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It's an interesting description of the theory, but doesn't address any strong reason to believe that the theory is true.
If America was like this race, one would expect whites to be the most financially successful ethnic group in America. But they aren't. Nor are they the most successful in education. Whites have no apparent advantage over Indians in the US, or Chinese or Japanese Americans.
It's much easier to prove and much more honest to say that the real race issue is not white privilege, it's that blacks are disadvantaged and consistently perform worse in very important metrics than every other ethnic group. It's also more constructive, because then we could talk practically and openly about what structural, social, and cultural obstacles blacks in America face. But saying that blacks are disadvantaged compared to every other ethnic group in the US as opposed to only whites doesn't give you leverage over the white majority and isn't as gratifying to the racial bigotry of social justice types.
Just out of curiosity, why are blacks disadvantaged again?