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Closing the Wealth Gap in Black America Through Investments in Innovation

Black America’s wealth gap can be closed by more individuals actively participating in new economies. The old economy relies on manipulation and debt to reshuffle wealth, while the new economy creates wealth where it previously did not exist.
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By Phillip Washington | Dallas Weekly Magazine

In today’s discussion, we delve into the pressing issue of closing the wealth gap in Black America. Wealth in business and investing exists at the intersection of faith in the future and individual passions. It is important to distinguish between the collective and individual mindsets when addressing topics such as race, sex, or other classification. While the collective mindset shapes the beliefs and mindset of a particular group, the individual mindset empowers each person to claim their power and intelligence. In this article, we are discussing the collective mindset.

Belief Systems and the Evolution of Wealth

Each generation brings forth new ideas that shape the economy and solve the problems of the previous generation. This perpetual cycle of question and answer drives progress and innovation. For example, as we strive for faster and more efficient communication, we witness the evolution from telephones to email, text messages, instant messaging, and social media platforms. With each new idea comes a new form of wealth.

The wealthiest individuals in society are often entrepreneurs who bring innovative business ideas to life, along with the investors who provide the necessary capital. The combination of entrepreneurship and investment is a powerful force in wealth creation. However, it is important to recognize the coexistence of the old and new economies. The old economy relies on manipulation and debt to reshuffle wealth, while the new economy creates wealth that previously did not exist.

The old economy’s reliance on debt and manipulation perpetuates a scarcity mindset. When too many individuals engage in this game, it becomes a competition for a limited pie, leading to conflicts and wars. On the other hand, the new economy operates in a realm of abundance. Industries such as bitcoin, space, AI, Airbnb hosting, podcasting, gaming, and influencer marketing offer boundless opportunities for wealth creation.

In these new economies, barriers to entry are minimal, and individuals are primarily focused on seizing opportunities rather than being hindered by concerns of race or sex. The internet has democratized access to information, and more people than ever are participating in these new economies. However, today’s biggest resistance to wealth creation lies within the individual and collective mindset. Overcoming the fear of the unknown and embracing the uncharted territory of new ideas is essential for progress.

The Power of the Individual in Closing the Wealth Gap

As we navigate the uncharted territory of the new economy, we must recognize that there is no proven path or playbook. We are writing the rules as we go along. This may seem daunting, but it is also an area where many individuals, especially Black people, excel. The gap in Black America’s wealth will only be closed when more individuals run to the edges and actively participate in these new economies.

It is encouraging to witness the increasing number of black individuals engaging in new media, finance, AI, and other emerging industries. The momentum is in our favor, and we live in a time when the collective world mind becomes more open to diverse perspectives. The dominance of the old Eurocentric perspective is gradually fading, making it the greatest time ever to be Black.

Implications and Potential Impact

The implications of embracing the new economy and closing the wealth gap are far-reaching. By actively participating in the edges of innovation, black individuals can become cooperative components of the global movement forward. This movement brings not only wealth but also happiness, peace, and joy. It is an opportunity to shape the future and contribute to a more inclusive and prosperous society.

Closing the wealth gap also has broader societal implications. When individuals from all backgrounds have equal access to wealth creation opportunities, it fosters a more equitable society. It dismantles the barriers historically hindering marginalized communities from achieving economic success. By embracing the new economy, Black America can rewrite the narrative and redefine what is possible.

The Lesson

The journey towards closing the wealth gap in Black America requires a continued collective shift in mindset. While external resistance has historically impeded progress, the internet has provided access to information and opportunities like never before. The resistance we face today is primarily internal, rooted in fear of the unknown.

Are there still biased people in positions of power? Of course. There always will be in any majority class’s perspective regardless of race, sex, or other classification. The point is the world is moving fast towards a more diverse perspective, and the perceived power of those with a Eurocentric perspective is no longer as strong as most believe it to be. Those of us playing at the edges see nothing but space and opportunity. There are no biases out here, but our own brought in from past memories and stories passed down.

Phillip Washington, Jr. is a registered investment adviser and Wealth Building Made Simple Podcast host. The information presented is for educational purposes only. It does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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Jovita Moore Mural Still Has Not Been Repainted in Grant Park

ATLANTA VOICE — A mural depicting late journalist Jovita Moore, painted on the exterior wall of a building now occupied by Bellwood Coffee in Grant Park, was painted over in April. Moore passed away in 2021 after decades of working in Atlanta television news. Bellwood Coffee owners stated in May they were unaware of Moore’s identity or significance to the community before painting over the mural.
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Jovita Moore Mural Still Has Not Been Repainted in Grant Park

At the corner of Boulevard, SE. and Rosalia St., SE., directly across the street from an abandoned home and a Methodist Church, is Bellwood Coffee. One of hundreds of coffee shops in Atlanta, this place of business would not be worth a solitary discussion if not for the way its exterior walls are currently painted. There was once a mural depicting the late Jovita Moore, a beloved journalist who worked in Atlanta for decades. Moore, who passed away in 2021, mentored many of the people you see on television newscasts today. Though her legacy will never be forgotten, it was the mural of her image that was erased.

In April, members of the Grant Park community voiced their disgust at the mural, which graced a side wall of the building now occupied by Bellwood Coffee’s Grant Park location, before it was painted over. In its place are the words “Bellwood Coffee; Cocktails, Biscuits, Dry Goods, Air Conditioning. *Heat Too”. In May, the business owners responded to the community pushback on social media by acknowledging they did not know who Moore was before painting over her image. And later admitted that they did not attempt to find out what she meant to the community.

On May 21, the Bellwood Coffee Instagram account had a post about being “in close contact with Jovita’s family and are actively working on next steps in this process.” Two months later, the mural has not been replaced, repainted, or repositioned on the property. Nothing has been done. Black history is often erased, most recently by the current Presidential administration, but oftentimes on a smaller, quieter scale. The mural was originally painted by muralist Tommy Bronx, who had been in contact with the business owners about repainting it. As of July 6, Tommy Bronx had responded to a direct message via his Instagram account from The Atlanta Voice about any updates on his plans to repaint the mural.

“We’re currently working on it. You should see some movement in the weeks to come,” he wrote in a response.

On Monday, July 6, the business had several patrons inside and was running smoothly with three employees manning the counter. The Atlanta Voice dropped by Bellwood Coffee to get a look at the exterior wall where the mural once stood as a memorial to a journalist and mother who lost her life to brain cancer at the young age of 54. Moore’s image added some color to the block. The grey wall in its place does not.

A direct message was sent to the Bellwood Coffee Instagram account, and there hasn’t been a response as of 7 p.m. on Monday.

The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on The Atlanta Voice.

Based on reporting by Atlanta Voice.



The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on BlackPressUSA.

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‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator

ATLANTA DAILY WORLD — A New York man faces felony hate crime charges for allegedly posting a threat against New York State Senator Lea Webb. James A. Crosby, 49, of Binghamton, was arrested by New York State Police after investigators determined he posted a threatening comment on a social media news post about a Juneteenth celebration.
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A New York man is facing felony hate crime charges after allegedly posting that he’d be “proud to hang” New York State Senator Lea Webb from a tree in response to a news story about a Juneteenth celebration.

James A. Crosby, 49, of Binghamton, was arrested June 23 by New York State Police after investigators determined he posted a threatening comment on a WBNG 12 News Facebook post. “I’d be proud to hang her from a tree,” Crosby wrote, according to WBNG.

Crosby was charged with making a terroristic threat as a hate crime, a class C felony, per the New York State Police. He is currently being held at Broome County Jail.

During the subsequent investigation, state police found Crosby was in illegal possession of firearms despite being prohibited from owning them due to a prior felony conviction. Investigators recovered a rifle, a large-capacity ammunition feeding device, and a firearm suppressor — all prohibited under New York state law, per the NYSP.

Crosby was charged with four additional counts of criminal possession of a weapon in the third degree, all class D felonies.

Webb, who represents New York’s 52nd Senate District, had been a featured speaker at a Juneteenth flag-raising ceremony at Binghamton City Hall, where the celebration included prayers and the singing of the Black national anthem.

Police said Crosby’s comment was posted in response to a WBNG news story covering the event.

The day before his arrest, Crosby posted a Facebook apology claiming the comment “was not intended to be racial in any way” and was made in reference to what he described as a “criminal,” citing criticism of Webb over her use of nonprofit legal aid in a foreclosure case — a matter state watchdogs said created an appearance of a conflict of interest, per the Ithaca Voice. He was arrested the following day.

Webb issued a public statement June 25 condemning the threat.

“It was extremely disappointing and hurtful to see the now-deleted threat and attacks on my life in response to a story about Juneteenth, a national holiday that recognizes the ending of slavery in America,” she said. “Feedback and thoughts on policy are one thing, but to make a public call for lethal violence is absolutely unacceptable and dangerous. We must recognize our shared humanity and reject violence in all forms.”

She thanked Gov. Kathy Hochul, Senate Majority Leader Andrea Stewart-Cousins, and law enforcement for their “swift response.”

Following Crosby’s comments, social media users called for a boycott of his contracting business, Crosby Home Improvements.

The Binghamton City Democratic Committee also called for an investigation into the incident before his arrest.

The Black Information Network is your source for Black News! Get the latest news 24/7 on The Black Information Network. Listen now on the iHeartRadio app or click HEREto tune in live.

The post ‘Proud to hang her from a tree’: Man arrested for threatening Black Senator appeared first on Atlanta Daily World.

Based on reporting by Atlanta Daily World.

The post ‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator appeared first on BlackPressUSA.

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CARICOM: Strengthen Integration for Future Generations

NEW YORK CARIB NEWS — Outgoing CARICOM Chairman Terrance Drew called on regional leaders to build a stronger and more effective Caribbean Community that benefits future generations. Speaking at the 51st Regular Meeting, Drew urged modernization of governance structures and improved implementation of Community decisions to make CARICOM safer and more prosperous.
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Outgoing Caribbean Community (CARICOM) Chairman and Prime Minister of Saint Kitts and Nevis, Terrance Drew, has called on regional leaders to build a stronger, more effective CARICOM that delivers greater benefits for future generations.

Speaking Sunday at the opening of the 51st Regular Meeting of the Conference of Heads of Government in Saint Lucia, Dr. Terrance Drew said the region must modernize its governance structures, improve the implementation of Community decisions, and ensure CARICOM becomes safer, more prosperous, and more relevant to the lives of its citizens.

The meeting, being held under the theme “CARICOM: From Resilience to Renewal in a Changing World,” coincides with the Community’s 53rd anniversary. During the ceremony, Dr. Drew formally handed over the rotating CARICOM chairmanship to Saint Lucia’s Prime Minister, Philip J. Pierre.

Reflecting on his six-month tenure as chairman, Drew praised fellow regional leaders for maintaining their commitment to democracy, good governance, unity, and the rule of law despite mounting global economic and geopolitical challenges.

“Throughout these challenges, CARICOM chose engagement over isolation. Together, we reaffirmed our commitment to a fair and rules-based international trading system and ensured that the interests of small developing states continued to be heard.”

He highlighted progress made in strengthening the CARICOM Single Market and Economy, including deeper trade cooperation, expanded labour mobility, and efforts to lay the foundation for long-term economic growth. Drew also noted the Community’s growing partnerships beyond the Caribbean, particularly with the African Union, while stressing that every international partnership should advance the interests of all parties involved.

The outgoing chairman also expressed appreciation to Dr. Carla Barnett and the CARICOM Secretariat for their professionalism and unwavering support during his tenure.

“Whenever I called, you answered. Whenever support was required, you and your team responded with diligence, competence, and excellence.”

Dr. Drew urged the Secretariat to continue preserving its impartiality while faithfully implementing decisions made by Heads of Government, saying that balance has helped strengthen the regional integration movement.

The conference continues in Saint Lucia with regional leaders expected to deliberate on key issues including regional security, climate resilience, trade, economic integration, food security, Haiti, reparations, and strengthening the CSME.

Based on reporting by New York Carib News.



The post CARICOM: Strengthen Integration for Future Generations appeared first on BlackPressUSA.

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