Bitcoins For Bankers

Followers of finance will know about the Bitcoin bubble unfolding on the world's markets. Here we go again, and the recent crash was said to be the last one of its kind.

The picture above is one of tulips, a lovely flower, but in the 17th Century Tulip Mania (put that into search for Wiki' and many more items) was the maker and breaker of markets and economies.

The first item on this blog back in 2009 was on the question of how things can go wrong, and so they did.

Quote:

Digging For Victory

The day the bank bailouts broke out, the missus said to me, “So what are you going to do to save the economy?”  “It isn’t up to me!” I said, “What can I do about it in any case?”  “Well,” she said “you can make a start, and my hair needs cutting.”

So after we cut each other’s hair, normally free, gratis, and for nothing, this time we exchanged cheques for £1000 each.  “There,” she said, “that’s a nice boost for the GDP”  “But what do we do next?” I asked, and she had an answer for that, well she always does have an answer.

So we go down to at Thresher and Porbeagle Financial Services, Cookiecutter House and meet a gent’ called Fred Sands.  Nice chap, the sort of Scottish burr in the voice you like to hear on the customer services help lines telling you there is nothing they can do to help, who makes us an offer we could not refuse.  They had only just set up after he had left his old firm to improve his prospects.

Grabbing the cheques from our hands, he told us he could immediately lend us up to £100,000 to spend as we wanted, or to take part in a wonderful investment deal that had only turned up on his laptop that very morning, limited offer, closing in half an hour, so we had to make up our minds quick.

He wrote us a cheque on the spot for the £100,000, gave to us, and then snatched it back, saying it was now an asset and collateral for buying £5 million pounds worth of rented garages in Arizona, Beijing, and Moscow, and these would become the assets for investing in a lot of Hedge Funds, who would do a lot of other lending.

Because all the loans were assets, and not what my father told me, income was guaranteed at fifteen per cent, and the whole value would grow at least thirty per cent a year, so we could soon have our villa, yachts and all the rest, and even get invited to a Paris fashion show.

I tried to tell the missus that I was happy with our caravan at Bognor, but she would not listen, all it would cost us she said was trivial money, small change, for all the administrative fees and bonuses, and I should be grateful for everything.

Then she went into the back room with Fred and came out smiling in a way I hadn’t seen since she was a part time barmaid at “The Dragon’s Head”.

So we have now “kick started” the economy and Fred says with luck I could get a knighthood and the missus will then become a lady, at last.  “It will all be worth it,” she said, “and Fred even gave me a tenner, for the service economy he called it.”

When I told my neighbour, Jim, he gave me a funny look, asked for his lawnmower back, and told me not to bother with Christmas Cards this year as he was a bit short.

Apologies to Rob Wilton and Michael Williams.

Unquote.

We will not be sending Christmas Cards.