Interesting Global News
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Organizations that own that amount of stuff borrow against it to buy even more stuff and as it all goes up in value they borrow more and buy more stuff. In an endless loop. And people call crypto a scam 🤔
Owning that much in assets typically means you also have a lot of debt. Particularly with generational, wealthy, corrupt organizations.
Point being, they can be on the brink of bankruptcy even when owning half of Europe if they can’t service the debt they wound up.
Well, they can always get back to selling indulgences again or take out (another) mortgage on their state in the middle of Rome when the going gets tough.
If there are physical assets to back up the loans, doesn't that make it less of a scam than crypto.
Maybe not a good business strategy, and maybe the loans outweigh the "true" value of the assets, but there is something backing it.