The Washington Post: Think you’re the one to beat the crypto crash? Think again.

The Washington Post, May 23, 2022, Opinion: Think you’re the one to beat the crypto crash? Think again.

When TerraUSD, a stablecoin — that is, a cryptocurrency that is supposed to be pegged to the dollar or another asset — lost almost all its value this month, it happened so fast that many investors lost whatever they had in the market. Another stablecoin, DEI, went as low as 52 cents, instead of the dollar promised. Bitcoin itself, which is not pegged to any currency, is down more than 50 percent from its high point last fall.

In many cases, it’s those who can least afford to take this sort of loss who are taking the hit. Crypto has been aggressively marketed as a chance to catch up to groups who felt left behind in the forever unequal United States. Over and over, partisans declared that blockchain would be a force for financial equity, empowering people traditionally shut out of American wealth-building mechanisms, such as housing or the stock market, by race or lack of capital.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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