"Defunding" the police isn't likely to actually lessen the control the state has over our lives. But repealing countless laws that give police far too much power would certainly help.
Central bank policies that rely on ultralow interest rates have been shown to bring economic stagnation. Unfortunately, central bankers don't seem to have any other ideas.
Whether or not race is a factor, the monopoly power enjoyed by police agencies (and other government agenices) creates the conditions likely to lead to more abuse of power.