My Response to an Important New Book about Black America
by James R Montgomery Sr.
9-12-2024
My response to "15 Cents on The Dollar" and opinions only!
This book speaks to what I’ve lived for over 50 years. It goes beyond simply exposing the obvious or revealing hidden truths about being Black in America. It connects real-life events happening today with why Black America remains economically crippled in so many ways. These are not abstract theories or distant histories – it’s my reality, the same challenges I face daily.
One of the most striking aspects of the book is the powerful collaboration between two authors: Louise Story, a white woman who generously donated all profits from this work to charity, and Ebony Reed, a Black woman who contributed a portion to charity as well. Together, they delve into deep and uncomfortable truths, shining a light on issues that are often ignored or misunderstood.
The book explores the Black/white wealth gap, a staggering difference of 15.5% for Black Americans compared to 84.5% for whites. This inequality is not just a statistic; it reflects the systemic barriers to wealth accumulation for Black families over generations. Financialization and terms like "The Black Dollar" are revealed for what they often are: marketing tactics rather than real economic empowerment.
There’s a painful history here. From racial covenants that kept Black people from owning homes, to the discriminatory GI Bill that helped white veterans build wealth while leaving Black veterans behind. I read about how banks like Wells Fargo have referred to Black communities in derogatory terms and how, even in bankruptcy, Black Americans face a justice system where trustees are overwhelmingly white.
This book also touches on the deep psychological scars left by these experiences, what some call "Post-Traumatic Slave Syndrome." Land owned by Black people has been systematically lost, and the recirculation of the Black dollar in our communities is shockingly low, far lower than in others. Even institutions like Greenwood Bank, which was supposed to support Black financial independence, ended up being white-owned. And who could forget the legacy of using enslaved people as collateral for loans?
What hit me hardest was how this book reflects not only my own life but the lives of so many Black Americans. The fear of making white people uncomfortable is a real and ongoing struggle. Despite everything, we fight for financial survival in a system built to hold us back. This book is part of the conversation, but it’s only a beginning. There's so much more work to be done.
If you’re not aware of these issues, or if you don’t want to be aware, it’s time to start paying attention. Our economic history and present are intertwined in ways that still haunt us, and it's time for more honest discussions about how we move forward.
These are only my thoughts and should not be regarded as authority. You should study these topics for yourself in this book and many others, and even check out my Fathers Autobiography exclusively available here at Food By The Word Media, and compare his true story of a Native Born Black Hoosier!
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