He certainly knows and most people assumes that he is some sort of lunatic driven by weird impulses that follow no logic.
He is clearly obsessed with the American Civil Rights movement since a long time ago... thus the fact that he recorded this song is not so surprising.
... Making his band play with "Return of the Black Panthers" T-Shirts... which is somehow reminiscent of Patti Smith
Or his well-known use of the image of Dick Gregory as a backdrop in his concerts...
I think he is clever enough as to unite the dots between "Black Panthers" and Dick Gregory and a song that was played before Martin Luther King gave his most famous speech. Do those actions suggest something to you???
And I’m not racist, my brothers, cousins, boyfriends, sister is black.