The Goblin Deposit Insurance Corporation (GDIC), the institution that insures every goblin bank deposit, has declared bankruptcy. It had put 100% of its funds into PachinkoCoin, a new cryptocurrency pegged to the profits of the nation's pachinko machines.
Then the Goblin Council of Elders banned pachinko. The ban followed an investigation into corruption and rigged games in the pachinko trade, sponsored, generously, by the Goblin Gaming Group (GGG), which has been fighting a turf war with the pachinko parlors since August. PachinkoCoin fell faster than a goblin off a cliff and took the GDIC with it.
"This is a dark day for goblin finance," said Grungle Gristle, GNN's finance correspondent, whose own portfolio is now worth less than a moldy mushroom. "The GDIC's reckless gamble has shaken confidence in the entire system."
Countless goblins have lost their life savings. Economists predict a return to barter, with shiny baubles and fermented mushroom juice as currency. Bank depositors are advised that their deposits remain fully insured by the GDIC.
The GGG denies any involvement in the pachinko ban, saying it merely acted as a concerned citizen. GNN's sources suggest it saw a competitor and had it outlawed. Goblins are advised to keep their gold under the mattress, which is now the nation's safest bank, and to check under it occasionally for the GGG.
