Lawn jockey, you need to quit repeating what the white man tells you. The whiite man is where he is thanks to us. He owes US. We are't waiting for them to give us anythng but the debt they owe. So if you are black, learn the truth and stand up.
“By a conservative estimate, in 1860 the total value of American slaves was $4 billion, far more than the gold and silver then circulating nationally ($228.3 million, “most of it in the North,” the authors add), total currency ($435.4 million), and even the value of the South’s total farmland ($1.92 billion). Slaves were, to slavers, worth more than everything else they could imagine combined.”
In today’s money, slaves were worth over 127 billion dollars. That is a conservative estimate, meaning the amount could be even more. In 1860 the total value of slaves was 17- and one-half times more than the money circulating in the economy. Slaves were worth more than the gold, silver, total U.S. currency, plus all the farmland in the South combined in 1860, but did not receive a dime. Remember that enslaved people were considered property. Because they were, the following activity could occur.
During slavery, wealthy slave owners securitized slavery. That’s right. I said they securitized slavery. Slave owners created and sold slave-backed securities. Your eyes are not playing tricks on you. Let me repeat, slave owners securitized slavery, and the securities were sold internationally. Wall Street should be called Slavery Street. Slavery is what built American capitalism. Cornell professors Edward E. Baptist and Louis Hyman detailed how it was done in an article published by the Chicago Sun-Times on its website dated March 7, 2014. This is from the article:
In the 1830s, powerful Southern slaveowners wanted to import capital into their states so they could buy more slaves. They came up with a new, two-part idea: mortgaging slaves; and then turning the mortgages into bonds that could be marketed all over the world.
First, American planters organized new banks, usually in new states like Mississippi and Louisiana. Drawing up lists of slaves for collateral, the planters then mortgaged them to the banks they had created, enabling themselves to buy additional slaves to expand cotton production. To provide capital for those loans, the banks sold bonds to investors from around the globe — London, New York, Amsterdam, Paris. The bond buyers, many of whom lived in countries where slavery was illegal, didn’t own individual slaves — just bonds backed by their value. Planters’ mortgage payments paid the interest and the principle on these bond payments. Enslaved human beings had been, in modern financial lingo, “securitized.”
As slave-backed mortgages became paper bonds, everybody profited — except, obviously, enslaved African Americans whose forced labor repaid owners’ mortgages. But investors owed a piece of slave-earned income. Older slave states such as Maryland and Virginia sold slaves to the new cotton states, at securitization-inflated prices, resulting in slave asset bubble. Cotton factor firms like the now-defunct Lehman Brothers — founded in Alabama — became wildly successful. Lehman moved to Wall Street, and for all these firms, every transaction in slave-earned money flowing in and out of the U.S. earned Wall Street firms a fee.
The infant American financial industry nourished itself on profits taken from financing slave traders, cotton brokers and underwriting slave-backed bonds. But though slavery ended in 1865, in the years after the Civil War, black entrepreneurs would find themselves excluded from a financial system originally built on their bodies.
-Edward E. Baptist and Louis Hyman, American Finance Grew on the Back of Slaves
First, African slavery did not involve securitizing slaves then seling bonds all over the world to investors. So when your masters tell you about Africans selling each other, this is a inconvienent fact they leave out. Secondly, this is how America grew into the industrialization phase. So then it is our ancestors that created the initial wealth of this country that has compounded into what we have now. And they did not get one penny of it. So instead of letting the white man tell your dumb ass about blacks waiting for the white man to give us something, get some backbone and stop running your mouth to other blacks with the white mans lie.
