Geopolitics

Deadly French Jewish School Shooting Has 'Striking Similarities' To Recent Killings

Southwest France has seen its third deadly shooting in the past week, as a killer rides up on a scooter at a Jewish school in Toulouse. Police are investigating possible links with recent killings of French soldiers in the region.

Police cordon off the area surrounding the Ozar Hatorah school (6MON2PANAME)
Police cordon off the area surrounding the Ozar Hatorah school (6MON2PANAME)

*NEWSBITES

TOULOUSE - A gunman opened fire in front of a Jewish school in the southwest French city of Toulouse, killing four people, including three children.

Witnesses saw the shooter opening fire from his scooter on a group of adults and children outside the Ozar Hatorah school at around 8.15am. The killer then left his black scooter to follow children into the school, before riding away.

The victims are a 30-year-old teacher and his sons, three and six years old, and the school headmaster's daughter, aged 10.

French President Nicolas Sarkozy called the shootings an "abominable drama" and a "frightening tragedy," while his main opponent for the 2012 presidential election François Hollande said he was going to go to Toulouse "immediately" out of "solidarity" for the Jewish community.

It's the third shooting in the region in the past week carried out from a motorbike.

On Thursday, a driveby gunman opened fire on three uniformed paratroopers at an ATM in Montauban around 50 kilometers from Toulouse, killing two and critically wounding the other, before speeding away. Four days earlier, a gunman on a motorbike shot and killed another paratrooper in Toulouse.

Sarkozy said there were "striking similarities' between Monday's shooting and last week's attacks.

According to police officials, the Ozar Hatorah school killer was armed with two guns, one of them matching the caliber of the shootings in Toulouse and Montauban last week.

Read more from Le Monde in French

Photo - 6MON2PANAME

*Newsbites are digest items, not direct translations

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Society

Debt Trap: Why South Korean Economics Explains Squid Game

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.

In the Netflix series, losers of the game face death

Yip Wing Sum

-Analysis-

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

Simon Shin/SOPA Images/ZUMA

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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