Monthly Archives: January 2013

HBCU Money™ Business Book Feature – Debt: The First 5,000 Years

debt

Before there was money, there was debt

Every economics textbook says the same thing: Money was invented to replace onerous and complicated barter systems—to relieve ancient people from having to haul their goods to market. The problem with this version of history? There’s not a shred of evidence to support it.

Here anthropologist David Graeber presents a stunning reversal of conventional wisdom. He shows that for more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors.

Graeber shows that arguments about debt and debt forgiveness have been at the center of political debates from Italy to China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like “guilt,” “sin,” and “redemption”) derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong. We are still fighting these battles today without knowing it.

Debt: The First 5,000 Years is a fascinating chronicle of this little known history—as well as how it has defined human history, and what it means for the credit crisis of the present day and the future of our economy.

HBCU Money™ Dozen Links 1/14 – 1/18

Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure.

Government Departments

Predictive analytics: the future of successful law enforcement? l Government Computer News http://bit.ly/11F0NJ1

If you have a basement, check for radon, a cancer-causing gas in 1 in 15 homes l Women’s Health http://go.usa.gov/gdNj

House committees to probe debt limit, Benghazi next week l House News http://bit.ly/Vy668Z

Argonne’s Crabtree to be keynote speaker at 2013 Summit on Energy Efficiency l Argonee http://bit.ly/Uskoqx

GSA and SBA Open Doors to Small Businesses. Literally. l SBA http://ow.ly/gWSpT

Research ecologist Blake Schaeffer is exploring use of space-based technology to monitor coastal waters l EPA http://1.usa.gov/WiJ5Vz

Federal Reserve, Central Banks, & Financial Departments

Consumer loans at all commercial banks increased $3.4 billion in December l St. Louis Fed http://bit.ly/UB42M9

How Filipinos use tech to monitor their country’s education sector. l World Bank http://bit.ly/Va6L35

Treasury Commences Plan to Sell General Motors Common Stock l Treasury http://ow.ly/gWSYr

Changing housing prices of late in the U.S. from various geographic perspectives l St. Louis Fed http://bit.ly/PK3r7C

Science of cities – Geoffrey West, physicist, discusses the rules that govern urbanization l World Economic Forum http://wef.ch/j1sse

How can strategic communication help reform the water sector? l World Bank http://bit.ly/Va5SHM

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important government and central bank articles of the week.

The HBCU Money™ Weekly Market Watch

Our Money Matters /\ January 18, 2013

NAME TICKER PRICE (GAIN/LOSS %)

African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $4.75 (1.06% UP)

Carver Bank New York (CARV) $4.20 (4.54% DN)

Radio One (ROIA) $1.14 (UNCH)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  170.79 (0.26% DN)

Botswana Stock Exchange (BSE)  7 543.91 (0.06% UP)

Ghana Stock Exchange (GSE)  1 231.93 (2.68% UP)*

Nairobi Stock Exchange (NSE)  104.78 (N/A)

Johannesburg Stock Exchange (JSE) 40 166.53 (0.51% UP)

International Stock Exchanges

New York Stock Exchange (NYSE) 8 744.67 (0.25% DN)

London Stock Exchange (LSE)  3 232.62 (0.51% UP)

Tokyo Stock Exchange (TOPIX)  911.44 (2.36% UP)

Commodities

Gold 1 686.60 (0.25% DN)

Oil 94.98 (0.53% DN)

*Ghana Stock Exchange shows current year to date movement. All others daily.

All quotes reported as of 11:00 AM Eastern Time Zone

Student Debt Profile By Conference (School By School) – The SWAC

Theswac

Alabama A&M University

Average debt of graduates, 2011 – $33 038

Proportion of graduates with debt, 2011 – 95%

Nonfederal debt, % of total debt of graduates, 2011 – 16%

2010-11 Pell Grant recipients – 66%

Alabama State University

Average debt of graduates, 2011 – $29 975

Proportion of graduates with debt, 2011 – 79%

Nonfederal debt, % of total debt of graduates, 2011 – 0%

2010-11 Pell Grant recipients – 71%

Alcorn State University

Average debt of graduates, 2011 – $28 786

Proportion of graduates with debt, 2011 – 90%

Nonfederal debt, % of total debt of graduates, 2011 – 2%

2010-11 Pell Grant recipients – 80%

University of Arkansas at Pine-Bluff

Average debt of graduates, 2011 – N/A

Proportion of graduates with debt, 2011 – N/A

Nonfederal debt, % of total debt of graduates, 2011 – N/A

2010-11 Pell Grant recipients – 70%

Grambling State University

Average debt of graduates, 2011 – N/A

Proportion of graduates with debt, 2011 – N/A

Nonfederal debt, % of total debt of graduates, 2011 – N/A

2010-11 Pell Grant recipients – 69%

Jackson State University

Average debt of graduates, 2011 – N/A

Proportion of graduates with debt, 2011 – N/A

Nonfederal debt, % of total debt of graduates, 2011 – N/A

2010-11 Pell Grant recipients – 75%

Mississippi Valley State University

Average debt of graduates, 2011 – N/A

Proportion of graduates with debt, 2011 – N/A

Nonfederal debt, % of total debt of graduates, 2011 – N/A

2010-11 Pell Grant recipients – 81%

Prairie View A&M University

Average debt of graduates, 2011 – N/A

Proportion of graduates with debt, 2011 – 69%

Nonfederal debt, % of total debt of graduates, 2011 – N/A

2010-11 Pell Grant recipients – 64%

Southern University-Baton Rouge

Average debt of graduates, 2011 – N/A

Proportion of graduates with debt, 2011 – N/A

Nonfederal debt, % of total debt of graduates, 2011 – N/A

2010-11 Pell Grant recipients – N/A

Texas Southern University

Average debt of graduates, 2011 – $36 296

Proportion of graduates with debt, 2011 – 84%

Nonfederal debt, % of total debt of graduates, 2011 – 2%

2010-11 Pell Grant recipients – 71%

Source: The Project on Student Debt

The Uninsured Rates By HBCU State

They always say when America catches cold, African America catches pneumonia. So while the uninsured rate nationally for all Americans is 15.6 percent, the percentage of African America uninsured is approximately 20 percent. An almost 30 percent premium over the national average. The rates below are the overall state’s uninsured and not specifically for African Americans. However, in parentheses we have put the rate for a 30 percent increase to potentially show what the African American uninsured rate could be. It should be noted that this number is not definitive as it is just based on using the national numbers as an estimating base.

hbcustates

State      Uninsured Rate   (Estimated African American Uninsured Rate)

Massachusetts – 3.3% (4.3%)

Washington D.C. – 8.4% (11%)

Delaware – 9.9% (13%)

Pennsylvania – 10.8% (14%)

New York – 12.1% (15.7%)

Michigan – 12.2% (15.9%)

Alabama – 12.9% (16.8%)

Tennessee – 13.1% (17%)

Virginia – 13.2% (17.2%)

Ohio – 13.4% (17.4%)

Maryland – 13.8% (18%)

Kentucky – 14.2% (18.5%)

Illinois – 14.6% (19%)

Missouri – 14.6% (19%)

Mississippi – 16% (20.8%)

North Carolina – 16.1% (21%)

Oklahoma – 16.8% (21.9%)

Arkansas – 17.3% (22.5%)

South Carolina – 18.7% (24.3%)

Georgia – 19% (24.7%)

Florida – 19.8% (25.8%)

Louisiana – 20.5% (26.7%)

Texas – 23.7% (30.8%)

Notes:

Overall 14 out of 24  mainland states and territory where HBCUs are located fall below the national uninsured rate.

Only 4 out of 24 mainland states and territory where HBCUs are located have the estimated African American uninsured rate below the national average.

The average overall uninsured rate for the 24 mainland states and territory where HBCUs are located is 14.8 percent while the median is 14.4 percent.

The average estimated African American uninsured rate for the 24 mainland states and territory where HBCUs are located is 19.2 percent while the median is 18.8 percent.

Source: Bloomberg Visual Data (December 2012); States used as designated by HBCUs recognized by HBCU Endowment Foundation