Why the $250 bill would be good … For criminals!
Summary
This episode examines the proposal for a $250 bill featuring Donald Trump, arguing it would primarily benefit criminals and tax evaders. Hosts Waylon Wong and Patti Hirsch interview economists Ken Rogoff and Oliver Bullow, who explain that high-denomination cash facilitates illicit activities like money laundering and tax evasion. They contend that while the US government profits from interest-free currency loans, the resulting loss in tax revenue far outweighs these gains.
Topics discussed
Proposal for a $250 Trump note and legal hurdles
Sponsor messages from Edward Jones, Dataiku, and IXL
Rep. Joe Wilson's reasons for the new bill
Declining value of $100 bills and foreign demand
Criminal use of cash vs. cryptocurrency
Global trend of eliminating high-denomination notes
Currency as an interest-free loan to the US government
How large bills facilitate tax evasion
Credits and final sponsor messages
Listen ad-free on Castria