No, Black Wallstreet, and the massacre that destroyed Black Wallstreet - WERE NOT myths. Willie Lynch Letter? Myth. Black Dollar Circulation? Myth.
Black on black spending — exploring the myth of the 6-hour black dollar
The source of this myth is a self-help book called, “Talking Dollars and Making Sense: A Wealth Building Guide for African-Americans. In a segment about the topic on the black-owned cable network TV One, TV journalist Roland Martin contrasts the six hour figure with the lifespan of a dollar in the Asian community (28 days) and in the Jewish community (19 days).
This statistic has often been used to show how little we spend in our neighborhoods compared to other racial and ethnic groups in the U.S., and imply that were we to simply “buy local,” as if we don’t already in the first place, many of our problems would simply disappear. However it’s worth noting that the source of this figure is sketchy at best, the book’s author Brooke Stephens never mentions the name of the study nor provides any information about the author. Experts suggest it’s simply an urban myth, and a destructive one at that.
Unpacking the the 6-hour myth
The origins and debunking of the 6-hour are thanks to
Truth Be Told, a non-profit, non-partisan website and digital network, run by Howard University’s Department of Media, Journalism and Film in the School of Communications. The organization
investigated this claim and spoke to several economic experts including former Obama Labor Department official William Spriggs.
“It’s what I consider an urban myth,” said Spriggs, who is now chief economist at the AFL-CIO union. Spriggs also teaches economics at Howard University.
Spriggs said a red flag for him was the mention of dollars circulating in the “Jewish community” for 19 days. While the government does collect income and wealth data about race, it does not collect any financial information about religion.
“What makes me suspicious is that it has economic data based on religion when the federal government doesn’t collect any information by religion,” Spriggs said. “Where would you get that from?”
And even if it is theoretically possible, the data about spending in Asian communities is equally suspect. Asian communities are incredibly diverse, many of them poor as well.
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