Tomorrow we celebrate Dr. Martin Luther King's Birthday. While Dr. King was a fierce and passionate leader he would be in total despair if he saw what has happened to the Black Community. A conservative at best Dr. King would have told our community to pick up the pieces of personal responsibility to save our community if he was still alive.
Maybe a majority of us are glad he is dead. That way we continue to point fingers at President Bush, all Republican leadership and White people for the downfall of the Black community. Even though the entire City of Detroit are ran by Democrats we STILL find a way to blame Republicans for our demise.
Blacks in our community must began to be part of the global economy. How many Black leaders talk about that in our faces? We are still stuck on the socialization of our community and while we have not done a good job in the socialization process (because 82% of Blacks are single here in Detroit) we have fallen even shorter in the economic process.
The rise of technology has allowed our environment to be characterized as a global one. The global economy gave business the ability to market products and services all over the globe. It has also allowed them to develop partnerships and alliances throughout the world. Therefore, we should be in the business of doing business with Africa, Europe and Asia.
When you look at the G-8 nations (the governments of Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States) they represent about 65% of the world economy and the majority of global military power (7 of the top 8 positions for military expenditure), and almost all of the world's active nuclear weapons.The group's activities include year-round conferences and policy research, culminating with an annual summit meeting attended by the heads of government of the member states.
The Mackinac Center on Public Policy have annual conferences on Mackinac Island where public policy is crafted for the State of Michigan? Where the hell are our global economic development conferences? And how come the powers that be do not want a national charter school conference to come to the City of Detroit where it would generate millions of dollars? If we think economics we can begin to understand what Former President Ronald Reagan put in motion and what President Bush is trying to do.
Detroit has to become an emerging market in the world if we want to change the direction of the state. The term emerging markets is commonly used to describe business and market activity in industrializing or emerging regions of the world. Detroit can become an emerging market through developing financial world markets that will bring back revenue to the Motor City. India and China are expected to overtake the United States economically by 2050. That is not a whole lot of time, however, Detroit can be the next Hong Kong if we learn to diversity our economy and diversify our community to stimulate the economy. Gone are the days of social programs and block grants money to sustain failing social programs that have not benefited our community as a whole.
Today, we must be in the business of educating our children on financial literacy and developing investment academies from grades 7-12. Foreclosures are high in our community but with the advent of an investment academy we will be in the business of teaching our children how to prevent foreclosures. Mortgage industry analysts estimate that as many as 1.5 million Americans are at risk of foreclosure as low introductory mortgage rates expire and payments increase. According to the Federal Reserve, approximately 320,000 foreclosures nationwide were initiated in the first two quarters of 2007, up from an average of about 225,000 at this same time during the past six years. More than half of the 2007 foreclosures were on homes financed with sub-prime mortgages. An investment academy can help prevent this crisis if we reverse the way we think and view education in our community.
Just like the Four Asian Tigers are attributed to Hong Kong, Singapore, Taiwan and Seoul, South Korea we need to expand on that idea here in Michigan. Gov. Granholm is selling the idea that the nursing profession will expand in the next 10-20 years. While she might be telling the truth on that it is STILL a service job. We now have to view getting out of the crisis here in Michigan from an economic standpoint.
Now we have to implement our own version of the Four Asian Tigers right here in low wealth communities here in Michigan. Detroit, Pontiac, Flint and Benton Harbor can be those "Four Tigers" that will begin to stimulate the economy here in Michigan. In fact, those theme-based investment charter academies should be in those cities as well to help prepare our children to compete in a 21st century economic society. We lie to people and talk about how we can bring back manufacturing jobs in Michigan when the tax structure here is ridiculous. On the other hand economic success in Japan, followed by the Four Asian Tigers, has been attributed to the existence of harmonious labor-management relations.
Detroit can benefit from a dynamic capitalist economy with gradually decreasing guidance of government. In keeping with this trend, most large government-ran services should be privatized to stimulate investments and foreign trade.
For example, Taiwan has transformed itself from an underdeveloped, agricultural island to an economic power that is a leading producer of high-technology goods. Taiwan is now a creditor economy, holding one of the world's largest foreign exchange reserves of more than $500 billion in 1999. Detroit's economy must largely consists of small and medium-sized businesses with one in seven people an owner of a business if we are going to survive in the 21st century.
So as we celebrate Dr. Martin Luther King's Birthday tomorrow let us be mindful that the Civil Rights era is over and we are now into the Silver Rights Era of economic freedom.