The Federal Reserve Act would not, as written, allow the Fed to print $1.38 trillion and transfer it to individual African Americans. But a reparations initiative could direct them to do so.
Wouldn’t that destroy the economy? Probably not. Right now the Federal Reserve is engaging in $45 billion per month of quantitative easing, printing money and using the proceeds to buy U.S. government debt and Fannie Mae and Freddie Mac bonds. Before May, they were doing $55 billion per month.
At the $55 billion per month pace, it would take 25 months—just over two years—to transfer the full $1.38 trillion to black America. Any potentially inflationary impact of the money-printing could be offset by halting quantitative easing immediately.
Excerpt from a Vox article
[Clyde] Ross is a historical figure with a compelling story, but for the most part, Chicago media took a pass on his tale. In fact, in what I consider an act of journalistic malfeasance, Chicago media seem to have passed up the entire reparations story. A serious examination of Coates's well-researched essay would have obliged city leaders at least to engage his provocative, persuasive argument: the poverty of the black community is the product of specific, race-based policies and could best be remedied by race-based repair.
Excerpt from a Chicago Tribune op-ed
Should the country formally confront the effects of centuries of repression of its African-American citizens, from slavery well into the 20th Century? Would it help our nation to have a karmic accounting of the history we live with to this day?
There has been vigorous debate in the days since The Atlantic ran a 16,000-word cover story by star essayist Ta-Nehisi Coates on how a discussion of reparations could enlighten us all to the economic costs borne by the country's lowest caste and the damage to the country as it systematically held down its own citizens.
On one level, it's a modest proposal that Congress pass a bill, HR 40, introduced by Rep. John Conyers Jr. of Michigan every year for the past 25 years, calling for a study of slavery and the issue of reparations. On another, it is a deeper, more painful call to confront how our country came to be and who we are as a nation …
Here's a frequently cited excerpt from The Warmth of Other Suns, a quote from the 1922 Chicago Race Commission: "The past is of value only as it aids in understanding the present; and an understanding of the facts of the problem—a magnanimous understanding by both races—is the first step toward its solution."
Author, The Warmth of Other Sons
Excerpt from a Facebook post
Mr. Coates's article didn't change my opinion on the subject. About 20 to 25 years ago, when I first became aware of the issue of reparation payments, I thought, No way. Why should I have to pay for something in which I never participated? I never had slaves, and all my family had come to America in the early 20th century, 50 years after the matter of slavery had been settled. Over the years, I thought about reparations payment from time to time. About four or five years ago, a little to my surprise, my opinion seemed to change, in that I could see why some payment of reparations could be right. It had dawned on me that there were no African American families or institutions of huge wealth in America that I knew of, who got their start earlier in U.S. history. No black counterparts to the Mellons, the Rockefellers, the Carnegies, the Stanfords, the Fords, the DuPonts, the Reynolds, the Roosevelts, or even the Kennedys. There are a few primarily African American universities, but certainly not on the scale of the abundantly numbered and endowed ones established by Caucasians.