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money takes the stage: a guest post by nina bandelj, fred wherry, and viviana zelizer

Money Month guest blogging continues with UC Irvine’s Nina Bandelj, Yale’s Fred Wherry and Princeton’s Viviana Zelizer

Stephen Dubner’s Tell Me Something I Don’t Know invited Fred Wherry (from minute 13:34 to 18:50) and Lisa Servon (from 31:55 to 37:30) to the stage to talk about money. From a playful take on dirty money to the hidden monetary practices uniting seemingly unconnected people, their discussions remind us just how social money is. Dubner’s panel of judges had Brian Koppelman (creator of Billions on Showtime), Cheryl Dorsey (president of Echoing Green), and Hari Kondabolu (comedian and co-host of Politically Re-Active) with A.J. Jacobs (host of Twice Removed) as the fact-checker.

Dubner: Ok, tell me something I don’t know.

Wherry: On average, how long does a dollar stay in circulation? And how does that compare to a $100 bill?

Dubner: I don’t know…

Wherry: Let’s take the New York region as an example. About 5 million bank notes per business day go into an incinerator at the New York Fed’s special facility just outside the city in East Rutherford, New Jersey. They have to get rid of so many bills because they’re too dirty or too torn to keep in circulation.

There are lots of other reasons for burning money. Some dirty banknotes have antibiotic resistant bacteria on them. An estimated 3,000 different types of bacteria are living on our paper money, according to a group of researchers at NYU. And the flu virus lives for up to 17 days on our money. That’s why I try to use electronic payments as much as I can in the flu season.

Funny enough, dirty money also compels us to spend it faster. We want it out of our pockets, according to researchers in Canada. But when money is morally dirty (as opposed to physically dirty), we don’t want to use it much at all.

After a discussion of how more money can mean less money, it was time for Lisa Servon to take the stage. She’d just published Unbanking America.

Servon: What do an Ethiopian-American cab driver, a tamale vendor in the South Bronx, and an administrator at a community college have in common?

Check the answer to this question — and more on money — at the Money, Money, Money show!

50+ chapters of grad skool advice goodness: Grad Skool Rulz ($4.44 – cheap!!!!)/Theory for the Working Sociologist (discount code: ROJAS – 30% off!!)/From Black Power/Party in the Street  

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Written by fabiorojas

May 26, 2017 at 12:12 am

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