The case for reparations for slavery in America is a complex and multifaceted issue, with numerous arguments in favor of (and against) the idea. 

Whether you agree or not any form of benefits should be further appropriated to the black caucus, there is a clear and significant wealth gap between Black and White Americans, which can be directly traced back to the legacy of slavery and systemic racism. According to a 2020 report by the Brookings Institution, the median wealth of White households in America is ten times greater than that of Black households, with the median net worth of White households being $171,000, compared to just $17,600 for Black households. This wealth gap is not only a result of income disparities but also a result of historical discrimination and disenfranchisement of Black Americans, which has had a long-lasting impact on their ability to build wealth.

Economist William Darity asserts that “Black heads of households with a college degree have two-thirds of the net worth of white heads-of-households who never finished high school. So, you’re not going to eliminate the racial wealth gap simply by giving black people a better education. Because you’re not going to interrupt the intergenerational transmission effects that are associated with moving resources from one generation to the next…”

There is also a clear disparity in business ownership between Black and White Americans. According to the National Bureau of Economic Research, analysis from 2019 revealed that Black Americans are half as likely as White Americans to own their own company. This is partly due to historical discrimination in lending and access to capital, which has made it harder for Black Americans to start and grow their own businesses.

Saving in Bitcoin: Digital Reparations

Bitcoiner Isaiah jackson has gone on record to say that actually, reparations are justifiable due to the fact that other ethnic groups have received reparations in America for documented discriminatory practices: 

“I argue that, because reparations have been given out to people in this country who were disenfranchised, black people are owed reparations. There is a precedent to what we are asking for. The problem is… the printing of money debases the currency.”

Since the printing of money does devalue the currency it would not be in the country’s overall best interest, and it also would not serve as the ideal form of reparations. The United States Dollar is an asset that is guaranteed to lose value over time and serves no purpose as a vehicle for long-term generational wealth. 

Isaiah Jackson went on to emphasize that Black Americans should “get into the bitcoin market [and start] building an economy where we own it. Because the value that you think you’re owed will be given right back to you [if you invest in bitcoin]. Value is given to whoever creates it.” While saving in bitcoin is a practical way to combat the atrocities of slavery, there are other ways in which the federal government could appropriate property, credit, cash, or even digital property to the descendants of formerly enslaved African Americans. 

The federal government could definitely appropriate bitcoin to unjustifiably disenfranchised Black Americans. Reappropriating the Bitcoin that has been seized from illegal internet activity by the government would be considered a major step towards addressing the many untold crimes committed by former slave owners. Black Americans would finally get the monetary recognition they deserve from the unaccounted labor of their ancestors and it would be a great PR move by our executive office. 

AirDrop Acres of Land

Being the realist that I am, a “great transfer” of wealth to black people will not ultimately result in the absolute reparation of generational psychological and emotional damage that affects the descendants of formerly enslaved African Americans to this day. 

After the Civil war, many newly freed blacks bought land and, at its height, black Americans owned about 14% of American farmland.

Afterall, there were laws passed in the 19th and 20th century that distributed land to Americans for free… as long as you were white, of course. 

Between 1910 and 1997, African Americans lost about 90% of their farmland. One of the main causes of this property loss is heirs’ property, where descendants of land owners inherit land from their family, but have no will or legal documentation that proves their land ownership. Had bitcoin been around during that time, bitcoin’s open-source, and unwavering ledger would have been a great source to verify land ownership.

The percentage of Black landowners in the United States has declined significantly over the past century. This decline is the result of a number of factors, including discriminatory lending practices, laws that restricted land ownership for people of color, and domestic terrorism by racist organizations. 

One of the main factors to the decline in Black land ownership has been discriminatory lending practices. Black farmers have historically faced significant barriers to accessing credit and loans, which has made it difficult for them to acquire land and maintain their existing farms. This has been compounded by the fact that land-grant universities, which were established to provide education and research opportunities in agriculture, have received unequal funding and resources based on the race of the students they serve. 

In addition to discriminatory lending practices to Black Americans, there have also been laws and policies that have directly restricted land ownership for people of color. For example, the Homestead Act of 1862 granted land to white settlers, but excluded Native Americans and African Americans from participating. Similarly, the Indian Reorganization Act of 1934 prohibited Native Americans from selling or leasing their land without the approval of the federal government, effectively preventing them from gaining economic independence.

Overall, the decline in Black land ownership in the United States is a complex issue with deep roots in America’s history of systemic racism. It is a result of the many ways in which people of color have been systematically excluded from economic and political opportunities, including land ownership. 

Additionally, the fact that reparations have been given to other groups, such as Japanese Americans who were imprisoned during World War II, further strengthens the case for reparations for African Americans.

The US government granted reparations to Japanese Americans as a way of acknowledging and redressing the harm that was done to them. The same logic should apply to African Americans, who have suffered from centuries of unpaid labor, segregation, and blatant discrimination.

General Order No. 21: 40 Bitcoin and a Macbook

One of the most impactful unfulfilled promises in the history of America was SPECIAL FIELD ORDER No. 15. This was a military order issued by General William T. Sherman during the Civil War. The order stipulated that 400,000 acres of land along the coast of South Carolina, Georgia, and Florida would be distributed to formerly enslaved African Americans in 40-acre plots. It is estimated that the allotment would have been as much as 5.3 million acres stretching from south carolina to northern florida. The order was designed to provide economic opportunities and independence for the newly freed slaves.

Economist William Darity contends that: 

“…The moment of the failure to provide the 40 acres is really a critical epic in American History. It shapes the basis of the immense wealth gap that we observe today.” 

At the same time, the Homestead Act was implemented in the United States, providing large tracts of land to white settlers in the western part of the United States that had been appropriated and seized from the Native American population. In fact those allotments were 160 acre allotments. And we estimate today that anywhere from 45 million to 90 million Americans are beneficiaries of those allocations because of the intergenerational effects of wealth transfers…” 

After the Civil War ended and President Andrew Johnson took office, Special Order No. 15 was overturned, and the land was returned to its previous owners. This decision left many formerly enslaved African Americans without the promised land, and they were forced to work as sharecroppers or wage laborers for their former masters. This failure to follow through on the promise of land ownership for African Americans contributed to the systemic economic inequality and lack of generational wealth that continues to plague many Black Americans to this day.

The case for reparations for slavery in America is supported by a range of economic and historical factors. By acknowledging and addressing the harm that has been done to Black Americans, we can take an important step towards creating a more financially just and equitable society.