Last Week Economist contained an interesting dossier regarding the future of Banking.
I will talk about it soon, but later.
Let's focus first on the past of banking.
In the roman civilization to lend goods of any kind against a relevant interest rate was usually considered as thievery, dishonorable and something a member of the Senatus would have never done. Since the italian middle age and especially during the so called "Municipalities Age", an era characterized by significant technological, religious, and cultural advancement during which Italy was composed of small but powerful city-states -, an interesting financial system emerged.
The goods had prices and gold - or gold based local currencies - were still the foundation of richness. A person in need could have gone to the local Monte di Pieta (Fund of Pity), entrust some of its jewlery, endowment, book, and have money in return, forgetting about the problem of interests on debt. Easy - one can say: no inflation, no mismatching maturities, no opportunities cost if capital...
BUT.
Was it an absence of financial markets or an even more modern and contemporary lending and borrowing system than the one we "enjoy" these days?
The jury, together with my opinion, is still out. The only feeling I get is that maybe our system is inevitable in a world where - drammatically - nothing should have an objective value or meaning
in itself and by itself. Or not?
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