Yesterday evening at the National Club on Bay Street I had the pleasure of meeting John R. Ing, President and CEO of Maison Placements Canada Inc., a leading independent Canadian research-based institutional investment dealer. Established in 1955, Maison is a participating organization of the Toronto Stock Exchange, the Montreal Exchange, and a member of the Investment Dealers’ Association and CIPF.
Ing was addressing the Canadian Institute of Mining (CIM) members and guests, speaking about gold, inflation and the American dollar.
Among his well researched and value packed presentation was a story that very well sums up much of what the United States is presently experiencing and how it has gotten to where it is today.
The story as told by John R. Ing is that there was a farmer who was selling his donkey to another farmer for $100. Upon shaking hands he collected his $100 for delivery the next day. The following day the farmer shows up in his truck with the donkey in the back. After a brief greeting the second farmer asks him where his donkey is. The first farmer informs him that there is a slight problem in that the donkey has died. After a moment of contemplation the second farmer asks for his $100 back at which time the first farmer replies that he can’t return the money because he’s already spent it.
Upon further contemplation the second farmer replies, okay unload the donkey in the barn. The first farmer looks at him and asks what he’s going to do with the dead donkey. The seond farmer replies I’m going to auction it off. The first farmer is puzzled but does as requested.
The next week the first farmer comes across the second farmer and asks him how the auction is going. The second farmer replies that he made a profit of $890 on the auction. The first farmer asked how he did that. The second farmer replies, “I sold 100 tickets at $10 each and raised $1000”. The first farmer asks, “But, weren’t the people angry”. The second farmer replies, “Only the winner and when he complained I gave him his $10 back.
Does this resonate with you?