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I just want to know if the term "indian giver" is considered racist. When I was in grade school kids used this term all the time, I never once have heard anyone refer to it as racist.
According to urban dictionary the term means:
To the Native Americans, who had no concept of money or currency, gifts were a form of trade goods, of exchange. One didn't give a gift without expecting one of equivalent value in return. If one could not offer an equivalent return gift, the original gift would be refused or returned. To the Europeans, who with their monetary-based trade practices, this seemed low and insulting, gifts were not for trade but were to be freely given.
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