I presume he’ll accept my offer

posted by
March 22, 2011
Cafe Hayek
by Don Boudreaux  
Posted in Commentary

"In exchange for $10 million in cash from you today (every cent of which I’ll burn through over the next 12 months as I treat myself to lavish, extravagant high-living) I’ll promise to repay you $15 million in one-year’s time. That’s a fifty percent rate of return -- and it’s guaranteed! Now I must tell you that my current net worth, including the income that I’ll earn over the next year, is less than even $1 million. But don’t you worry, for upon my receipt of your $10 million in cash I’ll write an I.O.U. to myself, promising to pay to me $15 million in one-year’s time." (03/21/11)


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