Borrowed money. Now

Sometimes you may have to wait

The story as I remember it goes like this. Sometime in the early 1920s Britain and France asked for relief from some of their war debt to the USA. An American senator, speaking, I like to think, in the accent of Humphrey Bogart or John Wayne, said “they hired the money, didn’t they?” Quite so; end of story.

Well, successive Greek governments over many years have hired an awful lot of money, and, if the latest bail-out deal is approved and goes through, are about to hire a lot more. Not surprisingly, the lenders want some assurance that this time the Greek government is serious about cutting public spending and raising public revenue.

When a Government spends more than it collects in taxes, it has a choice. It can practise austerity or go for growth. Some of those who now criticise the insistence of the EU – or rather the eurozone states – that Greece must endure another round of austerity if it is to receive yet another bail-out loan, are among those who approve of George Osborne’s austerity policies here. Among those indeed are some who insist that in order to cut the deficit and prevent the national debt from continuing to rise.

Be that as it may, the truth is that the creditor almost always has an advantage over the debtor, especially when the debtor is asking for new loans to keep afloat. When the Labour government had to turn for support from the IMF in 1976, the Chancellor of the Exchequer, Denis Healey, was obliged to make deep cuts in public spending. Going for growth in the hope that a booming economy may make it easier to cut the Government’s deficit may make sense, but this is not how the creditor sees it.

Sadly, it’s reasonable for Greece’s creditors to suspect that the Greek Government will promise anything to get the loan it urgently needs – and then forget its promises unless they can in some way be made binding.

Interesting facts

  • Slacker Dino Rado, and his uptight partner, Steven Scheere made a bad investment. They borrowed money to fund a "B" movie that flopped big time and now the Jamaican Mob wants its money back. As a last resort they steal and idea from a screenplay to cast unsuspecting actors to pull off a real heist. Their plan is flawless, until they put it into...
  • Jim Forbes returns from serving three years in prison for ""swindling"" the folks of Dodge. He had ran out of money mining for gold, salted the mine (planted high grade quartz ore in it), and borrowed funds from the townspeople to continue mining. Now, backed by money provided by his sister, he's reopened the mine in order to prove to...
Wiley How to Acquire $1-million in Income Real Estate in One Year Using Borrowed Money in Your Free Time
Book (Wiley)
  • ISBN13: 9780471751694
  • Condition: New
  • Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Jet International New Quartz Crystal Kailash Dhan Raksha Yantra Pendant Money Protection
Health and Beauty (Jet International)
  • Crystal Quartz Kailash Dhanraksha Yantra Pendant. Best Seller Worldwide - Top Quality A++ Grade with Velvet Pouch. A++ Brilliant Product, Superior Quality, Awesome...
  • Believed to have been created in the 9th century AD in India, this relic is considered safe . It is believed not to possess any bad-luck or misfortune, especially...
  • The Talisman is now once again believed to be somewhere in India. Speculation is on as to whether the tulpa chose the recent Reliance family split to free itself...
  • It has been allegedly observed (and reported through history) that generally the relic s arrival or presence in a country/kingdom immediately manifests in the form...
  • Power beyond Human Imagination It is believed that the Kailash Dhanaraksha Tantra Talisman has never once failed to meet the wishes and ambitions of its possessors...
Morris Costume Quarter Go, Magic
Toy (Morris Costume)
  • A quarter is borrowed and marked
  • This is placed under a handerchief and given to a spectator to hold. Next to a small, padlocked chest is shown, then placed on a spectator\ s place on top of the...
Corporate Disk Company Unlocking The Vault
Software (Corporate Disk Company)
  • You ll discover the exact strategy how people who start with nothing can create a multi-million dollar empire using borrowed money. It s easier than you thinkyou...
  • How to use private money and make a fortune selling beautiful homes in great neighborhoods!
  • How to structure private money deals where you never have to make a monthly payment! This one is huge and will add some zeros to your net worth in a hurry.
  • How to raise upfront capital for your real estate deals. Forget about waiting to get paid after the dealgets your money right now!
  • How to get a credit line of $100, or more even if you re self-employed and don t have an income history! This is great for new start-up investors.
Murphy's Magic Supplies Inc. MMS Clone Coin Old English Penny Mark Lee Trick Kit with DVD
Toy (Murphy's Magic Supplies Inc.)
  • Perform incredible magic with skillful deception that will AMAZE your friends and family
  • Easy-to-learn & FUN to perform
  • Great GIFT for the magic hobbyist or professional
  • Learn the SECRET! Customize and create YOUR own magic
  • Includes clear, step-by-step instructions as needed

Popular Q&A

Borrowed money, now have to go to county court.

You don't need anything in writing to have an oral contract. But you do need a repayment time, and apparently you didn't have a specific one. Since you indicate that your job loss caused you to not be able to pay him back, that implies that you were supposed to pay him back sometime in the past. That's a breach of the oral contract. Your job loss isn't an excuse.

A borrower isn't required to make a demand on you before suing you for the breach. But it's never too late to settle the case before it goes further. You may have to borrow momey from someone else, maybe your sister, to pay him back.

If hyperinflation is to occur, Shouldn't I be borrowing money now and I will pay back with less valuable $$? | Yahoo Answers

Yes, it's generally true that in a rising inflationary environment, people who have debt will benefit provided they have fixed rate debt. If the debt is variable, it doesn't matter b/c the bank will just raise interest rates higher than inflation.
But if you're planning on taking on additional debt just to play the inflation scenario, here's the problem. If you buy a home, then inflation rears its head, Ben Bernanke will most certainly increase interest rates to head off inflationary pressure even in a recessionary environment. If that happens, home prices will actually fall and not in…