “aid the Haitian people.”

However, with a corrupt government and foreign powers feeding that corruption, we'll never get to find out if financial literacy of the Haitian populace would affect reparations from France. My guess however would be 'no' given that Haiti's economy would be isolated. In other words, that money would circulate into and around the country many, many times before leaving it. There would have to be an extraordinary effort to have that money do otherwise.

 

[get these nets]

@Diasporan Royalty @Get These Nets @loyola llothta @LeVraiPapi - can speak to this better than I.

However, Haiti has not had reparations, but has had some debt forgiveness.

The big three that need to forgive Haiti's debt


Couple that with the PetroCaribe scandal in which Venezuela gave Haiti billions in oil with low interest payments.

New Senate Report on PetroCaribe Fund Released | Haiti Liberte


However, with a corrupt government and foreign powers feeding that corruption, we'll never get to find out if financial literacy of the Haitian populace would affect reparations from France. My guess however would be 'no' given that Haiti's economy would be isolated. In other words, that money would circulate into and around the country many, many times before leaving it. There would have to be an extraordinary effort to have that money do otherwise.

There is A Haitian DOS and Caribbean DOS Movement Coming?

In that thread I clarified the unique situation that Haiti is in regarding this issue. The Africans won independence but as a condition of being formally recognized by France and to prevent them from tooling up and coming back for Round 2 of the fight...Haiti agreed to pay THEM. In addition to the other problems the country has has, paying that debt had a crippling effect on the economy and development. Agreed to the terms in the 1820s.......finally paid it off in the 1940s.

Past president used call for reparations/repayment of that debt from France.....but it was mostly a smokescreen to hypnotize the masses and hide corruption/incompetence.

In France ever paid back the debt, not a SINGLE dollar, franc, euro, or gourde would make it's way back into the pockets of the average Haitian, nor would the govt. do a single constructive thing with the money.
That is a FACT.

 

[BaldingSoHard]

You can't bank on that intervention though. Black people's issue is they either give away their tools or have to use someone else's. Black people make 99% of rap music,yet only get about 2% of it. That's a 5 billion dollar industry. The NBA,the NFL the same thing. Not enough black banks so we're subjected to whatever a white bank wants to give you for rates. Reparations would just bring about more aggressive predatory lending.


You're not going to close that gap without the financial education. If you've never seen the documentary Reversal of Fortune it shows that giving someone money with no financial education will bring them right back to where they started eventually.

No, we definitely can't. And I wasn't disagreeing with the necessity of financial education. I'm just saying that closing the wealth gap is a pipe dream. They've already had too much of a head start.

IMO reparations isn't necessarily about closing the gap as much as it's about improving the quality of life of black Americans.

 

[loyola llothta]

There is A Haitian DOS and Caribbean DOS Movement Coming?

In that thread I clarified the unique situation that Haiti is in regarding this issue. The Africans won independence but as a condition of being formally recognized by France and to prevent them from tooling up and coming back for Round 2 of the fight...Haiti agreed to pay THEM. In addition to the other problems the country has has, paying that debt had a crippling effect on the economy and development. Agreed to the terms in the 1820s.......finally paid it off in the 1940s.

Past president used call for reparations/repayment of that debt from France.....but it was mostly a smokescreen to hypnotize the masses and hide corruption/incompetence.

In France ever paid back the debt, not a SINGLE dollar, franc, euro, or gourde would make it's way back into the pockets of the average Haitian, nor would the govt. do a single constructive thing with the money.
That is a FACT.

you dont know anything about Haiti stop passing false Information as the truth fuk nikka. yall right winger sellout c00ns always speaking false information on Aristide, how about stick with black american policy

 

[Donald J Trump]

i

wait why is OPs username "@JussieSmollett" ?

im an ignant ass nikka:webb3:

 

[LeVraiPapi]

you dont know anything about Haiti stop passing false Information as the truth fuk nikka. yall right winger sellout c00ns always speaking false information on Aristide, how about stick with black american policy

If you love Aristide, you a fukking negga.

Pe djol ou

 

[The Odum of Ala Igbo]

This thread is Haitian now?

 

[JLova]

Financial education and skills close wealth gaps.

Giving a poor person with no financial education a lump sum of money won't do anything but increase the wealth gaps as they turn around and give it all back.

Go ahead and Google how many lottery owners go broke before you @ me with your jibber jabber.

Agreed. Giving black folk $150k each will literally do nothing. Now adding free education and mandatory financial education courses will help a great deal.

Gotta think long term. That payout goes right back into white peoples hands and we will be back to square one.