Black Reparation Bonds Can Repay Blacks in America for Slavery Debts Owed Them

How do Blacks in America get paid reparations for slavery?

What's needed is for a Black reparations Mike Milken bond wizard to step up, take charge, and raise a trillion dollars by selling reparation-backed bonds.

On paper, the idea of reimbursing the Black community in America a trillion dollars in back pay owed to them for having essentially built, over the course of 300 years, much of the US economy makes sense. But trying to get the government to pay back this money doesn't make sense. The government has demonstrated a profound incapability in accounting skills when justice is being accounted for and the net result in this case would undoubtedly mean America's Black community would be worse off.

The obliteration of Black home ownership in America caused by rapacious, predatory sub-prime schemes on Wall Street is a case in point.

Before going any further, let me explain why I use the term Black, with a capital 'B' instead of African-American.

I grew up in America during the '60's and '70's when the phrases 'Black Power,' 'Black Panther', and 'Black is Beautiful' came along to replace 'Negro.' Negro didn't sound very empowering, not even when it was coming out of the mouth of a giant like Medgar Evers while crusading for civil rights.

Obviously, a change in the language was needed to empower the Black community. James Brown figured this out and penned the anthem;

"Say It Loud -- I'm Black and I'm Proud"

Black is cool like Miles. African-American sounds a bit like Kenny G.

I digress, getting back to my idea for Black Reparation Bonds.

Activists in the black community have only to avail themselves to the greatest force for political and social change of the past 100 years to make it happen. Don't be victimized by Wall Street. Turn it back on itself. Understand that credit-creation and dealing is the key to getting that reparation money back.

Since 1913 and the creation of the Fed, the business of America has been credit-creation and dealing. Instead of being victimized by this with 'pay check loan' schemes, and other forms of predatory lending on Wall Street, Blacks in America should do like Mike Milken and Fannie Mae and Freddie Mac by simply creating a new asset-backed security of their own.

Black Reparation Bonds, or Black Liberation Certificates (BLC's), would work by selling $1 trillion in high yielding bonds today to yield hungry investors around the world. These bonds would be collateralized by a new law passed into existence in the year 2009 when President Obama takes office guaranteeing repayments (tied to reparations) to bond holders over the life of the bond.

The trillion or so raised in the short term could be used by the Black community in any way they see fit, like rebuilding New Orleans, or various inner city ghettoes, or America's bridges and roads and we would all benefit. Or buy the Museum of Modern Art and make it a 'Blacks Only' club.

This is not unlike James Brown, the Godfather of soul selling his 'James Brown bonds' based on the recurring revenue stream of his catalogue of music, just bigger and badder.

Quick political idea:

Why doesn't Obama put all the candidates he's considering for VP on his site and let the people pick his VP for him -- with the understanding that part of the role of the VP going forward would be to represent netizens in Washington on issues important to netizens such as net neutrality and copyright reform.

Comments

[dadumdee]

You are supposed to capitalize the 'B' in Black because it is a formal noun describing a culture, just like the "F" in French and the "I" in Irish. People who fail to capitalize it are using it as an adjective describing color, in which case it is woefully inadequate in capturing the beautiful range of shades of Black people.
To those of you posters who angrily posted one sided responses on who qualifies, where does the money come from, blah blah blah, check your anger and answer a few basic questions. Did slavery happen? Yes. Did someone profit from it? Yes. Who? A whole lot of White people, here and in Europe. What happened to the money? A lot of it was used to start up companys that exist to this day. Is it traceable? Yes, a lot of it is. Did slavery impact modern Black Americans? Yes. How? Pick a social measure...income, savings, life expectancy, ownership, incarceration rates, infant mortality, AIDS, etc.
NOW - How can we undue the impact of slavery Black people? That's also known as reparations. We could have just done what the great Thaddeus Stevens proposed during Reconstruction, and given all Black people 40 acres and a mule and been done with it. Even with no reparations, Blacks were doing exceptionally well by the 1900's in business and land ownership, until angry Whites (not unlike many who will read this), seized land, homes and business with violent attacks, riots and lynching.

[1will]

For those that would recieve reparations the idea sounds great.....on the surface. Who doesn't like free money for work that they have never done. The work of your great great great grandparents doesn't put one drop of sweat on your forehead.
If reparations cost taxpayers one dime then the program would later hurt Blacks. I doubt this program would allow all Black people to live the lives of lottery winners. I don't know what amount is expected but I believe most would have to continue to work and future generations would definately need work.
Blacks make up about 12 1/2% of the US. Whites make up over 60% of the population. They would be almost universaly pissed off if their tax dollars were used to pay reparations for slavery to people that have never been slaves. So what you might ask?
Other than at the local level, Black politicians do not get elected without White votes. Doug Wilder, in VA, was elected by Whites. If Obama becomes President it will be Whites that put him in office. All votes count but if you aren't carried by the majority demographic you will have a short politcal career. White anger at reparations would carry over into social programs, voting and civil rights laws. They say that White people riot at the voting both. We don't trash stores and flip cars.
A few dollars in cash is not worth losing political clout.

[1will]

Cool.
Have people that have never owned slaves pay reparations to people that have never been slaves. I guess it makes as much sense as all of the rest of the silly crap the government does.

[truthynesslover]

I want reparations for the irish potato famine!im sure england will be ponying up soon.

[Huffingtonposter231]

You don't know any slaves, have never seen a slave, will never meet a slave, there are no living slaves. Will not meet a slave owner, Know any slave owners, nor will you meet a slave owner, there are no living former slave owners.

My people died fighting to free the slaves. I want my share, pay me off. I shouldn't have to pay the slaves, they should pay me because my family died to free them.

Is that how it works? Give me my share.

[arvay]

"The trillion or so raised in the short term could be used by the Black community . . ."

- - - and what, exactly, is this administrative body? I'm not aware of any special elections that have empowered a separate state within the US.

And reparations to whom? Anyone with provable African ancestry? Or would people have to prove they are descendants of slaves? Documents please?

The last thing this country needs is yet another Wall Street boondoggle that would inevitable enrich insiders and never trickle down more than a few centimeters.

The country needs President Obama, with a solid majority Congress, insuring a couple more Supreme Court justices to reverse the conservative tilt of the court. To pass and sign laws that will fundamentally change the way black people and other minorities are treated in the US, and derail the military-industrial complex that's stealing our future, sending trillions on disastrous wars and selling vast quantities of arms to the world.

[Robert59]

If we're going down this path, why not Indian reparation bonds?

And what about reparation bonds for all the Union soldiers who weren't black who died in the struggle to end slavery?

Not to throw water on your idea, but who in the Black community is going to ensure the monies go to things that actually improve neighborhoods? A few miles from where I live we have a city that is 99 percent Black. Their leaders believe all money is for hiring their unqualified relatives. I understand the legacy of slavery and Jim Crow and redlining etc., but if reparations money will produce more of the same I'm against it.

How do you quantify in dollar terms slaves' contributions to building the country? Their impact was great in the South, but the value of field hands was minimal. Their contributions to building the rest of the country were negligible. How do you put a price on the loss of liberty? Do African nations (that didn't even exist during the slave trade) share some of the burden? They are the ones who sold the slaves to the blackbirders.

Your proposal makes for interesting debate, but it's going to open Pandora's box.

[richardmcnoggin]

I need reparations for having my the first four months of income seized by the IRS each year.

[LivingStardust]

Reparations will never happen because quite frankly no one alive today is responsible for slavery. They are a time sensitive remedy. Reparations now is simply pandering and wealth distribution by force against parties that (1) had no direct involvement in the crime and (2) may not have even had relatives in the country when slavery was in practice.

[LeRoyHolt]

The government created a reparations program some 40 years ago and it continues today...

the program?............ AFFIRMATIVE ACTION

[Subroutine]

Good suggestion. The answer is NO. One of best ways to get paid in America is to get a job...preferably after getting an education.

[LeftRight]

You know, that's a great idea! I should DEFINITELY have to pay the Black people in America for having owned them as slaves last year!

Wait, what's that you say, I was never a slave owner? And none of the Black people alive in America today were ever slaves? Not only BOTH of those facts, but I can say with more than 98% certainty that NONE of my ancestors EVER owned a slave in the US!

[JoeBlough]

Victimization can be so hard to achieve nowadays. Everyone wants in on it without earning it.

[boogieandjive]

Good idea. I think it could be the new bubble we are all looking for! As we have witnessed in the past eight years, you can collateralize anything. So why not this? It doesn't even need any hope of passing into legislation. I mean, do you really think the banks we are now bailing out to the tune of $1.4 tillion so far had any belief that they would be repaid for the credit they were extending?

[TexasDem0]

I wonder what would be appropriate reparation for American Indians.