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Slight Financial Problem

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About 6 months ago I met a bloke in a pub who wanted to borrow some money - 200k in fact.

As the potential lender I asked 'what's it for?'.

He said 'I'm going to buy a property as an investment. I'll pay you back interest, rent it out and sell it in a few years for a healthy profit.'

I said 'How much are you putting in?'

He said 'Ahh, that's the problem, I haven't got any money to put into the deal.'

'No problem' says I'- think of me as a big rock - a boulder even - that you can lean on - I'm from the South, think of me as a Southern Boulder. 'I haven't actually got 200k to hand but, it's no problem, because I am a member of the Magic Circle. As a member of the Magic Circle I can say 'Abracadabra' and the 20k I do have, is 'magiced up' by other people like me to 200k. Neat eh?

So I lent the bloke the money and now he's bleating he can't pay me back. Had a tenant who trashed the place and, fair dos, I've had to jack the old interest rates up a bit to reflect market trends. Now I've actually got a few bad eggs like this on my books and, bugger me, for the first time in ages, the other lads that usually lend me the money to lend out are keeping their hands in their pockets.

Who can I turn to? Do you think the Bank of England might help?

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About 6 months ago I met a bloke in a pub who wanted to borrow some money - 200k in fact.

As the potential lender I asked 'what's it for?'.

He said 'I'm going to buy a property as an investment. I'll pay you back interest, rent it out and sell it in a few years for a healthy profit.'

I said 'How much are you putting in?'

He said 'Ahh, that's the problem, I haven't got any money to put into the deal.'

'No problem' says I'- think of me as a big rock - a boulder even - that you can lean on - I'm from the South, think of me as a Southern Boulder. 'I haven't actually got 200k to hand but, it's no problem, because I am a member of the Magic Circle. As a member of the Magic Circle I can say 'Abracadabra' and the 20k I do have, is 'magiced up' by other people like me to 200k. Neat eh?

So I lent the bloke the money and now he's bleating he can't pay me back. Had a tenant who trashed the place and, fair dos, I've had to jack the old interest rates up a bit to reflect market trends. Now I've actually got a few bad eggs like this on my books and, bugger me, for the first time in ages, the other lads that usually lend me the money to lend out are keeping their hands in their pockets.

Who can I turn to? Do you think the Bank of England might help?

What you need to do is go to another 10,000 pubs, repeat the trick until eventually the numbers are so big they'll have to help you. No point messing up on a small scale, Merv even said it - he won't help unless you've really stuffed it good and proppa.

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hahahah,

.

Hope you don't mind but I just mailed the OP to Mr. Darling via

the house of commons website with the subject line "Moral Hazard"

.

Of course it will be some pleb that reads it rather than him but hey ho.

.

ST

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