PARIS — I'll admit it straight away: As a bilingual journalist, the growing use of Franglais by French politicians makes my skin crawl.
Not because I think this blend of French and English is a bad thing in and of itself (it is!), or because the purity of the French language should be preserved at all costs (it should!) — but because in a serious context, it is — at best — a distraction from the substance at hand. And at worst, well …
But in France, where more and more people speak decent English, Anglo-Saxon terms are creeping in everywhere, and increasingly in the mouths of politicians who think they're being cool or smart.
Not that long ago, Emmanuel Macron was dubbed "the Franglais president" after tweeting "La démocratie est le système le plus bottom up de la terre" ...
Oh mon dieu.
They call it Frenglish
It is much rarer when the linguistic invasion goes in the other direction, with far fewer English-speaking elected officials, or their electors, knowing more than a couple of words of French. (The few Brits who use it call it Frenglish)
Imagine then my horror last night watching British Prime Minister Boris Johnson berating France over the recent diplomatic clash surrounding the AUKUS submarine deal, cheekily telling UK media from Washington: "I just think it's time for some of our dearest friends around the world to prenez un grip about this and donnez-moi un break."
Cringe. Eye roll. Facepalm.
Here's the clip, in case you haven't had your morning cup of awkward.
Grincement de dents. Yeux au ciel. Tête entre les mains.
First, let me offer a quick French lesson: Sorry, BoJo, you needed the "infinitif" form here: "It's time for [us] to prendre un grip about this and me donner un break."
But that, of course (bien sûr), is not the point in this particular moment. Instead, this would-be bon mot is not just sloppy and silly, it is incredibly patronizing, particularly when discussing a multi-billion deal that sparked a deep diplomatic crisis in the Western alliance.
The colorful British politician is, alas, no stranger to verbal miscalculations and linguistic gaffes. He's also (Brexit, anyone?) not necessarily one who cares about preserving relationships with longstanding partners. This time, combining the two, even for such a shameless figure as Mr. Johnson, only one word came to my bilingual brain: Vraiment?
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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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