you recognize this place right you’ve
seen it on TV it’s Wall Street located in lower Manhattan New York City
it’s where millions of dollars in stocks and bonds are traded every market day
and this is the Chicago Mercantile Exchange where they trade in commodities
like cattle grain money in its many forms moving from hand to hand all over
the world and this is what we call the economy but there’s a secret part of the
economy that’s underground and believe it or not it’s estimated to be worth two
to three trillion dollars a year yes trillion this economy deals in bartering
Trading and exchanging money in untraditional ways when you think of the
words underground economy you probably automatically assume it’s
made up of illegal activity you might think it’s drugs or prostitution but
think again take a look at this I’m Paris I love sneakers my name is
rowdy I’m actually out here camping as you can see for the New Jordans coming
out tomorrow so I do it mostly to collect like I’ve been collecting
secrets my whole life that’s at some point like almost 200 free sinkers it’s a sneaker culture like we all a
part of it every weekend is a new sneaker that comes out so we try to get
as many as we can I saw all them hope I’ve got enough for
my house or something like did they go up in value within the year especially
their brand new we do this basically for a living like I’ve been doing this for
more like six years of currency can be anything including sneakers they’re
unique part of the underground economy in stores like sneaker pawn or flight
club and conventions like sneaker con people can buy trade and sell sneakers
meet chase Reid teenage sneaker head and entrepreneur is so cool he’s all sign hi
my name is chase I’m 70 years old and I’m the owner of the world’s first take
a pawn shop which I opened when I was 16 years old and it is the first sneaker
pawn shop in the world we buy and sell used and new sneakers we
trade sneakers we pawn sneakers and we also customized sneakers man of all
trades when it comes to the sneaker game yeah yeah what many people don’t know is
that government regulations have actually helped to create the
underground economy benefits come with a lot of regulations and the poor can lose
these benefits if they save too much money in their bank accounts Chase’s
customers can buy and sell without the interference of government regulators basically with a sneaker bank because
we’re giving out loans and were also giving our cash the sneakers the
sneakers used as collateral for a loan so people can come to us and get money
instead of having to go to a bank or having to go to somebody else they can
get quick cash for the sneakers all right
Stefan how I probably be back in a couple minutes bro and chases neighborhood a lot of people
live below the poverty line they may not be able to sell and trade stocks on Wall
Street but they could come into a store like sneaker pawn and exchange shoes for
cash or take out a loan without any need for credit Chase has been able to create
a successful business while at the same time meeting a need within the community
what may seem like a waste of money buying sneakers is actually a growing
and vital part of the underground economy understand that on the ground
what we’re talking about here isn’t illegal
just alternative it’s a way around regulations that prevent those receiving
government benefits from saving money so when people think as buying sneakers as
being trivial chase knows better fine sneakers does not throw money away
because it it’s an asset just like everything just like a house would be
just like anything new anything you own is an asset same way you trade baseball
cards same way you buy baseball cards you sell them same thing with sneakers
how much you looking for you suggested so when you take a closer look you can
see sneakers can be used as currency just like anything else done right and
it could be an investment if you hope to do the swap I’ll do the swap for
thoughts I got those ready what people don’t know is that he can save that
sneaker for two years or five years or whenever he he needs money and he can go
and sell it and come here and get a loan for me or he can sell it or he consults
anywhere else for $1,000 $500 even $200 still it’s still a good amount
how you doing this chase from sneaker pawn I told you Dave is gonna sell told
you right so chase how much money can I really make vine sneakers
oh I’m sorry hit my heart right there you felt that if you get 10 sneakers a
week for $200 and you sell them for $300 and you do that for 40 releases you get
$40,000 and that’s just all for 10 sneakers so imagine if you get 20 that
would be 80,000 if you gave 30 sneakers that would be 120,000 and so on that’s
not clean those things that go for $2,000 that’s only things that cost $300
let’s do that you wanna put on solve it that’s do that twelve columns yeah
this office is somebody season on Instagram is like I I say Q is it a fee
to put this on no no see I’m a nice guy I usually like to have my sneakers only
up for like five minutes hopefully they sell within the first
hour that we have them but the next time that I have a sneak on a wall is a week
we don’t let a sneaker sale on the wall for longer than a week that’s great in
theory but really how’s business the bin size are very quoted in three hundred
and fifty thousand dollars and by the end of the year hopefully we predict
with the LA storm and with the 14th Street store for hopefully make a
million dollars before the year is over it’s lemon alright appreciate it so Sunday right hopefully you don’t want
to sneak it so so hopefully by the time we get to sneak it shows up something
yeah God we still have to sneak a show if not tomorrow okay
well somebody’s gonna rush it before 8:00 finding new markets like chase
opening up a new store can be lucrative chase I do remember you saying that you
were gonna be a billionaire by age 30 30 I said that me I said 30 I’m in like 20
huh I wish you luck but what advice you have for everyone out here watching and
I think anybody has ever sent you to do it if it wasn’t for sneakers I probably
doing could be doing clothes like if it’s so many things you started closing
on you can start a fruit business you can start a DV like it’s a movie
business like excite anything I phone you see the movie on the iPhone Jase
figured out how to solve a problem for his community tapping into a secret or
underground currency of sneakers his business is fully legal and he helps his
customers while making a living he simply operates in an economy where
innovative people use alternative goods or services as currency because they’re
unable to use traditional banks sneakers help people win one they can’t qualify
for a bank loan to they received welfare or government assistance and saving is
heavily regulated 3 they’re afraid to use banks for fear of losing benefits
they rely on to make ends meet sneakers make an interesting example of
how the underground economy works it’s how sneakers become real money
you you