Of course it exists, but over-sensitivity to racism also exists. If you are pummeled by the belief that people are going to judge you by your race then you will actively look for racism whether it is there or not, as a way to validate your own sensitivity.
Maybe I am naive, but the majority of people out there treat each other with dignity and respect, regardless of race. On an individual basis, we move past race both internally and externally...most of the time.
Of course there is racism out there, 360 degrees of it...all races have the capability for racism and all races can be subject to racism. Whether or not you are a victim of it, however, is your choice.
And before you go nuts at that last statement, I am a Sephardi Jew, if my beard were any longer I would look like a villain from Homeland. I have experienced my share of anti-semitism and racism (even though they think I am a different race). I could have chosen to be offended by it or I could have moved on, I moved on.
Think of why I still post on these boards, an optimistic estimation would produce maaaaybe 5 people who can tolerate me...at best. You think I get that offended when someone treats me like trash? No one can offend you without your permission.