Michael Render, better called rapper Killer Mike, has been advocating for Black-owned companies and Black possession for ages. In addition, he emphasized the need to conduct business with Black banks so as to conserve the couple that we’ve abandoned, according to Bloomberg Businessweek.
Killer Mike, that began a #BankBlack move back in 2016, is again urging his fans to utilize Black banks amid the recent wave of Black Lives Matter protests and the call for a racial reckoning. Just 20 years ago, 48 Black banks were open for business. Today, there are only 21.
Since the 2008 financial crisis, big banks have gained $2 trillion but the combined assets of Black-owned banks have actually declined.
“The best way to punish a wicked system within capitalism is to use capital, your dollar,” to show that “systemic racism is bad for money, it’s bad for business,” Killer Mike said.
The movement has helped the largest Black-owned bank, OneUnited Bank Boston, as it quickly attracted $50 million in new deposits. OneUnited has added more than 40,000 customers since the start of the protests, which was sparked by the death of George Floyd. Netflix has pledged to shift as much as $100 million to lenders that help support the Dark community. Although that only accounts for less than 2% of the streaming giant’s cash, it’s a good start.
As Killer Mike stresses in his single Ju$t, which features Pharrell Williams along with Zack de la Rocha from Rage Against the Machine, it is about not losing one’s humanity in the pursuit of riches.
“Wall Street is connected to any Black street in America—and if we don’t look at it that way, then this country continues to be a giant that’s hobbling along on a broken ankle,” Killer Mike stated. “If the Black community is strong economically, the greater community is stronger.”