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February 2019

News

 26 billionaires own as much as world’s
3.8 billion poorest people

Since the financial crisis, the super-rich billionaires of the world have seen their wealth grow by $2.5 billion a day. This is just one of the shocking revelations in a report published by Oxfam this past weekend.

While the world’s richest people saw their fortunes swell by over $900 billion last year, or $2.5 billion a day, the world’s poorest actually lost wealth at a decline of 11 percent, or $500 million each day.

Oxfam’s report, titled “Private Good or Public Wealth?” revealed that 26 billionaires now own as much wealth as the world’ poorest 3.8 billion people combined.

The number of billionaires has doubled since the financial crisis of 2008 while the rest of the world has struggled to recover. Women have been particularly affected as they have been left to fill the gaps in public services with many hours of unpaid care. Men meanwhile hold 50 percent more of the world’s wealth than women.

NEWBOOK: The Rise and Fall of the Associated Negro Press- Claude Barnett’s Pan-African News and the Jim Crow Paradox

Rise & Fall of the Associated Negro Press
 
A relentless letter writer and a tireless networker, Claude Barnett's diplomacy not only benefited himself but the Negro community from which he sprang.
 
By 1950 he was continuing to press Guatemala and Brazil because, he said, both were “finding it difficult to let Negroes in” as either tourists or immigrants. “The latter does not even want visitors,” he said with a scoff. “Think up a group of questions,” he instructed his Washington correspondent, Alice Dunnigan, “and ask the ambassadors point blank, what their attitude is on Negroes? Tell them your home office has proof that their Chicago consuls have refused Negroes and you wish to know why.”
 
It was not as though Barnett had chosen the easiest road to eminence, for it was well known that—not least because of its importance and influence—the Negro press was disfavored by Jim Crow advocates. The city of Pine Bluff, Arkansas, sought an injunction barring the Chicago Defender during this journal's heyday during the 1920s.
 
In 1921 a correspondent of the Philadelphia American was burned at the stake. Harassment of Negro journalists was customary. This was generated not just externally, because newspapers with a captive Negro market could be lucrative. In 1934, AS Scott was convinced that his brother, who had founded the Atlanta Daily World, was murdered as a result of a “well laid plot for control of his newspaper”; he had been “asked to sign a will that he did not read” and then “lived in constant fear for his life”; he “left about thirty thousand to his children,” paltry consolation but admittedly a king's ransom for a Negro in that era: no one was ever convicted for this presumed murder.
 
Nothing so horrendous occurred during World War II, but it was then that the prominent white columnist Westbrook Pegler claimed that the “majority of the Negro papers, during this war, so undermined the national loyalty of the Negro servicemen that they became unmistakably responsible for episodes humiliating to their own racial clientele”; he railed against the “evil influence of the Negro press on Negro units.”

The decline of African-American and Hispanic
wealth since the Great Recession

Edward Wolff  
voxeu.org  

Unlike income inequality, wealth inequality along racial lines in the US has received relatively little attention. This column presents new evidence on the changing landscape of relative wealth among whites, blacks, and Hispanics between 1983 and 2016. Using an augmented measure of wealth, it highlights how cuts to social security will disproportionately affect minorities.

While many studies have documented the wide disparity in income between whites on the one hand and African-Americans and Hispanics on the other, the gap in wealth is even greater. In seminal work on the subject, Oliver and Shapiro (1995) document and analyse the sources of the wealth differences between blacks and whites and discuss some of the deleterious effects of low wealth on the wellbeing of black families – including access to decent housing and education, poor health, lower longevity, and the like.

The racial disparity in standard wealth holdings in the US, after fluctuating over the years 1983 to 2007, was almost exactly the same in 2007 as in 1983 – with a ratio of mean wealth between the two groups of 0.19 (see Wolff 2017 and 2018 for more details). Median net worth among black as well as Hispanic households was close to zero over the whole time period, as were the ratios of median wealth between minority and white households.

However, the Great Recession from 2007 to 2010 hit African-American households much harder than whites, and the ratio of mean wealth between the two groups plunged from 0.19 in 2007 to 0.14 in 2010 (see Figure 1). Indeed, the mean wealth of black households suffered a 33% decline in real terms (see Figure 2). White wealth, in contrast, declined by 12%. The relative (and absolute) losses suffered by black households from 2007 to 2010 are to a large extent ascribable to the fact that blacks had a higher share of homes in their portfolio than did whites and a much higher debt-net worth ratio (0.55 versus 0.15). These factors led to a wide disparity in annual real rates of return on their respective portfolios (-9.92 versus -7.07%).

Between 2010 and 2016 there was no change in the racial wealth gap.



Hispanic households made sizeable gains on whites from 1983 to 2007. The ratio of standard mean net worth grew from 0.16 to 0.26, the Hispanic homeownership rate climbed from 33 to 49%, and the ratio of homeownership rates with white households advanced from 48 to 66%. However, in a reversal of fortunes, Hispanic households got hammered in the years 2007 to 2010, with their mean net worth plunging in half, the wealth ratio falling from 0.26 to 0.15, their homeownership rate down by 1.9%, and their net home equity plummeting by 47%. The relative (and absolute) losses suffered by Hispanic households over these three years were also mainly due to the much larger share of homes in their wealth portfolio and their much higher leverage (a debt-net worth ratio of 0.51 versus 0.15). These factors led to a large difference in real returns over the years 2007 to 2010 (-10.76 versus -7.07% per year). 

Malcolm X

His words on the role of Corporate Media and Police in US Black Community still holds true as Trump Administration their allies, Democratic Liberals, the rightwing and liberal white corporate media lies about the legitimate President Mandurua and the Bolivarian Socialist Revolution led by the late President  Hugo Chavez in Venezeula.
 
Community Calendar of Events
February 2019

3rd, Sunday 1:00pm-3:00pm;  Fruit of Labor Singing Ensemble Meeting/Rehearsal 

3rd, Sunday 3:00pm-6:00pm; Jams - First Sundays only; open for other musicians, vocalists and artists to sit in and share. Free and open to the community, but we do welcome donations! Snacks and beverages available for purchase. 

9th, Saturday 8:00am-1:00pm; Moral March on Raleigh & HKonJ12 – Historic Thousands on Jones St. – Taking the Resistance to the Ballot Box; march begins at Shaw University on South St. in Raleigh and goes to the NC Capitol; call
(919) 682-4700 for more information or go to:  www.naacpnc.org.

12th, Tuesday; 6:00pm-8:00pm; World Cultural Cinema Celebrating Black History Month; film, discussion & snacks. $5 donation requested.

13th, Wednesday 6:00pm-8:00pm; Financial Health Workshop 3rd Session; Learn about capitalism, the current crisis and how to keep from being sucked into the dark hole of consumerism.

14th, Thursday 6:00pm-7:00pm; Freedom & Justice Youth Book Club meeting at the Fruit of Labor World Cultural Center Café!  (Ages 12-16) If you love reading – historical non-fiction, suspense, mystery, science fiction and historical fiction you are invited to come out. We will focus on African American and other writers of color and will be developing our next 6 months reading list. For more information contact: Nathanette at
(919) 876-7187 or nlmayo5@yahoo.com

14th, Thursday 7:00pm-8:00pm; Freedom & Justice Adult Book Club meeting at the Fruit of Labor World Cultural Center Café! If you love reading – biographies & non-fiction, suspense, mystery, historical fiction, science fiction, health/mind/fitness, poetry with a focus on African American and other writers of color; you are invited to come out.  We will be developing our next 6 months reading list. For more information contact: Angaza at
(919) 876-7187 or frutioflaborwcc@netscape.com

16th, Saturday 12:00pm-5:00pm; Fruit of Labor Singing Ensemble performs at the 24th Annual African-American Celebration at the Cary Theater in Cary, NC. Sponsored by the Ujima Group & Town of Cary.

 19th, Tuesday 6:00pm-8:00pm; World Cultural Cinema Celebrating Black History Month; film, discussion & snacks. $5 donation requested. Interested in becoming a member of the World Cultural Cinema Club? Contact us today!


23rd, Saturday 7:00pm-11:00pm;  Freedom & Justice Cultural Commission, Hip Hop 4 Justice & Fruit of Labor Singing Ensemble present a Black History Month Soul Celebration. Featuring:  Lost-N-Sound, Jones Michael, Fruit of Labor, Retro Rhythm Section, DJ Rick & Surprise Guest; donation $10; Music, spoken word, food, trivia & prizes, good news & fun! A Social Justice Fundraiser. Contact Chris at Chris@major7online.com. Ticket can also be purchased at: BlackHistorySoul2019.Eventbrite.com

24th, Sunday 3:00pm-5:00pm; World Cultural Cinema Celebrating Black History Month & Malcolm X Commemoration; Forum, film, discussion. Light refreshments. $5 requested donation. Call FOLWCC for more information.
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Community Calendar of Events
Need a special place for your special event?

The newly renovated Fruit of Labor World Cultural Center and the World Cultural Café are your place. The 2000 sq. ft. World Cultural Center, with its big screen and surround sound theater, is the ideal intimate setting for:

• Parties & Game Nights
• Organizational & Business Meetings
• Classes, Seminars & Workshops
• Conferences
• Religious & Family Gatherings/ Reunions
• Bridal & Baby Showers
• Movie Screenings
• Receptions
• Gatherings for Watching Sporting and other Events
• Art Shows
• Small Concerts & Fundraisers

Contact us to learn more.
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