If a lumber merchant in Philadelphia financed his inventory with a short-term loan, that loan would enter the banking system as an asset and somewhere down the line occasion the issuance of banknotes used to pay the lumberjacks in Wisconsin.
FORBES: Quantitative Easing and the Money Printing Press
Used to be that a company borrowing to cover payroll or an inventory buildup would get a 12-month bank loan backed by tangible assets.
FORBES: Going Into Hock
The lumber dealer would sell off the inventory, taking in banknotes and using them to liquidate the loan.
On the sales side, prospective buyers can cruise her inventory online, and also see photos, calculate monthly payments and fill out loan applications.
FORBES: Dealers 1 Internet 0
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