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The Banking Crisis Explained (Reprise)

Young Fred bought a donkey from a farmer for £100. The farmer agreed to deliver the donkey the next day.

The next day the farmer drove up and said, "Sorry son, but I have some bad news. The donkey's died."

Fred replied, "Well then just give me my money back."

The farmer said, "Can't do that. I've already spent it."

Fred said, "OK, then, just bring me the dead donkey."

The farmer asked, "What are you going to do with him?"

Fred said, "I'm going to raffle him off."

The farmer said, "You can't raffle a dead donkey!"

Fred said, "Of course I can. Watch me. I just won't tell anybody he's dead."

A month later, the farmer met up Fred and asked, "What happened with that dead donkey?"

Fred said, "I raffled him off. I sold 500 tickets at two pounds a piece and made a profit of £898."

The farmer asked, "Didn't anyone complain?"

Fred replied, "Just the guy who won. So I gave him his two pounds back."

When he was older Fred went on to become Chief Executive of Royal Bank of Scotland.

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