Hard money is a terrible way to fight the racial wealth gap

Between February 20 and March 20 of last year, the S&P 500 index lost nearly one third of its value as it became clear that efforts to prevent the SARS-Cov-2 virus from spreading globally had failed.

Since a relatively small number of rich people own the vast majority of the stock in the United States, this was a huge negative shock to the wealth of the…