Banking On Slavery
The biggest “aha” for me after reading Edward E. Baptist’s The Half Has Never Been Told: Slavery and the Making of American Capitalism is the extent to which financial speculation is baked into the American economy. From Baptist I learned that 185 years ago, the acquisition of slaves, like any other property, could be financed by mortgages; that bonds were sold to investors based on the value of those mortgages; and, that securities based on enslaved human beings produced a “slave asset bubble” not unlike that produced by the rampant speculation in home mortgage derivatives that helped cause the financial crisis of 2008. In his elegant Atlantic magazine article, The Case for Reparations, Ta-Nehisi Coates works backwards from recent experiences in Chicago to the history that Baptist describes. I cannot recommend this article highly enough, because, as Coates and many others are deeply aware, it is impossible to make a case for reparations without bearing witness to our own shared history.