Income by race converged at the greatest rate between 1940 and 1970.

However, as of 2018, Black/white income disparities were almost exactly the same as they were in 1968, 50 years

Although clear majorities supported the 1964 Civil Rights Act, a national poll conducted shortly after its passage showed that 68% of Americans wanted moderation in its enforcement.

In fact, many felt that LBJ was moving too fast in implementing integration.
On the heels of Reconstruction came a period that Southerners called “redemption,” a violent project to restore white hegemony.

Redemption coincided with the vast upheaval of industrialization and urbanization, when the United States more broadly plunged into the Gilded Age.
But as the century turned and the Gilded Age gave way to the Progressive Era, a diverse group of reformers grabbed the reins of history and set a course toward greater economic equality, political bipartisanship, social cohesion and cultural communitarianism.
Some six decades later all of those upward trends reversed, setting the United States on a downward course that has brought us to the multifaceted national crisis in which we find ourselves today, which bears a remarkable resemblance to the Gilded Age.
The moment America took its foot off the gas in rectifying racial inequalities largely coincides with the moment America’s “we” decades gave way to the era of “I.”
A central feature of America’s “I” decades has been a shift away from shared responsibilities toward individual rights and a culture of narcissism.
Whatever sense of belonging Americans feel today is largely to factional (and often racially defined) in-groups locked in fierce competition with one another for cultural control and perceived scarce resources.
Perhaps America’s larger turn toward “I” was simply a response to the challenge of sustaining a more diverse, multiracial “we” in an environment of deep, embedded and unresolved racism.
But it is also possible that a broader societal turn away from shared responsibilities to one another eroded the fragile national consensus around race as all Americans began to prioritize their own interests above the common good.
By the late 1960s, though the work of widening was not nearly complete, America had come closer to an inclusive “we” than ever before.

But just as that inclusion began to bear tangible fruit for Black Americans, much of that fruit began to die on the vine.

More from Economy

On Jan 6, 2021, the always stellar Mr @deepakshenoy tweeted, this:

https://t.co/fa3GX9VnW0

Innocuous 1 sentence, but its a full economic theory at play.
Let me break it down for you. (1/n)


On September 30, 2020, I wrote an article for @CFASocietyIndia where I explained that RBI is all set to lose its ability to set interest rates if it continues to fiddle with the exchange rate (2/n)

What do I mean, "fiddle with the exchange rate"?

In essence, if RBI opts and continues to manage exchange rate, then that is "fiddling with the exchange rate"

RBI has done that in the past and has restarted it in 2020 - very explicitly. (3/n)

First in March 2020, it opened a Dollar/INR swap of $2B with far leg to be unwound in September 2020.

Implying INR will be bought from the open markets in order to prevent INR from falling vis a vis USD (4/n)

The Second aspect is now, that dollar inflow is happening, and the forex reserves swelled -> implying the rupee is appreciating, RBI again intervened from September, by selling INR in spot markets. (5/n)
https://t.co/9kpWP7ovyM

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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.


The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.