PARIS - In the last years of his life, French novelist Marcel Proust mostly fed himself with café au lait. Made by the two best roasters in Paris, Proust’s coffee came from freshly ground beans that were extracted drop by drop according to an unchangeable ritual.
Sometimes the verdict would be without mercy: “Celeste, how did you manage? This coffee is absolutely disgusting. Is it not too old?” Proust would say.
Proust was right. Coffee does not get better with time and must be consumed very quickly, in the year following its harvest (exactly like olive oil) and within three weeks of being roasted. After this, the coffee rots and loses its aromas…
Antoine Netien, founder of Café Coutume, in Rue Babylone, in the center of Paris, says that this is a fact that everyone used to know. “Up until the beginning of the 1980s in France, there still was a tradition of hand-roasted artisanal coffee. Roasters would sell their coffee to local restaurants and bakeries; the most famous ones supplying the presidential Elysée palace or the senate,” says Netien.
“But now 95% of the coffee is sold by supermarkets, already ground. Our grandmothers still used coffee grinders, because they knew that coffee loses its aromas and oxides itself in the five minutes after they have been ground.”
If coffee has become so disgusting in France, and if French people don’t know how to prepare it anymore, it is because of the big coffee manufacturing companies like Richard, Illy, Lavazza, Malongo Segafredo, or Nespresso, who have completely taken over the restaurant industry. “Using the methods of drug dealers and inspired by the Italian mafia, they give restaurants machines and coffee cups, and in exchange you have to buy their coffee for ever. These brands have imposed a certain concept of coffee on society,” says Netien.
Eric Beaumard, one of the world’s top sommeliers and director of the George V hotel in Paris, agrees with this analysis. He says each month he has to say “no” to lobbies that are more and more influential and determined to showcase their coffees in Paris’ most prestigious and famous hotels.
“In France, most of the luxury hotels and gourmet restaurants have already given in to these groups and offer coffee in capsules without feeling one ounce of guilt,” says Beaumard. “At the George V, we are driven by passion. Coffee deserves as much consideration as wine or tea. A capsule filled with additives will never compare to authentically grown freshly ground and roasted coffee,” he adds.
Never would a capsule filled with additives will be equal to a large, authentically grown, freshly ground and roasted coffee!”
Needless to say that with five-gram capsules being sold for 39-euro cents, a kilo of coffee ends up costing 78 euros – the price of a very high-end coffee.
After buying his coffee from Verlet – the most ancient roaster of Paris – for a very long time, Beaumard now gets his coffee from Hippolyte Courty, the founder of L’Arbre à café (The Coffee Tree), who has just opened a shop Rue du Nil, in the trendy Marais district in the center of Paris.
For this “mono-varietal” coffee fundamentalist, coffee can only come from one variety, one soil, one plantation, one harvest … “Whether they come from India or Costa-Rica, Hippolyte’s coffees are all fruity, refined and subtle, with a natural taste of cherry. They are full of freshness; we can drink liters of it and never get bored,” says Beaumard.
The new “real” baristas
These last few months, a multitude of “coffee bars” have popped up in Paris – much to the pleasure of students and foreign tourists, who were only to happy to be able to enjoy good coffee, coffee that tastes nothing like those horrible “short blacks,” which have an acrid soot smell and leave you with the taste of old cigarettes.
Whether it is the Ten Belles, near the Bohemian canal Saint-Martin district, Telescope near Palais-Royal, Black Market in Montmartre or Café Lomi and Café Coutume, these new coffee shops are all have a very cosmopolitan atmosphere. They have beautiful Marzocco coffee machines and their baristas – that look like they’re straight out of a Quentin Tarentino movie, with tattoos and muscles – are professionals.
The barista is both a bartender and a coffee sommelier – able to select a plantation, roast the grains and maintain the coffee machine. The barista masters all the different coffee techniques – filter, espresso, cappuccino, piston and siphon – and knows how to draw a tree or flowers in the foam of a cappuccino. “Latte art” is the signature of a real barista.
At Café Coutume, baristas are both male and female but most of them are foreign. They are Australian, American, Norwegian, Dutch, Siberian, Polish, Japanese etc. For only two euros a cup, these experts will serve you the coffee of your dreams – originating from the world’s best plantations: Aida Battle in Salvador, Carmo Estate in Brazil, La Esmeralda in Panama, or even Tekangu Karagoto in Kenya.
For Aleaume Paturle, the founder of Café Lomi, being able to get exceptional coffee is not enough – “you also need to know how to roast it without burning it so that it can develop its natural aromas and flavors: flowery, spice, buttery, woody etc.” In Italy, he says, coffees are over-roasted, to hide the defects of the grains. “If burned, the coffee becomes bitter which is why the Italians sweeten it.”
In France, the problem is different. “The espresso is made from a lower dose of coffee, with a shorter extraction time, and served in a bigger amount of water. The result is what we call “jus de chaussette” (sock juice – weak coffee).
Crunching the numbers of South Korea's personal and household debt offers a glimpse into what drives the win-or-die plot of the Netflix hit produced in the Asian country.
SEOUL — The South Korean series Squid Game has become the most viewed series on Netflix, watched by over 111 million viewers and counting. It has also generated a wave of debate online and off about its provocative message about contemporary life.
The plot follows the story of a desperate man in debt, who receives a mysterious invitation to play a game in which the contestants gamble their lives on six childhood games, with the winner awarded a prize of 45.6 billion won ($38 million)... while the losers face death.
It's a plot that many have noted is not quite as surreal as it sounds, a reflection of the reality of Korean society today mired in personal debt.
Seoul housing prices top London and New York
In the polished streets of downtown Seoul, one sees endless cards and coupons advertising loans scattered on the ground. Since the outbreak of the pandemic, as the demand for loans in South Korea has exploded, lax lending policies have led to a rapid increase in personal debt.
According to the South Korean Central Bank's "Monetary Credit Policy Report," household debt reached 105% of GDP in the first quarter of this year, equivalent to approximately $1.5 trillion at the end of March, with a major share tied up in home mortgages.
Average home loans are equivalent to 270% of annual income.
One reason behind the debts is the soaring housing prices. In Seoul, home to nearly half of the country's population, housing prices are now among the highest in the world. The price to income ratio (PIR), which weighs the average price of a home to the average annual household income, is 12.04 in Seoul, compared to 8.4 in San Francisco, 8.2 in London and 5.4 in New York.
According to the Korea Real Estate Commission, 42.1% of all home purchases in January 2021 were by young Koreans in their 20s and 30s. For those in their 30s, the average amount borrowed is equivalent to 270% of their annual income.
Playing the stock market
At the same time, the South Korean stock market is booming. The increased demand to buy stocks has led to an increase in other loans such as credit. The ratio for Korean shareholders conducting credit financing, i.e. borrowing from securities companies to secure stock holdings, had reached 21.4 trillion won ($17.7 billion), further increasing the indebtedness of households.
A 30-year-old Seoul office worker who bought stocks through various forms of borrowing was interviewed by Reuters this year, and said he was "very foolish not to take advantage of the rebound."
In addition to his 100 million won ($84,000) overdraft account, he also took out a 100 million won loan against his house in Seoul, and a 50 million won stock pledge. All of these demands on the stock market have further exacerbated the problem of household debt.
42.1% of all home purchases in January 2021 were by young Koreans in their 20s and 30s
Game of survival
In response to the accumulating financial risks, the Bank of Korea has restricted the release of loans and has announced its first interest rate hike in three years at the end of August.
But experts believe that even if banks cut loans or raise interest rates, those who need money will look for other ways to borrow, often turning to more costly institutions and mechanisms.
This all risks leading to what one can call a "debt trap," one loan piling on top of another. That brings us back to the plot of Squid Game, "Either you live or I do." South Korean society has turned into a game of survival.
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