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.
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.