THE credit crunch concerns us all, but one reader offers a beam of hope from a story he picked up in a town in the South of France where everyone was heavily in debt.
A rich Russian arrived at a small hotel, asked for a room and put Designer bridal gowns a 100 Euro note on the reception counter. He took the key and went to inspect the room on the third floor.
The hotel owner took the banknote to his meat supplier to whom he owed EUR100. The butcher took the money and raced to pay his debt to the wholesaler, who rushed to the farmer to pay EUR100 for the pigs he had purchased. The farmer gave the note to his sister who had given him a loan to tide him over a bad patch and the sister paid off the arrears her bill at the hotel, where she resided.
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At that moment, the rich Russian came down to reception, said the room was unsatisfactory, took back his EUR100 and left. There was no profit in the transactions but everyone no longer had any debt and the townspeople could look optimistically towards their Glass beads future.
Could this be the solution to the global financial crisis?
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