Next Year in August 2020 it will be 50 years since the first issue (1970) of @blackenterprise was published by Earl Graves Sr. It’s an incredible blessing and honor to witness such an incredible introduction into what we now call “Black Media”. What was possible 50 years ago is possible now and as a declaration we (The Black Community) shall increase beyond the vision of Mr. Johnson for the next 50 years concerning the retelling of our own narrative. Like the Jefferson’s of the 70’s we will be moving on up to the “East Side”
Although, The 1970’s was known as the beginning of the Post-Civil Rights Movement Era, with several federal acts of legislation established to protect the rights of all Americans. The truth concerning the 1970’s was that it ushered in a new wave of “Black Communication” which marked the start of a new era for African-Americans that made great strides in politics, academe as well as business. If we are able to look back and strategically see how this era ushered in a new level of opportunity, concerning our enterprise and linguistic gifts then you can peer into the future and a see a brighter day for “Black Economics”.
What’s starting to surface is what I like to call the “Monetary Multipliers”. The monetary multiplier shows the multiple by which the money stock can expand given an initial infusion of fresh funds into the banking system. An example of this can be the central bank, such as the Federal Reserve System infusing additional funds into commercial banks by purchasing government bonds owned by commercial banks. The monetary multiplier shows how far bank deposits could theoretically expand under ideal conditions. If the monetary multiplier is five, then an initial infusion of $1,000 of fresh funds into commercial banks could lead to a maximum expansion of bank deposits of $5,000.
When you think in terms of Group Economics from a black perspective community will become the new Rich. I forsee new African-American groups rich in the digital media space forming new collectives and deposit institutions that will help the black community expand through bank deposits. If the “Black Monetary Multiplier” is 10 then an initial infusion of $2000 of fresh funds into Black Commercial banks could lead to a maximum expansion of banks deposits of $10,000. Theoretically, models have to be formulated, tested and proven over time but on the surface level the trajectory looks great given the strides and lessons we have learned along the way.
Although, Johnson Publishing Company filed for Chapter 7 Bankruptcy (April 2019) Liquidation in a U.S. Bankruptcy Court in Chicago, ending the company’s 76–year run; the legacy will forever live on. It was no accident that Burrell McBain Advertising. (Which eventually became Burrell Communications Group opened his doors and began pioneering what is now known as targeted advertising, producing ads that were aimed at black people and that incorporated elements of black culture. The “Black Media of the 70’s was prophetic assertion to building wealth in the black community. It’s also no accident the Jay-z became Hip Hop’s 1st Billionaire starting out with the context of words or lyrics.
Who are the next “Monetary Multipliers” that will change the world and the way “Black Enterprise” is accomplished?
It’s important to recognize that there are 1000’s of ways to create and build wealth in the black community. To a certain degree the media has pigeonholed the context surrounding the ways wealth can be multiplied in our communities. For the most part the common contexts include, Pimps, Drug King Pins, Rappers, Sport Figures, Preachers, Entrepreneurs, artists and Entertainers. Obviously, we have all been given gifts and talents by the creator to use to benefit our community and God’s Kingdom; but how do we cross the financial chasm that has belittled our economic sense and financial genius over the last 3 jubilee’s since 1870 (150 years in 2020)?