The Black dollar: A substantial defense against systematic oppression?

By Vynessah Dasher

Ulrick Cherichel, Senior biological systems engineering student at Florida A&M University, made the decision to join a Black-owned bank in light of growing racial tensions in the U.S.

His bank of choice, “One United” is the largest black owned, FDIC insured bank in the U.S.; founded on the principle of garnering black spending power and redistributing wealth into Black communities.

“When we look at our options for fighting back and gaining a sense of independence, controlling and utilizing money as a means of gain and resistance is crucial in our fight,” Cherichel explained.

The resurgence of police brutality has started the rise of a standard within the Black community that arguably may pose a strong counter to the racially charged ideologies that many feel encroach on the civil liberties of Black Americans.

Last month’s fatal arrest of George Floyd in Minneapolis sparked a chain of protests across the nation. The demonstrations were met promptly by a few stirring remarks from U.S. President Donald Trump in a national address on June 1.

“These are not acts of peaceful protest, these are acts of domestic terrorism,” Trump said.

The president doubled down, cautioning governors that he would “handle it himself,” should the rioting continue in their states.

“I have strongly recommended to every governor to deploy the National Guard in sufficient numbers that we dominate the streets and establish an overwhelming presence of law enforcement until the violence has been quelled,” Trump added.

Black figureheads, celebrities, and politicians are growing increasingly involved in the “Black Lives Matter (BLM)” movement; many promoting civil defenses against the silencing of recent protests.

Kerry Washington, the star of ABC’s drama series, “Scandal,” is one of many mainstream celebrities using their influence to propel the #BlackLivesMatterMovement across mass media platforms while advocating a plan of action.

Washington recently tweeted:

The “Buy Black movement” is no new concept. During the civil rights era, Blacks politicized their dollars by spending only within their communities. This served as an effective strategy for expanding their economic power, as well as mobilizing their greater social demands.

According to the U.S.Bureau of Labor Statistics, Black women make up the highest percentage of workers in full-time, minimum-wage employment and the smallest percentage in careers grossing over US$100,000 per year.

The chairman of the Big Bend Minority Chamber of Commerce (BBMC), Sean Pittman, says one of the reasons he helped found the organization was to level the playing field for minority business owners.

“At the BBMC, we know that when small businesses thrive, the entire community thrives. We believe in building wealth, and we know that small business ownership is one way to get there,” Pitman said in a statement.

The current social climate has inspired many members of the Tallahassee community to intentionally support Black businesses. Jarvis Coleman, a 3rd-year journalism student at Florida A&M university, says it is his duty to support his people.

“When I shop Black, I am choosing to support Black families and entrepreneurs,” Coleman said.

The international recycling of “Black dollars” back into communities of color is a course of action that has actuated civil rights movements long before the inception of the “Black Lives Matter” campaign, the world hasn’t seen in uniformity in this magnitude since the 1950s.

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