Craic is normally loud, boisterous fun in a communal setting. In Ireland, where the word is still in normal use, it more often than not involves a pub or pubs.
Hygge is a feeling of of coziness and comfortable conviviality that engenders a feeling of contentment or well-being. In Denmark and Norway, where the term and thought originated, it normally involves quieter, homey settings
So yeah, you can take our pubs but you can’t stop us from drinking in our kitchens! ðŸ˜† Though, honestly, they haven’t really tried to do that. They’ve even been sane enough in many areas to allow bars and pubs to start delivering drinks!
This is one of the clearest explanations I’ve read regarding the debt crisis and the credit bottleneck that is stifling the America’s economy and recovery from the “Great Recession.” Humor is often the best tool for teaching those who find it difficult to learn or who are being taught lessons that they’d rather not learn.
Debt Crisis For Dummies
Helga is the proprietor of a bar. She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronize her bar. To solve this problem she comes up with a new marketing plan that allows her customers to drink now , but pay later.
Helga keeps track of the drinks consumed on a ledger (thereby granting the customers’ loans).
Word gets around about Helga’s “drink now, pay later” marketing strategy and, as a result, increasing numbers of customers flood into Helga’s bar. Soon she has the largest sales volume for any bar in town.
By providing her customers freedom from immediate payment demands Helga gets no resistance when, at regular intervals, she substantially increases her prices for wine and beer – the most consumed beverages.
Consequently, Helga’s gross sales volumes and paper profits increase massively. A young and dynamic vice-president at the local bank recognizes that these customer debts constitute valuable future assets and increases Helga’s borrowing limit. He sees no reason for any undue concern, since he has the debts of the unemployed alcoholics as collateral.
He is rewarded with a six figure bonus.
At the bank’s corporate headquarters, expert traders figure a way to make huge commissions, and transform these customer loans into DRINKBONDS. These “securities” are then bundled and traded on international securities markets.
Naive investors don’t really understand that the securities being sold to them as “AA Secured Bonds” are really debts of unemployed alcoholics. Nevertheless, the bond prices continuously climb and the securities soon become the hottest-selling items for some of the nation’s leading brokerage houses
The traders all receive a six figure bonus.
One day, even though the bond prices are still climbing, a risk manager at the original local bank decides that the time has come to demand payment on the debts incurred by the drinkers at Helga’s bar. He so informs Helga. Helga then demands payment from her alcoholic patrons but, being unemployed alcoholics, they cannot pay back their drinking debts. Since Helga cannot fulfill her loan obligations she is forced into bankruptcy. The bar closes and Helga’s 11 employees lose their jobs.
Overnight, DRINKBOND prices drop by 90%. The collapsed bond asset value destroys the bank’s liquidity and prevents it from issuing new loans, thus freezing credit and economic activity in the community.
The suppliers of Helga’s bar had granted her generous payment extensions and had invested their firms’ pension funds in the BOND securities. They find they are now faced with having to write off her bad debt and with losing over 90% of the presumed value of the bonds. Her wine supplier also claims bankruptcy, closing the doors on a family business that had endured for three generations; her beer supplier is taken over by a competitor, who immediately closes the local plant and lays off 150 workers.
Fortunately though, the bank, the brokerage houses and their respective executives are saved and bailed out by a multi-billion dollar no-strings attached cash infusion from the government.
They all receive six a figure bonus.
The funds required for this bailout are obtained by new taxes levied on employed, middle-class, non-drinkers who’ve never been in Helga’s bar.
H/T to MibsBlog for the above explanation.
Now do you understand the recurring debt crises, even a little?
Bankers, stock traders, and similar financiers make their money from money or enabling and controlling access to money. If you either encourage or force them to provide money to subprime borrowers they will find ways of mitigating their risks and to actually capitalize upon this poor behavior. This is what they’re trained to do.
And, when not if, the system collapses, the government bailing the bankers, stock traders, and similar financiers out just places a higher burden upon those people who were never party to the failure in the first place, often forcing them into becoming yet more subprime borrowers.
Our modern world is too often devoid of fun and good humor. Perhaps it’s time to look back through history to a more congenial and poetic time…
Much better! Bill Bailey’s delivery of Ye Olde Pubbe Gag in the style of Geoffrey Chaucer is delightful and hilarious – just thing to distract us from the nightmare of modern times.