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  • Writer's pictureJames Veal

A Brief History of BLACK WALL $TREET

Updated: Dec 22, 2020

A major reason for Black America’s failure economically in the U.S. is the inability to recycle its money within its communities and practicing group economics. Nearly all of Black income is spent directly outside of Black hands, because Black people do not practice group economics—pooling of money, focusing it into one geographical area and owning those businesses.

A perfect example of group economics was accomplished in the Greenwood District of Tulsa, Okla., in the early 1900s—a time when legal segregation forced Blacks to do business among themselves. Commonly referred to as "Black Wall Street," the area became a nationally recognized entrepreneurial center, as dollars circulated 36 to 1,000 times within the Black community.

Because of the “Jim Crow” laws, segregation, racism, jealousy, prejudice, and no other options for survival other than relying on one another, produced:

  • Blacks owned and controlled 36 square blocks of homes and businesses

  • There were over 600 successful businesses in the community

  • There were 21 restaurants, 21 churches, 30 grocery stores, 2 movie theaters, etc

  • They had law and doctor offices, a bank, a post office, a hospital, a half dozen private airplanes, a number of libraries and schools, and farmland

  • A Black doctor generated $500 per day by owning and operating a bus system

  • Many of the business owners became millionaires

  • The dollar circulated 36 to 100 times - at times taking over a year to leave the community

Today, the dollar circulates in the:

  • Asian community over 13 times

  • Jewish community over 10 times

  • Hispanic community over 6 times

  • African American community is less than 1 time

Financial Literacy & Economic Empowerment of African Americans

  • Financial literacy is the global language of money

  • We are living in an economic age and away from the political age

  • The ballot box was the way to achieve a level playing field but today it is economics

  • Dr. Martin Luther King, Jr. died because his mission was economic development not "he had a dream"

  • Now in the 20th century, most Black people haven’t kept up

  • It is not race and the color line anymore, it’s class and poverty

  • Black people are broke because they spend poorly

African Americans in the U.S.

  • There are approximately 45 million African Americans in the U.S.

  • African Americans are about 12.7% of the U.S. population

  • If African Americans were a country, they’d be the 16th largest country in the world

  • The buying power of African Americans here in the U.S. is over $1.3 trillion dollars

  • African Americans are attending and earning college degrees than ever before it doesn't translate into adequate employment

  • African Americans are still last on most financial/economic data statistics

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