The Vatican has found itself in the middle of a critical financial crisis, which threatens to jeopardize the livelihood of retired clergy and staff worldwide
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.
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.