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The curse of cat funny concept right because it wasn't too long ago that the popular wisdom was that cash is king today ordinary law abiding citizens use cash less and less Instead they use debit cards and credit cards or online services like Pay Pal invent most why then did the United States Treasury print $80000000000.00 in new currency last year where is all that cash going is not small coins or 5 dollars 10 dollars or even $20.00 bills that's $50.00 bills and $100.00 bills which are vast sums of circulating around most cash in value and $100.00 bills something like $3600.00 for every man woman and child just an $100.00 bills and very little of it it's used by ordinary. People in the legal economy it's almost entirely tax evasion and crime I should hasten to add that a chunk of it as told abroad so maybe 40 or 50 percent of those $100.00 bills are used to broad of course a lot of it for crime and tax evasion That's Kenneth Rogoff professor of economics at Harvard University and author of the book The curse of cash a large To nomination Bill's aid to crime and tax evasion and constrain monetary policy the little known fact that we're swimming in cash the government print maybe 70 or 80000000000 dollars last year of just new cash into circulation and yet cash in the legal economy dying out and I'd like to strike a balance where ordinary people can use cash exactly the way they do now for what ever purposes whether it's buying marijuana giving money to their children to go to the store whatever but where really large scale transactions someone buying a multi-million dollar apartment in New York or Los Angeles or someone buying $100000.00 worth of used cars all in cash so that they can avoid taxes regulations etc Or maybe the money stolen I think that we want to make harder Rogo have says he favors a society with less cash and believes that may help inhibit crime but he also says we can't go too far in our rush to limit cash I favor retaining some kind of physical currency which people can use or not use but I don't want to remove physical currency but I look at it a striking a balance we have an opioid epidemic Well there are reasons doctors prescribe opioids they do some good but you don't necessarily want to be producing tons. Happen the bailable and unlimited supply cash has to be thought of Similarly something that does a lot of good provides a lot of value to people but that doesn't mean you want to have huge amounts of large bills floating around which can be used for purposes we wouldn't consider legitimate still you do have to pay the babysitter and even though marijuana is legal in some states you might not want the purchase to show up on your bank or credit card statement which is exactly why cash is king in crime it can't be traced all transactions can be off the books if you look at a construction contractor hiring workers off the books someone hiring illegal immigrants someone bringing drugs into the country someone smuggling people into the country someone bating taxes they use many things but cash is a very important part of their business model Roag of says Cash touches every element of our society and increasingly it's used more for bad purposes than good illegal immigration for example he says it could be curtailed if the government stopped printing so many $100.00 bills in many cities and many places the main way illegal immigrants are paid or often underpaid it is through cash they're paid with cash to keep it off the books and hundreds are actually most common in some of the communities with a lot of illegal immigrants because they are receiving cash that way and making it more difficult to pay people on the books would discourage employers who are exploiting illegal immigrants at the end of the day reduce the demand for illegal immigrants can maybe king in crime but it isn't the only payment criminals use there are alternatives like gold coins uncut diamonds Bitcoin Bitcoin. Is a transaction system which is completely computer driven and electronic which most importantly allows people to do transactions pretty anonymously it's not quite 100 percent anonymous and a really determined government a chanter government bureau can probably hunt you down but it's very difficult so there are these new electronic currencies that mask people's transactions many of your listeners may have read somewhere that happened that infected computers all over the world where it tells you if you don't pay me $300.00 in bitcoin you're never going to get possession of your computer again so you have to send $300.00 and Bitcoin it's using bet coins because it's very difficult to trace but the reason criminals don't use bitcoin all the time or gold or diamonds for that matter is because you can't use it at the grocery store or a department store and can occur and see lots and lots of it in large new nominations is readily available and perfectly legal if the money can't be used for anything else it's worth a lot less your average tax evader criminal they want to spend their money they want to buy stuff and they don't just want to buy illegal drugs so to the extent you can court an off the electronic currencies these around some currencies you really can weaken them tremendously and governments are already doing that and many countries probably will be doing it everywhere the u.s. Has taken some steps and tax reporting and others which makes it less attractive Rhogam says another benefit of a last Cancer Society is the idea of financial inclusion for example people on welfare could be as you debit cards instead of checks the national inclusion is something many countries are doing oddly enough they're very poor for developing countries like India or Lou. Light years ahead of the United States where the vast majority of the public's entitled to an essentially free debit card account using biometric identification and they're countries like Sweden Denmark the u.k. Already has that the u.k. Is considering it where they provide free debit cards to basically everyone and it's pretty straightforward because most of the people that you want to give the 3 debit cards to are already receiving money from the government and that's very expensive to process the government write checks they have to be cash there's fat and by giving people free debit cards you can transfer money into their debit accounts it saves a lot of money and covers a lot of the cost of providing the debit card program says it's also a great way to give more power to people desperate for environment having to cash it back and pay a $10.00 or 15 percent fee to do that a lot of people live and poured neighborhoods where fact is high so providing people with debit cards would be really you know enormously empowering Rogoff ultimately anticipates the demise of 50 and 100 denomination bills all around the globe in Jan to 20 years ordinary people are just using last and last it's just going to become so ridiculous that we will eventually see this get done in the United States the treasury secretary could decide to do this on his own or her own it's not something that requires an act of Congress you can learn more about our guest Canis rogue office and his book The curse of cash how large the nomination bills aid crime and tax evasion and constrain monetary policy now out in paperback by visiting our Web site at viewpoints Online dot net and Gary price. Coming up the collapse of what was once America's 3rd biggest brewer when. Points returned. I am a non attorney spokes person representing a team of lawyers who help people that have been injured or wrong if you've been involved in a serious car truck or motorcycle accident or injured or work you have rights and you may be entitled to money for your suffering don't accept an offer you get from an insurance company until you talk to a lawyer and we represent some of the best personal injury lawyers you can find tough lawyers that will fight to win your case and they're so good they stake their reputation on it by only getting paid if you win so if you've been in a serious car truck or motorcycle accident or heard on the job find out today for free what kind of compensation you may be entitled to call the legal helpline right now 805135981805135981805135981 that's 805135981. Mind number 2 does not look like a number 2 I don't know what to call it is there a number 3. 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It's the American dream to go from rags to riches the story of people pulling themselves out of a tough childhood and ending up on top has entranced American since the day of the Great Gatsby it's part of what has made movies like Slumdog Millionaire the social network even Aladdin so popular but what about the story in reverse what happens if you start with a fortune and watch it all crumble that's the story of Francis Stroh this book is really my coming of age story as an artist growing up in the Stroh's beer family of Detroit we were the 3rd largest brewer in the u.s. At one point just behind and house or Bush and Miller we were family owned and operated those were publicly traded companies This worked very well for us for about the 1st 135 years and then it didn't work as well for us during the last 10 or 15 years that we were in the beer business plan essentially we went from Forbes $400.00 to almost penniless and about 10 or 12 years and that's really what the story is about what it was like growing up in the family during that major decline and the emotional fall out and the family and what was going on within the family dynamics the collapse really of the family Detroit and the business all in parallel the book Stroh is referencing is her authorial debut called Beer Money a memoir of privilege and loss to understand her story you must 1st understand the family and the business she comes from my great great grandfather Bernard strode came over from Germany in $1848.00 with a family recipe at $150.00 and pocket and this family recipe was a beer recipe that his family had been brewing at there in a jail. Into which was a small brewery that they ran in Germany so Bernard came over he learned how to brew beer in Pennsylvania for 2 years and then he settled in Detroit and started a brewery there because the local water tasted so good in the Great Lakes and he built his life in Detroit started brewing beer and Michelin in a basement delivering it door to door out of a wheelbarrow saving every spare penny to buy a horse drawn carriage and his sons Bernard Jr and Julius continued to run the company continued to be very successful and it grew exponentially during the early part of the 20th century as the decades passed the brewery was passed through the generations Stroh says during prohibition they survived by making ice cream in World War 2 Her grandfather refused to water his beer down despite the financial cost of refusing to do so and eventually the company fell into the hands of her uncles and father whether they wanted it or not there were members of the 4th generation I think my uncle Peter included who really didn't want to work for the family business Peter wanted to work for the CIA He was hit by a truck while he was in CIA training and limbs for the rest of his life and was not able to work for the CIA So he fell back on the family business and it's just really wasn't where he wanted to be and the same is true for my father who's a very talented photographer he wanted to pursue that as a career he was discouraged by his family from doing that and joined the business sort of grudgingly it was under the control of this generation that some poor decisions were made and the companies demise was set the company grew exponentially and really had explosive growth all through the fifty's the sixty's and insulates 71. My Uncle Peter strode took over and decided that rather than growing incrementally the way we had been doing he wanted to grow through acquisition and get very big very quickly so his 1st acquisition was the Schaefer brewery in Pennsylvania which brought us into the northeast and then one year later our company which was a $100000000.00 market cap at that time to go half a $1000000000.00 loan to buy the Schlitz. And suddenly we were the big national Brewer with breweries all over the country and 35 brands when we'd only had a few brands prior to that this was a very big and bold move that Benchley met and Peter was betting the farm and it was very risky we didn't have the marketing budget to market all these new brands we had along with our own brands and we were competing against publicly traded companies at this point and we just got too big too quickly but growing up Stroh didn't know just how big the company was how big it would get or what it would mean for her life well as a child I was obviously aware that we had this company that was recognized in our community at that time in the late sixty's in the seventy's we were really Midwestern brewery we were more regional I was before we had gone national Of course the same way that and how they're Bush you know and Budweiser was a huge name in St Louis that's what we were and Detroit is the stroke family which she says she remembers most about the success of the company as a child was being in a family with such status were very mixed messages around money actually in my childhood because my father was someone who wanted to live a very lavish lifestyle and he collected. Van cheeks ranging from antique firearms to vintage like a camera to our to all kinds of collectibles that he kept in the house and he spent millions and millions of dollars on these collections while my mother was very frugal and because of my father's excessive spending her tremendous amount of anxiety around having enough money having enough even to cover the phone bills or schools who wish this push and pull is perhaps best exemplified by a memory of a so called game she would play with her father I call them the kidnapping drills and it was this bizarre theater and my father would take me out in front of our house when I was 5 and 6 years old put me on the sidewalk and tell me to wait wait there while he went and got in the car and drove his deliver Chrysler around the block while I waited terrified my heart racing like beating in my chest on the sidewalk alone and his car would circle around the block and come around and come toward me and in that moment it would transform into the car of a complete stranger in my child's mind he would pull up next to me and with a scary look on his face dangle a chocolate bar out the window and say Come here little girl and I would run away crying back into our house he told me the reason that we played this game was because we couldn't afford to pay the ransom and so they couldn't afford for me to be kidnapped Stroh says that over time all these mixed messages about money simply became a fact of life for her and her siblings while I was surrounded by all of this abundance and luxury on some level there was this feeling deep inside of me that there would never really be enough that some day something would go wrong and that privilege would no longer be there I can. I can't speak for the rest of my family but the experience of knowing that I didn't have that safety net to fall back on was actually an incredibly strengthening moment for me that pushed me to you know at the time I was an artist that was really pursuing a career that way and finding some success with it but when I found out that the family's safety net was gone that the legacy had disappeared it really pushed me to figure out how to make money I taught myself finance I taught myself a realist day I embarked on a path of really learning how to make money and as painful as the collapse of the company was stroke says it does also take a burden off the family that she says is something she's grateful for losing this legacy and not sort of the watching it flow death but actually coming out on the other side of it has been very freeing for me and it's ultimately something that I'm very happy my son won't be sort of caring as a burden and self because I think that especially for boys in the family it was very difficult to go into the world and figure out who they were and carve out their own identities that bridge from this family legacy because they had been groomed for that this is just what you do you graduate from college you get an internship somewhere for a couple of years and then you come back and work for the family business and ultimately I think that caused our demise Francis Stroh's book beer money is available now for information on all of our guests visit our site viewpoints on line dot net You can find us on Twitter at 2 points radio our show was written and produced by Evan rocks our executive producer is read our production director is showing Audrey Peters. Point returns in just a moment. What are you going to do with your old car you can try selling it you could junk it or you can donate it to heritage for the blind your car will be towed away for free and your donation is tax deductible just call 180-835-1478 heritage for the blind accepts cars vans trucks and boats it doesn't matter if your vehicle runs or not it will be towed away for free and you'll be supporting those that need help heritage for the blind is a nonprofit organization that helps the visually impaired live fuller lives call right now to donate your car and as a special thank you you'll receive a free 3 day vacation voucher to over 50 locations call heritage for the blind right now call 180-835-1478 donating is easy and your vehicle is total way for free plus you'll get a free vacation voucher for donating call now 180-835-1478 that's 180-835-1478. Welcome to the culture crash here where examine American culture what's new and old an entertainment. 2 years ago n.b.c. Debuted a strange comedy show called The good place it's written by Michael sure a writer on The Office and the creator of Parks and Recreation So people were willing to give it a chance but it's a logline was pretty out there it's a half hour comedy abou