What Does the World Economy Have in Common with a Wheel of Cheese?
It’s all about Banks, Interest, and Bad Debt. Reviewing Edward Chancellor’s ‘The Price of Time’
Consider an Italian cheesemaker, specifically someone who makes “the king of cheeses,” Parmigiano-Reggiano. Parmesan cheese develops its bold, unique flavor over months of aging: eighteen months on the young side, thirty-six on the mature end. But that means cheesemakers wait up to three years to get paid for their work. Meanwhile, they’ve got to buy gr…
