In the wake of the current racial climate in America that plagues the black community, we are once again forced to take a hard look at the problem and how to find ways to fix it. With all the talk about change in the Black community and how to bring about that change, we must first deal with the issue of our economic state. We often hear the call to support black businesses but in order to begin supporting black businesses we must first control and support black finances and the way to do that is by supporting our black banking system.
There are 21 Black owned banks in the United States and those banks hold $4.7 billion in funds as opposed to the $1.1 trillion in buying power that the black community represents. With all of our communities elite as well as our regular hard working middle-class who have savings, checking accounts, mortgages, etc., how many of them have their funds and investments in black owned banks? Why is it that for all of the wealth our community represents, its being held, controlled and invested into other communities instead of our own? Now I’m not saying I’m against anyone else’s community in any way, nor am I saying that other black people should be. What I am saying is that we as the black community need to start truly investing in ourselves and galvanizing our finanancial power to put it to work for us for a change.
If black America took all of its money, removed it from these other financial insitutions and placed it into black financial insitutions, this country would be forced to recognize our economic strength as a community and we would be able to force the hands of change instead of asking for it through marches and sign holding which in the end has actually gotten us nowhere. With that kind of power we would be able to fund real black businesses in the black community such as black owned supermarkets, convenience stores, gas stations, schools and so much more, getting the loans or funds we need to facilitate those businesses from our own banking institutions. This is how we rebuild our communities. This is how we create jobs for the people in our communities. This is how we bridge the gap of economic disparity between our community and others. Think about it, the old phrase is “money talks and bulls%*t walks,” so now it’s time for our money to start talking for us and benefitting our community instead of walking out if it and talking for somebody else to benefiting them.
Now there are other problems that need to be fixed to fully fix our communities, but if we start with our economics and who controls & benefits from it, our concerns about the other issues such as education, policing, etc., will be taken seriously and seriously addressed because the powers that be would have no choice but to take us seriously due to our unified finance and the influence it will give us. So again I ask you black America, where’s your money?
Posted by Corey L. Banks Sr.