I was about to use "transmutation" in the headline but fortunately remembered Ernest Rutherford.*
From The Hustle, May 11:
Parm wheels make Italy’s economy go round
Since 1953, the regional bank has been wheeling and dealing in Parmesan Reggiano — one of the most strictly regulated foods in the world, produced by just 300 dairies — accepting the cheese from producers as collateral for loans.
And, according to CNN, it hasn’t lost a euro on it yet.
Why bank on cheese
The $4.7B industry relies on a delicate supply chain, tight regulations, and age-old methods.
- It can only be produced within a small geographic location using three ingredients — cow’s milk, salt, and rennet.
- After 12 months of aging, the Parmigiano Reggiano Consortium performs a tapping test to certify a wheel’s quality with its (literal) stamp of approval.
- Each wheel weighs 80+ pounds and can cost anywhere between $900 and $2.5k, depending on its age, with some maturing for up to 40 months.
For producers, that means revenue doesn’t arrive for at least a year. But farmers must be paid monthly, while other costs add up. Credem fills this gap.
While parm represents just 1% of the bank’s business, it’s a vital part of the overall industry.
“Without this system of leverage, the world of Parmigiano Reggiano cannot exist,” Italian dairy industry leader Paolo Ganzerli told CNN.
How it works....
....MUCH MORE
...Natural transmutation was first discovered when Frederick Soddy, along with Ernest Rutherford, proved that radioactive thorium converted itself into radium in 1901. At the moment of realization, Soddy later recalled shouting out: "Rutherford, this is transmutation!" Rutherford snapped back,
"For Christ's sake, Soddy, don't call it transmutation.
They'll have our heads off as alchemists."
—from a May 2012 post "Climateer Line of the Day: Thorium Edition"
Seen in August 2025's "AI’s 1930s moment Are we on the brink of disaster?".
