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Imagine this: You live in Castelfranco Emilia, a small town in northern Italy, and you want a loan for $9,000. So you walk into the bank and the manager says: "OK, how many wheels of Parmesan cheese do you have for collateral?" You answer, "I have three wheels." (Each wheel is worth $3,000.) "Fine, we'll take your three wheels as collateral for your loan," he says and draws up the contract.
Meanwhile, you take your three wheels to the warehouse for inspection. All cheese must be aged for at least one year. Cheese that does not meet the strict standards at the warehouse is downgraded and the price reduced. After the inspection is completed, the bank manager gives you a check for $9,000.
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