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    Cryptocurrency Seeks the Spotlight, With Spike Lee’s Help

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    The filmmaker’s commercial for a crypto company is one of many recent marketing efforts to make digital cash palatable for newbies.Before Spike Lee accepted cryptocurrency, he turned down Crocs.Years ago, the filmmaker rejected an offer to buy into the Colorado company that makes perforated foam clogs, a decision that caused him to miss out when its stock soared on the strength of the footwear fad.“I wish I would’ve given some money back then,” Mr. Lee said in a recent interview. “Anytime something is new, you’re going to have people who are going to be skeptical. With some of the best ideas, people thought the inventors were crazy.”Now he has taken a leap into another cultural craze, having agreed to direct and star in a television commercial for Coin Cloud, a company that makes kiosks for buying and selling Bitcoin and other virtual currencies. Although cryptocurrency is not widely used for transactions, an increasing number of merchants now accept it as payment.The commercial, which he shot last month, is one of several recent marketing efforts meant to broaden the audience for a form of currency that can intimidate people accustomed to cash and credit cards.Mr. Lee, outfitted nattily in a straw hat and gold-tipped cane while filming part of the commercial on Wall Street, led a diverse cast that included his daughter Satchel, the “Pose” actress Mj Rodriguez and the drag queen Shangela. Other shoot locations included Fort Greene Park and the Chillin’ Bar and Grill in Washington Heights, where breakfast patrons craned to catch a glimpse of the director as he filmed a Coin Cloud machine on the sidewalk.“Old money is not going to pick us up; it pushes us down,” Mr. Lee says in the commercial, which portrays the cryptocurrency system as a more accessible and equitable alternative to traditional, discriminatory financial institutions.“The digital rebellion is here,” he says.Cryptocurrency has also been known to intimidate investors, with its extreme volatility and the overwhelming number of virtual alternatives, known as coins. The marketing of this relatively new money has so far been limited mostly to ads on trade websites and targeted pushes on social media, where aficionados swap meme-fueled in-jokes about coin values rocketing to the moon.The industry is increasingly betting that celebrities can help demystify cryptocurrency for the uninitiated.The actor Alec Baldwin offered crisp definitions of cryptocurrency in a series of online ads for the crypto trading platform eToro, and the National Football League star Tom Brady signed on as a brand ambassador for FTX, a crypto exchange that also has a deal to sponsor Major League Baseball.Alec Baldwin is advertising for the cryptocurrency trading platform eToro.eToroThe actor Neil Patrick Harris recently appeared in a TV commercial for the digital currency kiosk operator CoinFlip. “Now anyone, anywhere, can turn cash into crypto!” he declares.EToro and Coinbase, another exchange, collectively spent $22.8 million on advertising last year, nearly double the $12.4 million they shelled out in 2019, according to the research firm Kantar. In recent months, Coinbase hired the Martin Agency, the advertising company behind GEICO and DoorDash.As Madison Avenue fields more inquiries from cryptocurrency clients, agency executives are feeling pressure to better communicate the investment risks, rather than romanticize the industry.“I get very nervous because I start looking at the way that some of the platforms are specifically targeting younger investors,” said Alex Hesz, the chief strategy officer of the advertising giant DDB Worldwide. In the face of frenzied cryptocurrency trading, ad agencies should push for moderation and diversification, he said. “Maximizing is what’s being encouraged here — the idea that this is an amazing asset, and as much as you want to put in, come on and jump on in, the Bitcoin’s lovely,” Mr. Hesz said. “We would never feel comfortable for an alcohol client, or a high-salt or high-sugar or high-fat client, to encourage that level of unequivocal behavior.”Some celebrity endorsements of cryptocurrencies have run into trouble. In 2017, the Securities and Exchange Commission cautioned that some famous people were hyping the virtual currency sales known as initial coin offerings without disclosing that they had been paid to promote them. The commission has since settled charges against the boxer Floyd Mayweather Jr., the music producer DJ Khaled and the actor Steven Seagal.Social media influencers and e-sports stars have also been linked to shady cryptocurrency schemes, accused of pumping up coins just before their value crashes.Coin Cloud’s chief marketing officer, Amondo Redmond, said he hoped Mr. Lee’s stature would help elevate the industry by delivering something “more than just cool creative, but that is really at the forefront of digital currency becoming mainstream.”“It’s more than just adding a celebrity face,” he said.Mr. Lee, who won an Oscar in 2019 in the best adapted screenplay category for “BlacKkKlansman,” has worked on ads for Capital One, Uber and, most famously, Nike. In the 1980s and 1990s, he directed and starred in commercials for Air Jordans, playing his cinematic alter ego Mars Blackmon opposite Michael Jordan.“That was lightning in a bottle,” Mr. Lee said from a flight bound for the Cannes Film Festival, where he is the first Black person to lead the festival jury.He declined to say how much he had been paid for the Coin Cloud commercial, but noted that “if anyone’s known my body of work over the last four decades, you kind of know about the way I see the world, and when they approached me, it fit in line.”As the coronavirus pandemic continues to highlight financial disadvantages for people of color, Mr. Lee hopes to promote cryptocurrency as neutral to race, gender, age and other identifying characteristics.But he was no expert before filming began, and had to take “a crash course” on crypto. He insisted that the commercial include a line urging viewers to do their own research on virtual money.Mr. Lee said he now planned to invest in virtual coins. He said he would not, however, go anywhere near the digital ownership certificates known as nonfungible tokens.“NFTs, I don’t understand that,” he said, laughing. “I’m old school, so sometimes my children have to turn on the TV — all those remotes and stuff.” More

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    Black Workers Stopped Making Progress on Pay. Is It Racism?

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    William Spriggs, a professor at Howard University, wrote an open letter last year to his fellow economists. Reacting to the police killing of George Floyd in Minneapolis, he began the letter with a question: “Is now a teachable moment for economists?”Slamming what he saw as attempts to deny racial discrimination, Dr. Spriggs argued that economists should stop looking for a reason other than racism — some “omitted variable” — to account for why African Americans are falling further behind in the economy.“Hopefully, this moment will cause economists to reflect and rethink how we study racial disparities,” wrote Dr. Spriggs, who is Black. “Trapped in the dominant conversation, far too often African American economists find themselves having to prove that African Americans are equal.”After a year in which demands for racial justice acquired new resonance, Dr. Spriggs and others are pushing back against a strongly held tenet of economics: that differences in wages largely reflect differences in skill.While African Americans lag behind whites in educational attainment, that disparity has narrowed substantially over the last 40 years. Still, the wage gap hasn’t budged.In 2020, the typical full-time Black worker earned about 20 percent less than a typical full-time white worker. And Black men and women are far less likely than whites to have a job. So the median earnings for Black men in 2019 amounted to only 56 cents for every dollar earned by white men. The gap was wider than it was in 1970.Lost ProgressEarnings of Black men, as a percentage of the earnings of white men, are at the same place they were in the 1960s and 1970s. More

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    Living on the Margins, ‘Surfing’ on the Buses

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    “Hold on! Hold on tight!”It was a hot afternoon in Olinda, a coastal city in northeast Brazil, and Marlon da Silva Santos, the leader of a group called Loucos do Surf, or the Crazy Surfers, was shouting from the rooftop of a speeding bus.I grasped at an edge of the roof with one hand, for balance, and tried to shoot with the other — but the bus passed over a bump in the road, jerking abruptly, and I momentarily lost my balance. I managed to stay on, though my camera nearly flew off from my neck.Marlon dos Santos, at right, spreads his arms as he surfs atop a bus in Olinda.I felt a rush of adrenaline. Traveling at 30 miles per hour along President Kennedy Avenue, I was trying my best to document a group of young Brazilians who were illegally “surfing” on moving city buses.Among the group, maneuvers are classified by their degree of difficulty.We saw flashing police lights ahead and retreated into the bus. It was tense inside; the hot sea air swirled around our bodies. Once we passed the sirens, a cheerful celebration erupted as we winded our way to the beach.Émerson plays in the sea with a group of fellow surfers. Olinda is a popular tourist destination in northeastern Brazil.The surfers were young, mostly between the ages of 12 to 16, and a majority of them were Black. They wore Cyclone shorts, flip-flops, caps and golden chains — a style that’s common among many young people from the peripheries of large Brazilian cities.Their presence on the buses made many passengers uncomfortable.A bus driver threatens Loucos do Surf members after they surfed on the roof. Few drivers interrupt their trips for fear of the group’s response.“Some drivers stop the bus, tell us to get off, pick a fight,” Marlon said. “But most follow their normal route while we’re up there.”“We just want to have fun,” he added as we exited the bus.A bus surfer hangs onto a rear window frame.I first learned of the Loucos do Surf via a video posted to Facebook. In it, Marlon, then 16, was surfing on a high-speed bus, oozing confidence and taking selfies. Within an hour, I was exchanging messages with the surfers and planning my trip to Olinda.A week later, I met them at the Xambá bus terminal. They were skeptical at first: “You aren’t a policeman?” they asked.I showed them my website and my Instagram account and, in just a few hours, joined them on a bus ride.During my weeklong visit with the bus surfers in 2017, I felt happy and free. In a way, they allowed me to revisit my own roots: During my teenage years, growing up in São Paulo, I, too, engaged in certain risky and transgressive behavior — including pixação, a derivation of graffiti popular in parts of BrazilPassersby were often amazed to see the surfers on top of the moving buses.When I met the group, they were skeptical of my motives. “You aren’t a policeman?” they asked.But they soon welcomed my presence.The Loucos do Surf are part of a long tradition of performing death-defying stunts involving public transportation in Brazil.In the 1980s and ’90s, thrill-seeking young Brazilians risked their lives by traveling from downtown Rio de Janeiro to the suburbs on the rooftops of crowded trains. The train surfers, hundreds of whom were seriously injured or killed, became popular in the Brazilian press.After an intense crackdown, the practice’s popularity waned.Some surfers said they were simply chasing thrills. Others said it was a form of protest.A young surfer named Luciano Schmitt told me that the art of bus surfing was partly a response to a lack of cultural and leisure outlets. “The only soccer field we had was demolished.” Instead, he said, he and his friends prefer “bigu” — the local term for bus surfing — and the beach.Some bus surfers said the activity was also a form of protest against the price of public transportation — and, more broadly, against the hardships and financial restrictions imposed on millions of young people struggling on the peripheries of society.At the time, in 2017, Brazil was still recovering from the worst recession ever to hit the country. Youth unemployment rates spiked to nearly 29 percent in 2017, up from around 16 percent in 2014, according to data from the World Bank.In addition to accessing the roof via windows, surfers also use roof hatches.A dominant element of that hardship is the violence that permeates daily life in Black communities on the outskirts of large Brazilian cities — including the neighborhoods of Sol Nascente, part of the city of Recipe, and Alto da Bondade, in Olinda, where the Loucos do Surf group was established.According to Brazil’s Atlas of Violence, a study released in 2020 by the country’s Institute for Applied Economic Research and the Forum of Public Safety, homicides among Black residents increased by 11.5 percent between 2008 and 2018, whereas homicides among non-Black residents fell by 12.9 percent over the same period. Such data points help expose the racial inequalities that have dominated Brazilian society for centuries — and underscore how desensitized many in the country have become to violence within marginalized Black communities.Electrical wires pose serious dangers.Loucos do Surf hasn’t been spared. Marlon — who was known by his fellow surfers as Black Diamond, and who had earned the status of King of Surf for being the group’s most skilled and courageous surfer — was shot at point-blank range and killed near his home in 2018, a year after my visit.After his funeral, members of the group held a memorial. More than 20 young people balanced atop a bus, singing in his honor.Gabriela Batista, a bus surfer and a close friend of Marlon’s, told me via text that the group was once like a family. But their enthusiasm for the pastime, she said, largely ended with his death.Members of the group lie flat to hide from police officers.When I remember Marlon, my thoughts swirl with the circumstances of his life: the violence he endured, the choices he made, the economic disadvantages he faced, the precariousness of his support networks — including Brazil’s underfunded public education system.“School doesn’t attract me,” he once told me. “What the teachers say doesn’t stay with me.” Instead, he said, whenever he was sitting with a book, he felt like he was wasting time that could be spent surfing.And that’s mostly how I remember him now: poised — proudly, deftly, defiantly — atop a hurtling bus.“Is anything better than this?” he once shouted at me while surfing, the salty air slapping against his face, his eyes bright and alive, his voice carried aloft by the wind.Victor Moriyama, a regular contributor to The Times, is a Brazilian photographer based in São Paulo. You can follow his work on Instagram.Follow New York Times Travel on Instagram, Twitter and Facebook. And sign up for our weekly Travel Dispatch newsletter to receive expert tips on traveling smarter and inspiration for your next vacation. More

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    Black and Hispanic Women Still Behind as Jobs Rebound

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    The labor market recovery is uneven. Teenagers are flooding back into jobs, while those older than 55 are less likely to work than before the pandemic.Black and Hispanic women are lagging furthest in returning to work.Percent change in the number of employed people since before the pandemic, by race, ethnicity and gender More

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    Biden’s Budget Has Racial Equity Efforts Baked In

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    The budget, which was released on Friday, includes tens of billions of dollars worth of programs intended to bolster the fortunes of people of color and other historically underserved groups.WASHINGTON — Six days after his inauguration, President Biden vowed that his administration would see everything through the lens of racial equality, making it “the business of the whole of government.”On Friday, his $6 trillion budget began to make good on that promise.Sprinkled throughout the president’s enormous spending plan are scores of programs amounting to tens of billions of dollars intended to specifically bolster the fortunes of Black people, Asian people, tribal communities and other historically underserved groups in the United States.Mr. Biden is not the first president to spend money on such programs. And civil rights advocates said the budget released on Friday fell short in some critical areas like student loans, where they say even more money is needed to rectify a longstanding lack of fairness and a lopsided burden being carried by minorities.“It’s going in the right direction, but it’s not a perfect document,” said Derrick Johnson, the president of the N.A.A.C.P., who said he was disappointed that the president’s budget did not call for canceling student loan debt, which falls disproportionately on Black Americans.But he added that his organization was pleased that the president was “continuing to make one of his priorities equity” via the budget.That idea — of focusing special attention on the distribution of taxpayer money across racial groups — has never been approached as methodically as it has this year by Mr. Biden, advocates say. Asked about the president’s equity agenda on Friday, Shalanda Young, the president’s acting budget director, said her department had “built that in” to the overall spending plan by giving “clear directions to our agencies that they are to use that lens as they implement these programs.”“This is not something we should have to call out,” she said. “This is something that should be pervasive in how the government does its business.”Much of the president’s vast budget directs spending that is not explicitly distributed based on race: health care, education, the military, transportation, agriculture, retirement programs and foreign policy, among other areas.But within all of those programs, Mr. Biden’s team has proposed increased spending with the goal of ensuring that people of color and others who are often left behind get a bigger share of the overall pie.Among the budget items, big and small, that are driven by equity:$3 billion to reduce maternal mortality and to end race-based disparities in maternal mortality.$15 billion for “Highways to Neighborhoods,” a program that would reconnect neighborhoods cut off by infrastructure projects developed decades ago.$900 million to fund Tribal efforts to expand affordable housing.$936 million for an Accelerating Environmental and Economic Justice initiative at the Environmental Protection Agency.$110 million for a Thriving Communities initiative, to foster transportation equity through grants to underserved communities.$39 billion for tuition subsidies to low- and middle-income students attending historically Black colleges and universities and those serving other minority groups.Mr. Biden foreshadowed that kind of budgetary decision-making in his first days in office. In a speech announcing his “equity agenda,” the president said he was committed to going further than his predecessors when it came to considering groups that had, in his words, been too often left behind.“We need to open the promise of America to every American,” he said during the speech on Jan. 26. “And that means we need to make the issue of racial equity not just an issue for any one department of government.”That approach has incited anger from conservatives, who accuse the president and his advisers of pursuing a racist agenda against white Americans. Fox News ran a headline accusing Mr. Biden of trying to “Stoke Nationwide Division With ‘Racial Equity’ Push.” And The New York Post published an editorial, titled “In Push for Woke ‘Equity,’ Biden Abandons Equality,” that accused the president of being “un-American.”The budget contains “Highways to Neighborhoods,” which reconnects neighborhoods cut off by historic infrastructure projects, such as Claiborne Avenue in New Orleans.Abdul Aziz for The New York TimesA group called America First Legal, which is run by Stephen Miller and Mark Meadows, two top aides to former President Donald J. Trump, won a preliminary injunction this week from a Texas judge against an effort by Mr. Biden’s Small Business Administration to prioritize grants from its $28.6 billion Restaurant Revitalization Fund to businesses owned by minorities or underserved groups.“This order is another powerful strike against the Biden administration’s unconstitutional decision to pick winners and losers based on the color of their skin,” the group said in a statement.The president appears unlikely to back down. In a speech days after his inauguration, he vowed that “every White House component, and every agency will be involved in this work because advancing equity has to be everyone’s job.”Still, for all of Mr. Biden’s forceful rhetoric — he once pledged to no longer allow “a narrow, cramped view of the promise of this nation to fester” — his administration made little effort on Friday to focus attention on that principle or to highlight details about how an equity-driven approach would change the way the government spends its money..css-1xzcza9{list-style-type:disc;padding-inline-start:1em;}.css-3btd0c{font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:1rem;line-height:1.375rem;color:#333;margin-bottom:0.78125rem;}@media (min-width:740px){.css-3btd0c{font-size:1.0625rem;line-height:1.5rem;margin-bottom:0.9375rem;}}.css-3btd0c strong{font-weight:600;}.css-3btd0c em{font-style:italic;}.css-w739ur{margin:0 auto 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(min-width:740px){.css-12vbvwq{padding:20px;width:100%;}}.css-12vbvwq:focus{outline:1px solid #e2e2e2;}#NYT_BELOW_MAIN_CONTENT_REGION .css-12vbvwq{border:none;padding:10px 0 0;border-top:2px solid #121212;}.css-12vbvwq[data-truncated] .css-rdoyk0{-webkit-transform:rotate(0deg);-ms-transform:rotate(0deg);transform:rotate(0deg);}.css-12vbvwq[data-truncated] .css-eb027h{max-height:300px;overflow:hidden;-webkit-transition:none;transition:none;}.css-12vbvwq[data-truncated] .css-5gimkt:after{content:’See more’;}.css-12vbvwq[data-truncated] .css-6mllg9{opacity:1;}.css-1rh1sk1{margin:0 auto;overflow:hidden;}.css-1rh1sk1 strong{font-weight:700;}.css-1rh1sk1 em{font-style:italic;}.css-1rh1sk1 a{color:#326891;-webkit-text-decoration:underline;text-decoration:underline;text-underline-offset:1px;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-color:#ccd9e3;text-decoration-color:#ccd9e3;}.css-1rh1sk1 a:visited{color:#333;-webkit-text-decoration-color:#ccc;text-decoration-color:#ccc;}.css-1rh1sk1 a:hover{-webkit-text-decoration:none;text-decoration:none;}During a news conference to introduce the budget on Friday, Ms. Young and Cecilia Rouse, the chairwoman of the White House’s National Economic Council — both of whom are Black women — did not mention the president’s equity agenda until a reporter asked about it toward the end.And the budget itself does not try to quantify the effect of following the president’s guidance to make decisions based on a sense of racial equity. There is no “equity” section of the budget. Aides did not send out fact sheets to reporters on Friday promoting the “equity spending” in the president’s inaugural budget.That left some of the public relations work to civil rights groups and other advocates, who quickly pointed to examples of spending that would benefit communities who had traditionally been left behind by previous presidents.Sara Chieffo, the chief lobbyist for the League of Conservation Voters, an pro-environment group, pointed to the $936 million Accelerating Environmental and Economic Justice initiative at the Environmental Protection Agency, which is aimed at cleaning up the environment in underserved communities.“The importance of this administration’s proposal to make the largest-ever investment in communities of color and low-income communities who have been subjected to environmental racism for decades cannot be overstated,” Ms. Chieffo said.Marcela Howell, the president of In Our Own Voice: National Black Women’s Reproductive Justice Agenda, praised the president for investing in programs that specifically benefit Black women.“Kudos also go to President Biden for funding important programs to address racial equity and economic security,” she said in a statement, adding that “we applaud the proposed investments in infrastructure and job creation, affordable child care and work force training, education” and more.The Planned Parenthood Federation of America issued a statement thanking Mr. Biden for what the group called “important investments” that it said would help to “address the maternal mortality crisis and its devastating impact in communities of color.” More

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    Banks Fight $4 Billion Debt Relief Plan for Black Farmers

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    Lenders are pressuring the Agriculture Department to give them more money, saying quick repayments will cut into profits.WASHINGTON — The Biden administration’s efforts to provide $4 billion in debt relief to minority farmers is encountering stiff resistance from banks, which are complaining that the government initiative to pay off the loans of borrowers who have faced decades of financial discrimination will cut into their profits and hurt investors. More

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    Jerome Powell strikes a hopeful tone but emphasizes the pandemic’s uneven costs.

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    Jerome H. Powell, the Federal Reserve chair, struck a hopeful tone about the United States economy in a speech on Monday — but he emphasized that the economic fallout from the coronavirus pandemic has disproportionately harmed vulnerable communities.“While some countries are still suffering terribly in the grip of Covid-19, the economic outlook here in the United States has clearly brightened,” Mr. Powell said. And in the United States, “lives and livelihoods have been affected in ways that vary from person to person, family to family, and community to community.”Mr. Powell used the remarks to preview an upcoming Fed report that will show how Black and Hispanic workers lost jobs at a greater rate in pandemic lockdowns and how the pandemic pushed mothers out of the labor force and made it harder for people without college degrees to hang onto work.Among the statistics he highlighted from the Survey of Household Economics and Decisionmaking, which he said will be released later this month:About 20 percent of adults in their prime working years without a bachelor’s degree were laid off last year, compared to 12 percent of college-educated workers.More than 20 percent of Black and Hispanic prime-age workers were laid off in 2020, versus 14 percent of white workers.Roughly 22 percent of parents were not working or were working less thanks to child-care and school disruptions.About 36 percent of Black mothers, and 30 percent of and Hispanic mothers, were not working or were working less.“The Fed is focused on these longstanding disparities because they weigh on the productive capacity of our economy,” Mr. Powell said. “We will only reach our full potential when everyone can contribute to, and share in, the benefits of prosperity.”Mr. Powell said that while achieving an equitable economy is the job of many parts of government, the Fed has a role to play with both its economic tools and in its bank supervision and community development work.“Those who have historically been left behind stand the best chance of prospering in a strong economy with plentiful job opportunities,” Mr. Powell said. “We see our robust supervisory approach as critical to addressing racial discrimination, which can limit consumers’ ability to improve their economic circumstances.” More