FHN you put it so well: Racism is endemic in myriad subtle forms in many sectors of society. In fact, the overt in-your-face racism is relatively readily identified and addressed. It is the endless ways people "treat" or don't treat others that harbors the worst aspects of modern-day racism. E.g., in job applications, CVs with non-English or non-American sounding names are weeded out - and no one ever knows the extent of this. There was a media profile in New Zealand recently on some organizations that appeared to routinely decline CV applications from those with Asian sounding surnames. It was hrd to prove one way or the other - but for those who never made it even to the interview stage who presented with sterling credentials, it was hard to escape the conclusion those organizations did not want Asian applicants.
I also think blindnomore makes a powerful case for the view that if you've never been on the receiving end of racism, you're not well equipped to know its insidious effects and cannot speak from an informed point of view on the subject. I know that extreme statements are not the preserve of caucasians, but it is interesting that often the greatest amount of outrage against "political correctness" comes from caucasians who invoke the line: "Hey get over it - it's no where near as bad as it used to be".
In my home country, because I am of European descent (i.e., caucasian), I will never know what it is like to have a color of skin that marks he as needing to first prove my innocence. Although I can - do develop - empathy for those on the receiving end of racism, overt and subtle, I do not know what it is like to live and breathe the effects of discrimination.