C.K. Chesterton once said something-or-other about people should be writing poems or singing songs about cheese (or something like that). We’re far more mundane than the Apostle of Common Sense . . . but no less interested in cheese. That’s why today’s podcast is a video we located about the cheese banks of Parma.
Warning: not all of the information in this video is strictly accurate and is even misleading in places (e.g., the cheese is not the collateral, but the backing of the mortgage, similar, but not the same), but the point we want to stress is that of the three categories of banks (deposit, issue, and discount), the cheese banks of Parma (the video makes it sound as if there is only one) are banks of issue, with the specialized function of turning existing wealth into circulating media.
Commercial banks, by the way, combine banks of issue and banks of discount, banks of discount having the job of turning future wealth into circulating media. Banks of deposit take existing circulating media as deposits from some and lend it out to others. All of these, by the way, have a place in the Economic Democracy Act:
CLICK ON THE LINKS, NOT THE PHOTO
You must click on the link below to get to the video, not on the photo.
(The links right above are what you're supposed to click on.)
And if you want the playlists for previous videos: