> A producer making thousands of wheels annually is therefore sitting on an enormous and steadily growing asset that generates no cash whatsoever, while facing continuous bills.

Once a company enters a steady flow, usually after the first 2-3 years, this is not a problem because it has the income of previous years. The only thing that changes is the difference in the company's turnover.

This type of loan is not new, it has existed for more than 70 years. There’s something similar for wine, prosciutto, oil and other types of cheese.

Not really that strange if you think about it. The cheese is playing the same role that gold once played. It’s a relatively static asset of relatively assured value, which is exactly what makes a commodity a potentially good currency. Unlike gold, however, the cheese is not absolutely unchanging, its value is specific to one industry, and its value also relies on its environmental condition. So a very situation-specific currency. Very apt that this return to a mercantilist form of exchange is happening in Italy.