I have what I believe may be an entirely unique idea for how to address a current flash point in the fiercely pitched culture war, reparations for Blacks. Like the majority of people in the country, I do not believe in reparations in the way they’re currently conceived as a popular movement. Reparations are inherently racist, inflicting broad economic penalty on persons of light skin colors for the benefit of persons of dark skin. Most people on both sides camp had nothing to do with slavery as either ancestors of slave owners or enslaved. A price has been paid a thousand times over, first through the Civil War, freeing the slaves at the cost of blood. Since then, blacks were the beneficiaries of 150 years of common economic benefit as Blacks were also the direct and indirect beneficiaries of the fruits of what is now spuriously called ‘White privilege’, and of trillions $ in targeted assistance. The more that has been given, the greater their disquiet. Reparations as currently conceived would be the death blow to African Americans in the United States. Sure, some would invest and grow wealthy before the following generation loses that wealth as too often happens with any generational wealth of any color. But for many of the rest, the instant gratifications of cash followed by rage once that cash is gone would send a great many toward violence, inter-racial and intra-racial. I would, however, propose an alternative solution that places instant checks and balances on recipients, reparation advocates, progressives, and the governments that I believe have ulterior motives for entertaining reparations. Reparations could be given in the form of a new currency underwritten by the Treasury of the United States and or, alternately, by individual states like California should they choose to go it alone and grant reparation.
The US Dollar is backed by the full faith and credit of the United States government. That equals either everything or it equals nothing. If our government (here also understood to encompass the Federal Reserve) issues a new currency, it would have no more or no less of a status than the Dollar in the eyes of the government, at least domestically, the only caveat being that other than state and federal governments, no one should be compelled to trade or accept the new currency. It would not be called Dollars, but would have a different name, perhaps REPS for reparation or something like ZIMS if there were a preference for a syllable found in African syntax. I’ll use REPS moving forward here.
There are three compelling features for issuing REPS. The first is that it forces the government to put its faith where its mouth is. They would back REPS the same as Dollars, therefore it could be used to satisfy tax and other governmental obligations. That alone makes it just as ‘real’ as Dollars. REPS go out, REPS immediately return to the federal coffers. Cash has worth only when it is in constant motion. The second feature is no private entity would be obligated to barter in REPS. This forces progressives to also put their money where their mouth is. They push for and believe in reparations; they would then fully and happily accept REPS as private payments in commerce. REPS gives them the opportunity to directly participate in the ‘restitution’ or development of Black compatriots. Should they hesitate, it would reveal their hypocrisy. No one would be forced to accept or use REPS. If I didn’t hold a slave, I don’t believe in reparations, I could choose to deal only in dollars. The third feature might be the most important: it forces the recipients of REPS denominated reparations to have faith in themselves and make an economy out of the REPS. REPS would become the no-excuses currency. It makes it far less likely that it would be blown on fleeting goods and services. Its ultimate value would be directly tied to how much black recipients believe in themselves and harness it to generate wealth. If blacks saved and invested REPS, added human capital, built wealth above and beyond the face values of the currency itself, one REPS could ultimately appreciate beyond its face value and become equally or more sought after than the Dollar. On the other hand, if the REPS were quickly squandered on depreciating assets and vice, the ‘obligation’ of reparations would be cleared nevertheless.
REPS would give the black population a once in a multi-generation opportunity to build on themselves and to finally ditch the culture of failure and blame-shifting. In as much as it would displace obligated Dollar receipts at a governmental level, we would all pay a cost, however, the good faith and credit backing either currency is no different unless of course our chartered government and Federal reserve really doesn’t believe it themselves either. REPS would act as a truth serum for the government. The greater societal benefit is that that REPS would be a stake in the ground for which all parties could say, ‘The heretofore perpetual demand on society for Black restitution and Black failures stops here. You are paid in full.’ We move forward either with your success or your ultimate failure but either way, we’re moving on.
I understand this proposal for reparations and the necessary monetary revolution that it would require would be virtually unprecedented in the history of modern money and as such, it doesn’t have a prayer of seeing the light of day. It is offered as a paradigm of concept. Given that entertaining a Dollar denominated reparation program is simply a mythical carrot on a stick designed to keep blacks on the Democrat plantation, there should be some conceptual interest in this proposal, including from Blacks. There is something in it for everyone. Let the discussion begin.
If you’d like to comment on this post, feel free to do so on Twitter. Follow me: @leestanNEreader