Bike Handle Tread Stripped?

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Hippopotamus

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I'm not sure if that's what it is called, but it's where the handle comes in contact with the base and the cylindrical area is tightened onto it. Well, the little tread lines that are supposed to keep it from moving, ground off within a week of using it. It's been almost 2 years now since my dad said he would fix it, and hasn't...so... I've only got $50 available, and am looking for a quick and permanent fix.

I've already tried tightening it, so that is not the problem. =P
 
That is very soft metal to do that. Sand down the grooves and insert a thin rubber gasket, glue and tap down the handlebars onto it, than tighten.
 
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