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American banks, take note: Italian banks to accept wine as collateral

By Mark Fisher | Saturday, August 22, 2009, 07:17 AM

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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Comments

By chiefwino

August 22, 2009 7:50 PM | Link to this

A few years ago the Brits considered allowing people to invest in wine as part of their IRA, but changed their minds at the last minute.

By flipper

August 22, 2009 10:01 AM | Link to this

Mark, what happens when the collateral goes down the urinal?

 

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