How would the US react to the collapse of the Petro-dollar system?

The petrodollar system entails that oil can be bought or sold only in dollars.
As a result, most countries need (a) to acquire dollars through trade with the US and (b) to keep reserves of dollars in order to meet their oil demand. The net effect is to create global demand for dollars which is anchored in global demand for oil.

Global demand for dollars creates upward pressure on their value which protects (to some significant extent) against losses in purchasing power associated with inflation. This allows the US to pursue policies which might otherwise erode the value of the dollar and accrue large debts without foreign creditors losing confidence in the value of the repayments.

Countries which have attempted to leave the petrodollar system by trading oil in other currencies (Iraq and Libya) have shortly afterward been targeted by the US in military interventions. Some commentators have posited a connection, arguing that the real goals of US foreign policy are to protect the petrodollar system rather than to locate WMDs or fight terrorism. Whether or not this view can be substantiated, it is probably true to say that the collapse of the petrodollar system would be very damaging to the US economy.

Inflation would increase substantially, increasing the cost of business and the cost of living. Foreign countries may no longer be willing to accept dollars in exchange for their exports to the US. This would adversely affect import-based industries. Additionally, foreign creditors may lose confidence – impairing the ability of the US to roll over or its national debt. This could lead to a default, an inability of the government to meet social security obligations and possible civil unrest. In order to offset these effects the US may try, as has been said already, to become more self-sufficient and less dependent on foreign imports. This could be achieved through reversing the balance of trade; shifting from an import-based consumer economy to an export-based manufacturing economy. However, kickstarting a manufacturing base within the US may be difficult as this requires investment and with dollars losing purchasing power, there would be little capital available to invest.

Just my two cents (no pun intended)

Why Louisiana Stays Poor

With all Louisiana’s wealth in natural resources and industry, WHY DO WE STAY SO POOR?

Comments

Wow, as an outsider (not from Louisiana) I’ve visited the state numerous times, and the impression is always the same—shocking poverty and decay. I’ve always thought of Louisiana as an under-developed state that has just been passed-by the 20th & 21st Centuries. To learn that economically, it’s a very wealthy state with huge economic production and growth from which residents are deriving little to no benefit SCREAMS exploitation. This is a clear lesson in the vital importance of taxes and how they are used.

 

I am a native Louisianaian. If the people would stop electing and re-electing corrupt politicians we could be such a better state. Louisiana is a fantastic state but corruption has ruined us.
I remember working at a hotel when I lived in New Orleans and met a man from there that had moved to Colorado. He told me prior to moving to Colorado he never left Louisiana and thought it was the best state ever. He then said “I got so use to seeing the clean interstates and meeting nice people in Colorado, I came back here to visit 3 years later. I looked around and realized this is a NASTY ass city with no opportunities I can’t believe I stayed here most of my life”. He was happy he left and at that moment I started a plan to leave. I’ve been gone for 4 years and never going back.
The world’s shortest book is entitled “A List of Honest Louisiana Politicians.”
This is why I moved to Texas 16 years ago. EVERY citizen in Louisiana needs to see this. Thank you so much for making this video.
This is absolutely amazing I live in Louisiana and I am one paycheck away from being homeless and corporations get away with murder this absolutely sickens me
“If the wealth of a nation is mostly dug out of the ground, it is a terrible place to live, because a gold mine can run with dying slaves and still produce great treasure.” -CGP_Grey [Rules for Rulers] Corollary: Great places to live are founded on the economic strength of happy productive citizens.
Great video. Another thing to keep in mind is Louisiana has some of the highest sales tax rates in the country, and they are high partly to make up for the lost property tax revenues. Sales taxes hit the poorest the hardest.
I cried watching this. I was born and raised here. I’ve watched my friends and family vote consistently for politicians who sell them out. They worship Industry and Big Oil, they think bending over & letting the big companies have their way is the only path to economic opportunity. I have such a deep connection to this land, such a love and appreciation for it, but I just can’t be here anymore. I can’t watch the thing I love and cherish be ripped apart and torn asunder so greedy politicians and corporations can glean every last drop of wealthy we have.
I’ve lived in Gonzales, Louisiana my entire life. I can count on one hand the times I’ve left the state longer than 48 hours in my 21 years. Honestly until seeing this video I’ve felt very optimistic about living in this state, and have always wanted to come back home anytime I leave. I grew up thinking we were one of the best states because the amount of plants ascension pairsh, and neighboring parishes have to then see/hear all of this. It’s a real slap in the face, and we all deserve better. If it wouldn’t for me honestly not having the means to leave, and how much I love my community I’d leave. The other states I’ve been too not every so I don’t know for sure the people aren’t as kind, nore hospitalitie as us in Louisiana are. My take on all of this is that we as citizens of this great state need to fight for our share of what WE ALL put in with taxes. Let’s not forget the men, and women working the plants who have some pretty dangerous jobs who are nothing but numbers. Finally how about all of us who don’t work in that industry? We have the Devine “privilege” of breathing, smelling, and for some living in such close proximity to them all. For that alone we deserve some sorta system related to Alaska where it’s citizens get a percentage of the revenue in OUR pockets, and more importantly that these multi billion, maybe trillion dollar companies pay AT LEAST a fair share of the property value/profits!!!!
Great video… I went to school in Louisiana, now living in Texas. I’ve always been amazed at the stark contrast in infrastructure… as soon as I cross the border from Texas into Louisiana, the roads are noticeably inferior. I’ve never been able to explain this, since both states have similar natural resources… this video makes sense. Thank you for doing this.
As an immigrant I feel this video resonating with the reasons we leave our counties, it’s not because we are land poor without the beautiful riches nature has to offer but because they are poorly managed and hoarded by a small corrupt few. Louisiana looks more beautiful, and I regret not going out during the reconstruction after Katrina and offering my little grain of sand when I had the chance.
And don’t forget Louisiana’s “cancer alley”, where the rates of cancer are significantly higher than the national average. This is so bad that it was used as a case study in one of my environmental courses for how bad out of control pollution can get.
I’m from western New York and this just stuns me. I thought the disparity and corruption is bad here but it doesn’t hold a candle to this. I hope the people of Louisiana get justice and a properly funded future!
it’s amazing that corporations can be exempt from property tax but that individual’s homes cannot.
My uncle served in the Air Force in Louisiania and absolutely loved that state, but he was shocked by the poverty and the rampant corruption.
This was an outstandingly professionally produced video.
As someone who works in data, great job keeping this data driven and factual and not based on “Feelings”. Its very easy to follow your research and understand a cause and effect relation. I’m not from Louisiana but I’m from another “traditionally poor state” – Michigan and I think some of the problems you face are some of the same ones we also face. I hope your politicians can turn it around.
It wasn’t until I moved away from Louisiana that I realized how bad the situation was there. I love my people, but it is too hard for me to see them taken advantage like this and just roll over for it. All of this wealth rightfully belongs to the people of Louisiana, but they don’t even realize it. Honestly, once my mother passes away, I probably won’t ever return to the state. It’s too heartbreaking for me.
As a foreigner living in the US, I’ve always wondered why the “South” is always so poor. This explains so much. Thank you for explaining this.
So glad to know you exist and are fighting against these inequities with great skill, and showing some results! It gives me hope for the state where family and friends still live. I left Louisiana decades ago for college out of state. I saw how other states operated and never seriously considered returning. I sadly began to see Louisiana a a state operating much like a Central American kleptocracy, but embedded in the US. Even the most corrupt other states had nothing on Louisiana.
This is absolutely terrifying. I honestly wonder if Louisiana’s natural resource infrastructure and tax exemptions are part of the reason why school privatization was pushed so hard in New Orleans after Katrina hit.
I’m German, could care less and stumbled upon this video by accident – but my God did they do a good job in presenting this!!! One of the best visualizations and presentations I’ve ever come across and I work in white color automotive. Congratulations! Hope this had the wanted outcome and the situation has gotten better for the people …
I tend to be one of the last to support a tax increase, and being Louisiana, my initial thought was of corruption and levee funding being diverted. But this is a very solidly argued point that Louisiana went way too far in practically exempting industrial properties from property taxes. Then my next reaction was that there was no way the political fight would be won so I was pleasantly surprised to see the progress shown at the end. Congratulations to you guys for helping to create a significant improvement in public policy! Now I hope the money will be well-spent.
With those property tax exemptions, there’s also the point of them not paying for services and public right of ways that they need to operate. More dense development typically is the only property that returns more than it costs cities to maintain. This means not only are the urban poor subsidizing suburban development, but they’re subsidizing the giant corporations they work for. And they’re not even paid a fair living wage to begin with due to deregulation.
Let me just take a wild guess and say that practically everything has gotten worse and almost nothing has gotten better for Louisiana residents since this video was produced. Get out while (if) you still can. I’ve struggled here my whole life and I’ve finally had enough. I’m selling my possessions and moving away with whatever fits in my beat up 90’s car as soon as I can manage it, and I will never look back.
I’m from Mississippi, a genuinely poor state with poor natural resources and high corruption – not so much on the corporate-political level, but rather internally to our politics. Both sides of the government participate in these practices, and its no wonder that our state remains poor. Whenever I cross over into Louisiana, however, I’m always shocked at how destitute things are. Like this video states, there are so many reasons that Louisiana should be one of the richest states in the United States, and I’ve been aware of them for a long time. It’s baffled me for years that a state so strategically placed and rich in natural resources could possibly be on a level of poverty like Mississippi. Now I know why, and it breaks my heart to see a state that could be so prosperous falling to corruption and poverty that has no business being in it. Unlike Mississippi, there is no excuse for Louisiana to be at the bottom. I sincerely hope this changes.
You think those good ol’ boys on the state board might be getting some kick backs from all those tax exemptions they hand out so freely ?
Having lived in Alaska, where every citizen received a yearly dividend from investment of oil lease fees, this is sickening to hear. Louisiana should be one of the most flush states in the nation if it weren’t for trickle-down economics and tax breaks for the wealthy. The impact of these industries should be beneficial to the area not debilitating. The bottom line is that the people of the state of Louisiana are paying (or losing out on) the taxes that should be spread out to all the consumers. Good luck to all in Louisiana, I hope you finally get this corrected.
“No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems – of which getting elected and re-elected are number one and number two. Whatever is number three is far behind.”
OMG, I had no idea how bad this was. I lived in New Orleans, Louisiana for 10 years. I actually left because of lack of opportunities, widespread poverty and lackluster healthcare system. I also knew that my life expectancy would go down drastically if I stayed. I did develop endocrine health issues during and and immediately after living there. It took 10 years to figure out what was wrong with me. My DNA may have been predisposed to these problems, but maybe they may never have come up if I never lived there.
This could also be useful to show to the decision makers in most other states if nothing else to show what not to do.

But how does bitcoin actually work? (2017)

The math behind cryptocurrencies.
Help fund future projects: https://www.patreon.com/3blue1brown
An equally valuable form of support is to simply share some of the videos.
Special thanks to these supporters: http://3b1b.co/btc-thanks
This video was also funded with help from Protocol Labs: https://protocol.ai/join/

Some people have asked if this channel accepts contributions in cryptocurrency form. As a matter of fact, it does:
http://3b1b.co/crypto
ENS: 3b1b.eth

2^256 video: https://youtu.be/S9JGmA5_unY

Music by Vincent Rubinetti: https://soundcloud.com/vincerubinetti…

Here are a few other resources I’d recommend:

Original Bitcoin paper: https://bitcoin.org/bitcoin.pdf

Block explorer: https://blockexplorer.com/

Blog post by Michael Nielsen: http://3b1b.co/crypto
(This is particularly good for understanding the details of what transactions look like, which is something this video did not cover)

Video by CuriousInventor: https://youtu.be/Lx9zgZCMqXE

Video by Anders Brownworth: https://youtu.be/_160oMzblY8

Ethereum white paper: https://goo.gl/XXZddT

 

Other Videos by video creator

 

Comments

this was awesome! I was having trouble on understanding the nodes vs. miners as well as the random number / difficulty adjustment but this totally cleared it up!
It’s an extremely information dense lecture. You have to watch portions of it again and again to grasp the underlying concepts. But once you’ve finished it, you feel so damn confident.
5 years later and I still comeback to this Blockchain explanation to check if my understanding, love it
You have no idea how much I’ve tried to find an article or video actually explaining how cryptocurrencies work. Everyone else just goes around with analogies. They probably don’t understand fully themselves. Thanks man.

 

This is the clearest video I’ve ever seen, and I still don’t get it.
10:00 “The history of transactions is the currency” interesting Edit: 17:30 I love how I now know what a block chain is, and it wasn’t as mind blowing as people on the internet made it seem. And I’m pretty sure blockchains are done in introductory coding courses. (Though not as complex). Edit 2: 18:25 so THAT’S why mining is profitable. I get it now. That circles back to the claim made ~10 mins in. Edit 3: 21:15 So, bitcoin ‘authority’, in essence, is computing power, and bitcoin ‘identity’ is the a blockchain made by the original owner? Great video. As you can see I am still shaky on complete understanding, BUT this was the only useful explaination of Bitcoin and crypto I’ve seen so far (for me). So I am greatful. and maybe this will lead me to understanding others.
Prior to watching this I didn’t really understand the link between mining and validating the transactions. Its quite interesting how the system can self-adjust to make sure that mining\validating is always profitable, and therefore even if there is a big crash in mining profitability it should just result in a slowdown of transactions until the system balances. I guess the issue is that there is a big problem if the coin is used for real large scale commerce\business that rely on guaranteed volume. If a large enough proportion of bitcoin transactions were for real vital goods and services, then a crash in mining profitability could drive he value to zero since the value would be much more tied to the amount of volume the system can handle. Lack of trust could continually inflate it, which would then continually make it harder to restore validation capacity. Volatility is an issue for real world business even if the overall trend is continually upwards. If I am correct, then it would suggest that bitcoin will remain a speculation asset and a store of value rather than a replacement for sovereign currencies?
at around 20:30, theyre discussing how it isnt viable for Alice to try to commit fraud because she cant out-compute the other miners on the network all by herself. could someone explain what would happen if a group of miners (that formed the majority of the network) decide to commit fraud together?
>>  It’s 100% possible. And in fact, the top 4 miners of bitcoin have more than 50% of the network’s total hashing power. However, if you have 50% of the total mining network’s computation, you’re probably better off using it to make ~$2.2 Million a day with honest mining than you to defraud a single individual.

 

>> the specific name for this scenario is a “50% attack”

 

 

What Is White Privilege, Really?

Today, white privilege is often described through the lens of Peggy McIntosh’s groundbreaking essay “White Privilege: Unpacking the Invisible Knapsack.” Originally published in 1988, the essay helps readers recognize white privilege by making its effects personal and tangible. For many, white privilege was an invisible force that white people needed to recognize. It was being able to walk into a store and find that the main displays of shampoo and panty hose were catered toward your hair type and skin tone. It was being able to turn on the television and see people of your race widely represented. It was being able to move through life without being racially profiled or unfairly stereotyped. All true.

This idea of white privilege as unseen, unconscious advantages took hold. It became easy for people to interpret McIntosh’s version of white privilege—fairly or not—as mostly a matter of cosmetics and inconvenience.

Those interpretations overshadow the origins of white privilege, as well as its present-day ability to influence systemic decisions. They overshadow the fact that white privilege is both a legacy and a cause of racism. And they overshadow the words of many people of color, who for decades recognized white privilege as the result of conscious acts and refused to separate it from historic inequities.

In short, we’ve forgotten what white privilege really means—which is all of this, all at once. And if we stand behind the belief that recognizing white privilege is integral to the anti-bias work of white educators, we must offer a broader recognition.

A recognition that does not silence the voices of those most affected by white privilege; a recognition that does not ignore where it comes from and why it has staying power.

 

Racism vs. White Privilege

Having white privilege and recognizing it is not racist. But white privilege exists because of historic, enduring racism and biases. Therefore, defining white privilege also requires finding working definitions of racism and bias.

So, what is racism? One helpful definition comes from Matthew Clair and Jeffrey S. Denis’s “Sociology on Racism.” They define racism as “individual- and group-level processes and structures that are implicated in the reproduction of racial inequality.” Systemic racism happens when these structures or processes are carried out by groups with power, such as governments, businesses or schools. Racism differs from bias, which is a conscious or unconscious prejudice against an individual or group based on their identity.

Basically, racial bias is a belief. Racism is what happens when that belief translates into action. For example, a person might unconsciously or consciously believe that people of color are more likely to commit crime or be dangerous. That’s a bias. A person might become anxious if they perceive a Black person is angry. That stems from a bias. These biases can become racism through a number of actions ranging in severity, and ranging from individual- to group-level responses:

  • A person crosses the street to avoid walking next to a group of young Black men.
  • A person calls 911 to report the presence of a person of color who is otherwise behaving lawfully.
  • A police officer shoots an unarmed person of color because he “feared for his life.”
  • A jury finds a person of color guilty of a violent crime despite scant evidence.
  • A federal intelligence agency prioritizes investigating Black and Latino activists rather than investigate white supremacist activity. 

Both racism and bias rely on what sociologists call racialization. This is the grouping of people based on perceived physical differences, such as skin tone. This arbitrary grouping of people, historically, fueled biases and became a tool for justifying the cruel treatment and discrimination of non-white people. Colonialism, slavery and Jim Crow laws were all sold with junk science and propaganda that claimed people of a certain “race” were fundamentally different from those of another—and they should be treated accordingly. And while not all white people participated directly in this mistreatment, their learned biases and their safety from such treatment led many to commit one of those most powerful actions: silence.

And just like that, the trauma, displacement, cruel treatment and discrimination of people of color, inevitably, gave birth to white privilege.

 

So, What Is White Privilege?

White privilege is—perhaps most notably in this era of uncivil discourse—a concept that has fallen victim to its own connotations. The two-word term packs a double whammy that inspires pushback. 1) The word white creates discomfort among those who are not used to being defined or described by their race. And 2) the word privilege, especially for poor and rural white people, sounds like a word that doesn’t belong to them—like a word that suggests they have never struggled.

This defensiveness derails the conversation, which means, unfortunately, that defining white privilege must often begin with defining what it’s not. Otherwise, only the choir listens; the people you actually want to reach check out. White privilege is not the suggestion that white people have never struggled. Many white people do not enjoy the privileges that come with relative affluence, such as food security. Many do not experience the privileges that come with access, such as nearby hospitals.

And white privilege is not the assumption that everything a white person has accomplished is unearned; most white people who have reached a high level of success worked extremely hard to get there. Instead, white privilege should be viewed as a built-in advantage, separate from one’s level of income or effort.

Francis E. Kendall, author of Diversity in the Classroom and Understanding White Privilege: Creating Pathways to Authentic Relationships Across Racecomes close to giving us an encompassing definition: “having greater access to power and resources than people of color [in the same situation] do.” But in order to grasp what this means, it’s also important to consider how the definition of white privilege has changed over time.

 

White Privilege Through the Years

In a thorough article, education researcher Jacob Bennett tracked the history of the term. Before the Civil Rights Act of 1964, “white privilege” was less commonly used but generally referred to legal and systemic advantages given to white people by the United States, such as citizenship, the right to vote or the right to buy a house in the neighborhood of their choice.

It was only after discrimination persisted for years after the Civil Rights Act of 1964 that people like Peggy McIntosh began to view white privilege as being more psychological—a subconscious prejudice perpetuated by white people’s lack of awareness that they held this power. White privilege could be found in day-to-day transactions and in white people’s ability to move through the professional and personal worlds with relative ease.

But some people of color continued to insist that an element of white privilege included the aftereffects of conscious choices. For example, if white business leaders didn’t hire many people of color, white people had more economic opportunities. Having the ability to maintain that power dynamic, in itself, was a white privilege, and it endures. Legislative bodies, corporate leaders and educators are still disproportionately white and often make conscious choices (laws, hiring practices, discipline procedures) that keep this cycle on repeat.

The more complicated truth: White privilege is both unconsciously enjoyed and consciously perpetuated. It is both on the surface and deeply embedded into American life. It is a weightless knapsack—and a weapon.

It depends on who’s carrying it.

 

White Privilege as the “Power of Normal”

Sometimes the examples used to make white privilege visible to those who have it are also the examples least damaging to people who lack it. But that does not mean these examples do not matter or that they do no damage at all.

These subtle versions of white privilege are often used as a comfortable, easy entry point for people who might push back against the concept. That is why they remain so popular. These are simple, everyday things, conveniences white people aren’t forced to think about.

These often-used examples include:

  • The first-aid kit having “flesh-colored” Band-Aids that only match the skin tone of white people.
  • The products white people need for their hair being in the aisle labeled “hair care” rather than in a smaller, separate section of “ethnic hair products.”
  • The grocery store stocking a variety of food options that reflect the cultural traditions of most white people.

But the root of these problems is often ignored. These types of examples can be dismissed by white people who might say, “My hair is curly and requires special product,” or “My family is from Poland, and it’s hard to find traditional Polish food at the grocery store.”

This may be true. But the reason even these simple white privileges need to be recognized is that the damage goes beyond the inconvenience of shopping for goods and services. These privileges are symbolic of what we might call “the power of normal.” If public spaces and goods seem catered to one race and segregate the needs of people of other races into special sections, that indicates something beneath the surface.

White people become more likely to move through the world with an expectation that their needs be readily met. People of color move through the world knowing their needs are on the margins. Recognizing this means recognizing where gaps exist.

 

White Privilege as the “Power of the Benefit of the Doubt”

The “power of normal” goes beyond the local CVS. White people are also more likely to see positive portrayals of people who look like them on the news, on TV shows and in movies. They are more likely to be treated as individuals, rather than as representatives of (or exceptions to) a stereotyped racial identity. In other words, they are more often humanized and granted the benefit of the doubt. They are more likely to receive compassion, to be granted individual potential, to survive mistakes.

This has negative effects for people of color, who, without this privilege, face the consequences of racial profiling, stereotypes and lack of compassion for their struggles.

In these scenarios, white privilege includes the facts that:

  • White people are less likely to be followed, interrogated or searched by law enforcement because they look “suspicious.”
  •  White people’s skin tone will not be a reason people hesitate to trust their credit or financial responsibility.
  •  If white people are accused of a crime, they are less likely to be presumed guilty, less likely to be sentenced to death and more likely to be portrayed in a fair, nuanced manner by media outlets (see the #IfTheyGunnedMeDown campaign).
  •  The personal faults or missteps of white people will likely not be used to later deny opportunities or compassion to people who share their racial identity.

This privilege is invisible to many white people because it seems reasonable that a person should be extended compassion as they move through the world. It seems logical that a person should have the chance to prove themselves individually before they are judged. It’s supposedly an American ideal.

But it’s a privilege often not granted to people of color—with dire consequences.

For example, programs like New York City’s now-abandoned “Stop and Frisk” policy target a disproportionate number of Black and Latinx people. People of color are more likely to be arrested for drug offenses despite using at a similar rate to white people. Some people do not survive these stereotypes. In 2017, people of color who were unarmed and not attacking anyone were more likely to be killed by police.

Those who survive instances of racial profiling—be they subtle or violent—do not escape unaffected. They often suffer from post-traumatic stress disorder, and this trauma in turn affects their friends, families and immediate communities, who are exposed to their own vulnerability as a result.

study conducted in Australia (which has its own hard history of subjugating Black and Indigenous people) perfectly illustrates how white privilege can manifest in day-to-day interactions—daily reminders that one is not worthy of the same benefit of the doubt given to another. In the experiment, people of different racial and ethnic identities tried to board public buses, telling the driver they didn’t have enough money to pay for the ride. Researchers documented more than 1,500 attempts. The results: 72 percent of white people were allowed to stay on the bus. Only 36 percent of Black people were extended the same kindness.

Just as people of color did nothing to deserve this unequal treatment, white people did not “earn” disproportionate access to compassion and fairness. They receive it as the byproduct of systemic racism and bias.

And even if they are not aware of it in their daily lives as they walk along the streets, this privilege is the result of conscious choices made long ago and choices still being made today.

 

White Privilege as the “Power of Accumulated Power”

Perhaps the most important lesson about white privilege is the one that’s taught the least.

The “power of normal” and the “power of the benefit of the doubt” are not just subconscious byproducts of past discrimination. They are the purposeful results of racism—an ouroboros of sorts—that allow for the constant re-creation of inequality. 

These powers would not exist if systemic racism hadn’t come first. And systemic racism cannot endure unless those powers still hold sway.

You can imagine it as something of a whiteness water cycle, wherein racism is the rain. That rain populates the earth, giving some areas more access to life and resources than others. The evaporation is white privilege—an invisible phenomenon that is both a result of the rain and the reason it keeps going.

McIntosh asked herself an important question that inspired her famous essay, “White Privilege: Unpacking the Invisible Knapsack”: “On a daily basis, what do I have that I didn’t earn?” Our work should include asking the two looming follow-up questions: Who built that system? Who keeps it going?

The answers to those questions could fill several books. But they produce examples of white privilege that you won’t find in many broad explainer pieces.

For example, the ability to accumulate wealth has long been a white privilege—a privilege created by overt, systemic racism in both the public and private sectors. In 2014, the Pew Research Center released a report that revealed the median net worth of a white household was $141,900; for Black and Hispanic households, that dropped to $11,000 and $13,700, respectively. The gap is huge, and the great “equalizers” don’t narrow it. Research from Brandeis University and Demos found that the racial wealth gap is not closed when people of color attend college (the median white person who went to college has 7.2 times more wealth than the median Black person who went to college, and 3.9 times more than the median Latino person who went to college). Nor do they close the gap when they work full time, or when they spend less and save more.

The gap, instead, relies largely on inheritance—wealth passed from one generation to the next. And that wealth often comes in the form of inherited homes with value. When white families are able to accumulate wealth because of their earning power or home value, they are more likely to support their children into early adulthood, helping with expenses such as college education, first cars and first homes. The cycle continues.

This is a privilege denied to many families of color, a denial that started with the work of public leaders and property managers. After World War II, when the G.I. Bill provided white veterans with “a magic carpet to the middle class,” racist zoning laws segregated towns and cities with sizable populations of people of color—from Baltimore to Birmingham, from New York to St. Louis, from Louisville to Oklahoma City, to Chicago, to Austin, and in cities beyond and in between.

These exclusionary zoning practices evolved from city ordinances to redlining by the Federal Housing Administration (which wouldn’t back loans to Black people or those who lived close to Black people), to more insidious techniques written into building codes. The result: People of color weren’t allowed to raise their children and invest their money in neighborhoods with “high home values.” The cycle continues today. Before the 2008 crash, people of color were disproportionately targeted for subprime mortgages. And neighborhood diversity continues to correlate with low property values across the United States. According to the Century Foundation, one-fourth of Black Americans living in poverty live in high-poverty neighborhoods; only 1 in 13 impoverished white Americans lives in a high-poverty neighborhood.

The inequities compound. To this day, more than 80 percent of poor Black students attend a high-poverty school, where suspension rates are often higher and resources often more limited. Once out of school, obstacles remain. Economic forgiveness and trust still has racial divides. In a University of Wisconsin study, 17 percent of white job applicants with a criminal history got a call back from an employer; only five percent of Black applicants with a criminal history got call backs. And according to the National Bureau of Economic Research, Black Americans are 105 percent more likely than white people to receive a high-cost mortgage, with Latino Americans 78 percent more likely. This is after controlling for variables such as credit score and debt-to-income ratios.

Why mention these issues in an article defining white privilege? Because the past and present context of wealth inequality serves as a perfect example of white privilege.

If privilege, from the Latin roots of the term, refers to laws that have an impact on individuals, then what is more effective than a history of laws that explicitly targeted racial minorities to keep them out of neighborhoods and deny them access to wealth and services?

If white privilege is “having greater access to power and resources than people of color [in the same situation] do,” then what is more exemplary than the access to wealth, the access to neighborhoods and the access to the power to segregate cities, deny loans and perpetuate these systems?

This example of white privilege also illustrates how systemic inequities trickle down to less harmful versions of white privilege. Wealth inequity contributes to the “power of the benefit of the doubt” every time a white person is given a lower mortgage rate than a person of color with the same credit credentials. Wealth inequity reinforces the “power of normal” every time businesses assume their most profitable consumer base is the white base and adjust their products accordingly.

And this example of white privilege serves an important purpose: It re-centers the power of conscious choices in the conversation about what white privilege is.

People can be ignorant about these inequities, of course. According to the Pew Research Center, only 46 percent of white people say that they benefit “a great deal” or “a fair amount” from advantages that society does not offer to Black people. But conscious choices were and are made to uphold these privileges. And this goes beyond loan officers and lawmakers. Multiple surveys have shown that many white people support the idea of racial equality but are less supportive of policies that could make it more possible, such as reparations, affirmative action or law enforcement reform.

In that way, white privilege is not just the power to find what you need in a convenience store or to move through the world without your race defining your interactions. It’s not just the subconscious comfort of seeing a world that serves you as normal. It’s also the power to remain silent in the face of racial inequity. It’s the power to weigh the need for protest or confrontation against the discomfort or inconvenience of speaking up. It’s getting to choose when and where you want to take a stand. It’s knowing that you and your humanity are safe.

And what a privilege that is.

Collins is the senior writer for Teaching Tolerance.

UNDERSTANDING TRANSFORMATIONAL TECHNOLOGY AND THE FUTURE OF DEFI

Ash Bennington, senior crypto editor for Real Vision, sits down with James Bianco, president of Bianco Research, to discuss his view of the financial markets, DAOs, macro strategies, regulation, and the role of government in the economy. When he began looking into Bitcoin and Ethereum in 2017, Bianco did not see much utility for these new assets. However, during the crypto winter of 2018-2019, Bianco noticed the rise of DeFi and saw last summer how these new emerging rails were being built as a parallel financial system. Bianco sees this new system as 1.0, “the Wild West,” but more innovation will come. To him, DeFi is headed toward the creation of a whole new financial system. Filmed May 17th, 2021. Key Insights: Bianco states that volatility is part of any emerging technology—investors, regardless of experience, should understand that high-growth, tech companies go through “boom and bust” cycles all the time. For crypto, Bianco advises that it’s critical to separate the concept from the protocol. When choosing what to invest in, he urges investors to consider, “Is this concept too early? Does the system have longevity? What research has been done?” This will be paramount to understanding the future of the space and, by extension, will open the door for users from all generations and technical prowess to enter.

Their world doesn’t benefit from it because they are at the top of the heap (6 min remaining)
I can see that this isn’t ready yet for the whole world but I can see how useful it could be.

The Curious Death of Sandra Bland w/Malcolm Gladwell | Joe Rogan

Taken from JRE #1383 w/Malcolm Gladwell: https://www.youtube.com/watch?v=Okg2L…
09:42
communication and he is this attitude
09:45
that he’s a cop and that you have to
09:48
listen to the cops because he’s them and
09:50
you’re you yeah and that that’s like
09:53
when he’s telling her to put the
09:55
cigarette out and she’s saying I don’t
09:57
have to do that and he’s saying get out
09:58
of your vehicle and she’s saying I don’t
10:00
have to do that and then he’s screaming
10:02
at her I mean that’s that’s all right
10:04
there yeah so it seems like to me he
10:05
wants compliance he won’t sir to listen
10:07
he does yeah he does what he gets it’s
10:10
funny the what’s remarkable about that
10:14
tape which I must have seen 50 times and
10:18
which has been viewed on YouTube you
10:20
know even a couple million times is how
10:22
quickly it escalates you know the whole
10:24
thing is it’s insanely short yeah you
10:28
you would think if I was telling you the
10:30
story of this you would think oh this
10:32
unfolds over 10 minutes and it doesn’t
10:35
it unfolds over a minute and a half and
10:39
that what I remember years ago I wrote
10:41
my second book blink and I have in that
10:44
book a chapter about a very famous
10:47
infamous police shooting in New York
10:49
case of amadou diallo I remember that I
10:51
remember that was shot like 40 times by
10:53
cops yeah and one of the big things I
10:55
was interested in talking about in that
10:59
case was how long does it take how long
11:02
did it take for that whole terrible
11:05
sequence to go
11:06
down so from the moment the police
11:08
develop it suspicions about amadou
11:12
diallo to the moment that amadou diallo
11:14
is lying dead on his front porch how
11:17
long how much time elapsed and the
11:19
answer is like two seconds
11:21
it’s boo boo boo it’s like and I had a
11:24
conversation with them actually here in
11:26
the valley with Gavin de Becker
11:30
has he ever been on your show no
11:32
fascinating guy was a security expert on
11:35
a security expert incredibly interesting
11:37
guy’s friends with Sam Harris I know
11:39
that yes yeah yeah and he was talking
11:43
about this question of time that when
11:46
you’re a security guard guarding someone
11:48
you know famous a lot of what you’re
11:50
trying to do is to inject time into the
11:53
scenario instead of you don’t want
11:56
something to unfold in a second and a
11:58
half where you have almost no time to
12:00
react properly and what you want to do
12:01
is to uh knit to unfold in five seconds
12:03
if you can an align this up I can’t
12:06
remember his exact term but basically
12:07
what your job is is to add seconds into
12:10
the the encounter so that you have a
12:13
chance to intelligently respond to
12:16
what’s going on and so he was hit this
12:18
great riff about um how good Israeli
12:23
secrets of Secret Service guys are and
12:26
one of the things they do is they’re
12:28
they’re they’re either not armed or they
12:31
don’t they’re trained not to go for
12:33
their weapons in these situations
12:35
because this point is so say you’re
12:37
guarding the president you’re a body man
12:40
for the president you walk into a crowd
12:42
somebody comes up to you like pulls a
12:45
gun wants to shoot the president
12:46
his point is if you’re the secret
12:48
security guy and your first instinct in
12:51
response to someone pulling a gun is to
12:53
go for your own gun you’ve lost a second
12:55
and a half right your hands got to go
12:58
down to here your whole focus is on
13:00
getting to your own gun and in the
13:01
meantime the other guy whose guns
13:04
already out has already shot you’ve lost
13:06
you need to be someone who forgets about
13:08
your own gun and just focuses on the on
13:12
the man in front of you right and
13:13
protected the president but he was all
13:15
in the context of time is this really
13:18
crucial
13:20
variable in these kind of encounters and
13:22
everything as a police officer you
13:24
should be doing is slowing it down wait
13:28
I you know
13:30
analyze what’s happening and that’s what
13:33
he doesn’t do the cop in this instance
13:35
speeds it up right he goes to DEFCON you
13:39
know she likes a cigarette and within
13:40
seconds he’s screaming at her this is
13:43
like you know a parent shouldn’t do that
13:45
I mean let a little police officer by
13:47
the side of the highway Brett but the
13:48
difference is he knows she’s not a
13:50
criminal
13:50
I mean he must know it’s [ __ ]
13:54
he’s pulling her over because he’s
13:56
trying to write a ticket and the way
13:58
he’s communicating with her when she
13:59
lights a cigarette
14:00
it’s like she’s inferior like he this is
14:04
not someone who’s scared he’s not scared
14:07
of a perpetrator he’s not scared that
14:09
there’s a criminal in the car about to
14:10
shoot him he’s not scared of that at all
14:12
he wants uh Terr total complete
14:15
compliance and he’s talking to her like
14:18
like he’s a drill sergeant but can’t you
14:21
can’t both those things be true how so
14:25
well in this so in the deposition he
14:27
gives which I get to the end of the book
14:29
and I got the tape of the deposition
14:30
it’s bad it’s totally fascinating
14:32
it’s like he’s sitting down with the
14:34
investigating officer in looking into
14:37
the death of Sandra bland and he’s got I
14:39
don’t know how long it is two hours now
14:41
he’s walking them through what he was
14:43
thinking that day and he makes the case
14:46
that he was terrified that he was
14:49
convinced he says he goes back to his
14:52
squad car comes up and there’s submit
14:55
there’s some evidence to support this so
14:57
he pulls her over and he goes to the
14:59
passenger side window and leans and says
15:02
ma’am you realize why I pulled you over
15:04
blah blah and is are you okay because he
15:06
she doesn’t seem right to him she gives
15:09
him her license he goes back to his
15:10
squad car and he says while he’s in the
15:12
squad car he looks ahead and he sees her
15:15
making what he calls furtive movements
15:17
so he’s like furtive movements also he
15:20
thinks she’s being all kind of jumpy and
15:23
you know isn’t he just says I saw her
15:25
moving around in ways it didn’t make me
15:27
happy and then when he returns to the
15:29
car he returns driver’s side which is
15:32
crucial because if
15:33
you’re a cop you go driver’s side only
15:35
if you think that you might be in danger
15:36
right he doesn’t if you go driver’s side
15:39
you’re exposing yourself to the road
15:40
when you reason you do that is it when
15:42
your driver’s side you can see the it’s
15:45
very very difficult if someone has a gun
15:47
to shoot the police officer who’s pulled
15:50
them over if the police officer is on
15:51
the driver’s side right you have an
15:53
angle if they’re on the passenger side
15:55
so why does he go but if he thinks she’s
15:57
harmless there’s no reason to go back
15:58
driver’s side I think this guy I think
16:01
these two things are linked I actually
16:02
believe him he constructs this
16:04
ridiculous fantasy about how she’s
16:08
dangerous but I think that’s just what
16:10
he was trained to do he’s a paranoid cop
16:12
and then why is he’s so insistent that
16:16
she be compliant for the same reason
16:19
because he’s terrified he’s like do
16:21
exactly what I say cuz I don’t know what
16:23
the what’s gonna happen here right and
16:24
she’s I you know I I don’t know I I
16:28
don’t think those two those two strains
16:32
of of interpretation are mutually
16:34
exclusive mmm that’s interesting it
16:37
didn’t sound like he was scared at all
16:40
it sounds like he was pissed that she
16:42
wasn’t listening to him yeah I didn’t I
16:44
didn’t think he sounded even remotely
16:45
scared I felt like he had I mean we’re
16:49
reading into it right right I have no
16:51
idea but from my interpretation was he
16:54
had decided that she wasn’t listening to
16:57
him and he was gonna make her listen him
16:59
yeah that’s what I got out of it I
17:01
didn’t get any fear and I thought that
17:03
version of it that he described just
17:05
sounds like horseshit it sounds like
17:07
what you would say after the fact to
17:09
strengthen your case well they so
17:12
there’s another element in here that I
17:13
get into which is I got his record as a
17:17
police officer he’d been on the on the
17:19
force for I forgot nine ten months and
17:22
we have a record of every traffic stop
17:24
he ever made and when you look at his
17:26
list of traffic stops you reason you
17:28
realized that what happened that day
17:30
with Sandra bland was not an anomaly
17:33
that he’s one of those guys who pulls
17:35
over everyone for [ __ ] reasons mmm
17:38
all day long so I think I’ve forgotten
17:40
exact number but in the hour before he
17:43
pulled over Sandra bland he pulled over
17:45
for people for other people for equally
17:48
ridiculous reasons he’s that cop no and
17:51
he’s that cop because he’s been trained
17:53
that way right that’s a kind of quotas
17:55
strange strain of modern policing which
17:57
says go beyond the ticket pull someone
17:59
over if you if anything looks a little
18:01
bit weird because you might find
18:02
something else now if you look at his
18:04
history as a cop he almost never found
18:06
anything else his history is a cop in
18:09
fact I went through this I forget how
18:11
many hundreds of traffic stops he had in
18:13
nine months if you go through them
18:15
he has like once he found some marijuana
18:17
on a kid and by the way the town in
18:19
which he was working as a college town
18:21
so I mean how hard is that I think he
18:24
found a gun once misdemeanor gun but
18:28
everything else was like pulling over
18:30
people for you know the the light above
18:33
their license plate was out got that’s
18:37
the level of stuff he was using he did
18:39
this all day long every day
18:43
so he’s like to him it’s second nature
18:46
yeah pull her over like who knows what’s
18:49
going on she’s out of state she’s young
18:51
black woman was this comparable to the
18:53
way the rest of the cops on the force
18:54
and his division did it well I looked at
18:57
I didn’t look at the rest of the cops on
18:59
his voice what I looked at were state
19:02
numbers to the wherever they’re several
19:05
American states give us like North
19:07
Carolina for example will give us
19:10
precise complete statistics on the
19:16
number of traffic stops done by their
19:18
police officers and the reasons for
19:20
those stops so when you look at that so
19:22
I have the I look at the North Carolina
19:24
numbers for example in the North
19:25
Carolina Highway Patrol it’s the same
19:27
thing they’re pulling over unbelievable
19:29
numbers of people and finding nothing
19:31
like night you know one percent less
19:34
than one percent hit rates in some cases
19:36
of being hit rate being finding
19:38
something of interest
19:39
so like they’re pulling over ninety nine
19:41
people for no reason in order to find
19:43
one person who’s got you know a bag of
19:46
dope or something in the car
19:48
you cannot conduct policing in in a
19:53
civil society like that and expect to
19:55
have decent relationships between law
19:57
enforcement
19:58
in the civilian population yeah no
20:00
question but doesn’t that sort of
20:02
support the idea that he’s full of [ __ ]
20:03
that he was really concerned that she
20:05
had something he’d never encountered
20:07
anything well or or this was the one the
20:11
fantasy in his head is so what so the
20:13
questions why does he keep doing it if
20:14
this is a guy who day in day out pulls
20:16
over people for no reason and finds
20:18
nothing and continues to do it
20:20
now there’s two explanations one is he’s
20:22
totally cynical and thinks this is the
20:24
way to be an effective police officer X
20:26
mission number two is this is a guy who
20:28
has a powerful fantasy in his head that
20:30
one day I’m gonna hit the jackpot and
20:33
I’m gonna open the trunk and is going to
20:34
be 15 pounds of heroin and I’m gonna be
20:37
the biggest star who ever lived I think
20:39
there’s also a rush of just being able
20:41
to get people to pull over this the the
20:44
compliance thing which is another reason
20:46
why he was so furious that what she
20:47
wasn’t listening to him yeah and she
20:48
kept a cigarette lit yeah or she was
20:51
listening but not complying yes yeah um
20:53
what are the laws I mean are you allowed
20:56
to smoke a cigarette in your car when a
20:57
cop pulls you over how does it work like
21:00
that
21:00
yeah I mean of course yeah they can’t
21:03
stop you from engaging they can’t tell
21:05
you to put out your cigarette there’s no
21:07
law no he could have said I mean no
21:10
there’s no law I mean the car though two
21:13
things the courts historically give
21:16
enormous leeway to the police officers
21:19
in a traffic stop as opposed to a
21:21
person-to-person stop but uh but no I I
21:24
mean right this is about what he should
21:26
have said is he could have said ma’am do
21:31
you mind I would prefer if you put out
21:35
the cigarette while we’re talking or I’m
21:37
allergic to smoke or whatever I mean
21:39
he’s a million ways to him to do it
21:40
nicely
21:40
yeah but he’s he’s a jackass about yeah
21:42
but I mean he’s basically doing the job
21:46
like a jackass he’s doing a jackass
21:48
version of being a cop well so this is
21:50
so this is one of a really really
21:53
crucial point in the argument of the
21:54
book which is I think the real lesson of
21:58
that case is not that he’s a bad cop
22:00
he’s in fact doing precisely as he is
22:02
was in trained and instructed to do he’s
22:05
a he’s the ideal cop and the problem is
22:10
with the particular philosophy of
22:12
law enforcement that has emerged over
22:14
the last ten years in this country which
22:16
has incentivized and encouraged police
22:20
officers to engage in these incredibly
22:23
low reward activities like pulling over
22:26
a hundred people or defying one person
22:28
who’s done something wrong that has
22:29
become enshrined in the strategy of many
22:32
police forces around the country they
22:34
tell them to do this I have a whole
22:37
section of book right go through in
22:38
detail one of the most important police
22:41
training manuals which is you know
22:45
required reading for somebody coming up
22:47
and which they just walk you through
22:48
this like it is your job to pull over
22:51
lots and lots and lots and lots of
22:53
people even if you only find something
22:55
in a small percentage of cases why
22:57
that’s what being a proactive police
22:58
officer is all about right so they are
23:01
trained that that phrase go beyond the
23:03
ticket is a is a term of art in police
23:07
training like you got to be thinking you
23:09
sure you pulled him over for having a
23:11
taillight that’s out
23:12
but you’re look you’re thinking beyond
23:14
that is there something else in the car
23:16
that’s problematic that’s to try to find
23:18
so there he was being a dutiful police
23:22
officer and the the answer is to
23:24
re-examine our philosophies of law
23:27
enforcement not know I mean you can’t
23:30
dismiss this thing by saying oh that’s
23:32
just a particularly bad cop not great
23:34
but I don’t know if he’s any worse than
23:36
you know he’s just doing what he was
23:38
trained to do that’s the issue
23:40
he should be trained to do something
23:41
different right that is the issue right
23:42
the issue is there this is standard
23:45
practice a treat citizens that are doing
23:48
nothing wrong as if they’re criminals
23:50
yeah and pull them over and give them
23:52
extreme paranoia and freak them out yeah
23:55
I hope you find something I was home I’m
23:58
Canadian and I was home in Canada
24:00
small-town Canada couple weeks ago and I
24:04
saw in the pack you know how these cars
24:06
always have there’s often that our
24:08
slogan on the side of the car the back
24:09
of the commune so in my little hometown
24:11
in southwestern Ontario sleepy you know
24:14
farm country the slogan on the back of
24:17
the police cars is people helping people
24:20
so Canadian like the X know understand
24:25
this
24:26
country with very low levels of gun
24:29
ownership which means that a police
24:30
officer does not enter into an encounter
24:32
with a civilian with the same degree of
24:34
fear or paranoia that the civilian has a
24:37
handgun right which is a big part of
24:39
this regardless of how one feels about
24:42
gun laws in this country the fact that
24:44
there are lots of guns mean makes the
24:46
job of a police officer a lot harder and
24:48
every police officer will tell you that
24:49
in Canada they don’t have that fear but
24:51
it’s also Canada and its small town
24:53
Canada and so when you encounter a
24:55
police officer in my little town he’s
24:57
like he’s people helping people he’s
24:59
like he’s like driving like a Camry and
25:02
he’s you know he’s like this genial
25:04
person who was a really camera amis I
25:06
forgotten exactly what the driver was
25:08
not like they’re not driving scars yeah
25:11
explorers painted black with like big
25:14
bull bars at the front right and then
25:17
you go you know I was you go I mean even
25:20
in LA I hate you know I like that
25:22
cars are painted black and white so they
25:25
look ferocious I mean the whole thing
25:27
that was it is still look ferocious do I
25:30
just look they identify as police to
25:32
connait to a Canadian looks to me it
25:35
looks a little why do they have to paint
25:37
them black forgets nothing Oakland
25:39
Raiders I mean it’s like what do you
25:41
think they should paint them something
25:43
mild and like bright yellow something
25:45
lovely something lovely like a nice can
25:48
you imagine a like a teal or a
25:50
lime-green well that would be yeah
25:52
because there’s a lot of black cars a
25:54
lot of white cars a lot of teal cars
25:55
it’s good so it would yeah it would
25:57
stand out like oh it’s cop this paint
26:00
car but you know this kind of symbolism
26:03
right matters right right you wanna see
26:06
an image sheriff joe arpaio who makes
26:08
all those prisoners wear pink yeah yeah
26:11
that’s kind of thing but I mean to
26:14
against his point though how many women
26:16
shoot cops
26:18
isn’t that an insanely low number yeah I
26:21
mean insanely low I mean what are the
26:24
numbers I mean it’s probably almost
26:26
non-existent
26:27
yeah well guys pull over women I don’t
26:29
think they’re worried about being shot I
26:30
really don’t I think it’s horseshit I
26:33
think it’s all after the fact yeah he
26:35
was trying to concoct some sort of an
26:36
excuse I was gonna excuse for
26:38
is he still in the force I know he was
26:41
either he’s kicked off for I forgotten
26:46
the precise language they used but for
26:48
basically being impolite to a civilian
26:52
but um yeah I don’t think there’s a lot
26:54
of but I don’t know whether I mean I I
26:57
still think we’re saying the same thing
26:59
which is the thing that’s driving him
27:02
his motivation is not rational right and
27:05
if you were a rational actor you would
27:07
never engage in an activity where 99.9%
27:10
of your police stops resulted in nothing
27:13
right
27:14
yeah he’s he is off in some weird kind
27:17
of fantasy land for a reason which is
27:20
that’s what in certain jurisdictions in
27:23
this country that’s what law enforcement
27:24
has come to look at Brooke like yeah
27:26
that’s that’s problematic it’s a huge
27:28
problem
27:34
[Applause]