God bless Muhammad Ali Nassardeen for his effort to bring about awareness about the need to recycle black dollars with his West Coast organization Recycle Black Dollars.
When asked in an Black Enterprise interview by Latif Lewis , "Why is the act of recycling black dollars important?" Nassardeen replied. "Our dollars have more power when we keep them in the community longer. So the problem with the black economy is that as soon as our dollars come in, they go out. BLACK ENTERPRISE reported that [African Americans] have [a buying power of] $723 billion. If we could see that every dollar that we took in would turn over at least twice before it went out, that would increase that number to over $1 trillion. I mean we would have over $2 trillion as an economy as opposed to $723 billion.
It's as simple as that. If you bank at a black bank, if you go to black cleaners, if you go to black restaurants, if you go to black-owned theaters, you are recycling your dollars. And every time you do that you have a strong impact. So when you go to buy the second largest purchase for most families, which is an automobile, and you buy it at a black company like Prestige Auto (No. 1 on the BE AUTO DEALER 100 list with $1.1 billion in sales), now the impact of that $30,000 expense is with a black business that has black employees, that are paying black employees, that are going to other black businesses. So it keeps our economy stimulated."
This is why the move to get the Black Business Builders Club on to Television via the Black Shopping Channel is so important. The Black Business Builders Club which is a project of the National Black Business Trade Association has for the past three been making Recycling Black Dollars a reality. In the general Black community a dollar goes through the community only once. With in the Club the average number times it goes through the community is three times.
The Black Shopping Channel is another vechile where the dollars in the Black Community get to be recycled. The big advantage of the Black Shopping Channel is that it has a strong, growing cable network. It currently is showing on the Time Warner Cable Network in North Carolina and Columbia South Carolina.
Members of the Black Business Builders Club have come together to get a representation of the Club on to the Black Shopping Channel. The goal is the have the membership secured by Dr. Martin Luther King Day. So that the slots can air during Black History Month. To see more information about cooperative action visit
http://buckfiftymiracle.info/bbbcca2011.ht...
Posted By: DAVID JOHNSON
Friday, January 14th 2011 at 12:38AM
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