Clown world being a racist phrase is a gray one - if you just mean the words on their own, of course it's not racist. If you mean the meme phrase that's been popularized on the internet - yes it is. It's a phrase that started on /pol/ and white supremacist circles from the black pill ideology - basically talking about how the jews run things and how the world is unchangeable and all you can do it watch as the world is one big jew circus. There's context behind it.

"Clown world" was a phrase used in the subculture from about 2015. Its users claim it simply means that the (Western) world is so "crazy" in its embrace of social justice politics (read: not racist) that the only people who could conceivably be running it are Jews clowns, hence "clown world". In reality, countries without closed borders and which don't allow for the ethnic cleansing or genocide of minorities are "clown countries" because they don't embrace the policies of the Third Reich. The phrase started being heavily promoted on The Right Stuff's podcast "The Daily Shoah" in 2017.[3]

The "Honkler" meme originated on 4chan board /pol/ in February 2019 in a thread titled "Operation Honk".[4] Referred to as Honk Honk or Honkler, it quickly gained popularity across the internet in far-right groups, where Honkler imagery portrays antisemitic, homophobic, transphobic, and racist tropes.[5]

Honkler is the main figure of the Clown World, though other alt-right imagery is also drawn over by clown features, including images of Adolf Hitler and shock imagery.

The alt-right even dress up as clowns for protests, e.g. several Proud Boys at Patriot Prayer's attempted anti-abortion rally in Albany, New York in May 2019.[6]