People aren't looking at how they're doing, but rather at how their neighbors are doing and at their own place in society.
Kenneth RogoffCash is very easy to hide. It's easy to hoard. It's easy to move, especially these large bills.
Kenneth RogoffWe all use cash in our everyday life, but we don't use hundred-dollar bills. We're not using 500-euro notes. And yet these account for mountains of cash out there. I think they're being used in tax evasion and by criminals of all types.
Kenneth RogoffIt's quite astonishing how much money people make in the hedge fund business and in the private equity field, and how well-off affluent families really are.
Kenneth Rogoff