“Honky” derives from the Wolof word honque, or “pink man.” Wolof is the source of several common slang words in American English, such as “jive,” “dig,” and “hip.” They’re among the few things that the slaves brought with them.
I don’t use the word as a means to co-opt black racism for my own personal liberation. Rather, I throw the word in the face of uptight pomo bourgeois white progressive racists. Or, as I prefer, Self-Hating Honkies.
All of which is prelude to this (h/t: Protein Wisdom):
Content Blues 
[…] Last night I dropped the H-word. Even saying that strikes me as funny, because the slurs that have been applied to white people have always so struck me. “Cracker” has obvious snack-related joke connections; “ofay” seems to be a kind of breakfast cereal, perhaps an ersatz Cream of Wheat. Only “paleface” ever seems to really rise to the level of insult, calling to mind Aaron the Moor’s denunciation of melanin lack from Titus Andronicus: Fie, treacherous hue, that will betray with blushing The close enacts and counsels of the heart! […]