Friends, As many of you already know, there has been a call for Black America to collectively take a stand against acts of injustice following the non-indictment of Officer Darren Wilson. As Ive said before, Im standing in solidarity with my brothers and sisters; however, Im imploring us to take our frustrations a step further by making it a daily routine to financially support Black-owned businesses. Statistically speaking, Black business owners are more likely to employ Black employees than any other ethnic group. During our New Paradigm forum last year with Min. Louis Farrakhan, he mentioned the fact that the Jewish community does a wonderful job of protecting and growing its wealth via cooperative economics. After teaching Finance for the last 20 years, I can say that Min. Farrakhan is probably the most economically self-sufficient black leader in America. Theres at least one other populace in America that we should observe -- Asian Americans. While Black Americans are being tossed back and forth in corrupt political and judicial systems, Asian Americans have consistently had the lowest voter turnout and virtually no representation in the political and judicial systems; however, they have the highest median income, their businesses have the best average outcomes of all major racial groups, and they possess very strong family and cultural values. In the Asian American community, the dollar circulates for 30 days before it reaches any other community. If you travel to any major city in the US, youll find a Chinatown complete with grocery stores, restaurants, banks, and many other businesses. What you wont find in Chinatown is a Black-owned business selling egg foo young or any other traditional Chinese dish, because members of the community would refuse to patronize it. Ironically though, if you visit a Black neighborhood, youll find Chinese business owners selling hair products to Black men and women (although their hair texture is nothing like ours) with a number of Black customers inside. We have to restore a sense of pride in our households and change the way we think about money.
Posted on: Mon, 01 Dec 2014 00:43:57 +0000