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Home > Blogs > Uncorked > Archives > 2009 > August > 22
Saturday, August 22, 2009
American banks, take note: Italian banks to accept wine as collateral
I just love this story from Decanter.com entitled “Italian banks to take wine as collateral”.
Just imagine if American banks, credit unions and savings-and-loans were to emulate the Italians on this issue. Perhaps our financial system’s “credit crisis” would have evaporated long ago, don’t you think?
Don’t scoff. Italian banks were nowhere near as overextended as American banks were when the global meltdown occurred last year, and that country did not suffer the banking-sector calamaties that we did here in the U.S. Perhaps we need a fresh way of thinking about things — over a glass of fine wine, of course.
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