Unintended Consequences

 

The events happening in the world make me think of the idea about "unintended consequences". So this Californian bank SVB went bankrupt. One cause is the concentration of their securities in US Treasuries. Who would imagine this could happen when a bank is holding super safe asset like the US government Treasuries. However the problem is not about risk, it's about the price. Apparently when the Fed embarks on its continuous rate hike, the price of the existing treasuries drop. In the case of SVB it has to liquidate its holding of Treasuries at a loss when bank depositors withdraw their money. This puts the bank in an unfavourable financial position which makes depositors concerned hence resulting in a bank run.

Then there is the Covid pandemic that gives rise to hosts of unintended and unexpected consequences. The focus on fighting the pandemic has led to delay in treatment of other medical problems thus increasing morbidity and mortality risk. Yet another problem that resulted is post Covid labour shortage arising from changes in preferences and attitude; with workers no longer tolerating low pay and long working hours.  Not all consequences are unwelcome though. Having tasted the experience of working from home workers now demand less working hours in the office. Unfortunately the world will also have to manage tons of plastic waste from test kits etc.

When Russia attacks Ukraine, Putin obviously did not envisage that it will also result in a global food crisis; or did he but didn't care. The supply crunch affects food prices the whole world round and cause severe food insecurity in some countries, risking starvation among millions. To be fair to him he actually thought the invasion of Ukraine would be fast and swift. 

All these events perplexed me. I wonder whether Putin feels guilty over the unintended consequence of his move.

"The law of unintended consequences pushes us ceaselessly through the years, permitting no pause for perspective."- Richard Schickel

Intriguing generational behaviour

 

Today's Straits Times ran an article about South Koreans being the world's top spender on personal luxury goods in 2022 (according to a Morgan Stanley study). Other than a real love for them the article also mentions flexing and the need to buy luxury goods just to be accepted and to fit into a social circle. It quoted an example of a mother having to change into a luxury car because the security guard at the school her child was attending didn't think she was a parent in her ordinary car and barred her from entering. There is also a well known Korean idiom that goes  "When my cousin buys land I get a stomachache". The envy habit is apparently quite prevalent in South Korea. 

I have watched the K drama "Mr. Sunshine" a historical romance set in late 19th century and early 1900s when Koreans were fighting for independence from Japan. A few facts I learnt from this drama help me understand a bit about Korean behaviour.

First of all I didn't know there was slavery and rigid class distinction in ancient Korea. The drama portrayed how impossible it is for cross marriages between social classes. Though deeply in love, the female protagonist  of noble descent was totally devastated when she found out her lover , a high achieving US military officer was born a Korean slave boy. Even her very principled and liberal grandfather told her he could not bear the sorrow and disgrace to the family if she would to marry a person of low birth. 

In another sub-plot the feared leader of a gang would still be incensed when reminded that his father was a butcher, deemed a dirty profession. Similarly a minister of non aristocratic origin would be thrown into a rage when disdained and ridiculed by colleagues of noble origin. Both had an in built sense of inferiority.

Such deep seated discrimination against people born of lower social class probably explains the bullying behaviour of chaebol families (if what contemporary K drama portrays is true). It also helps me appreciate more the movie "Parasite" which won the Oscar for best picture in its depiction of social inequality in South Korea.

Now it makes sense to me that academic achievement is the best chance for the next generation to climb the social ladder, hence the fierce competitive education environment in Korea. 

Coming back to the love for luxury goods, the Morgan Stanley analysts explained that the demand for luxury goods is driven by "increase in purchasing power as well as a desire to outwardly exhibit social standing".

Such obsession with class is intriguing. Maybe it is some form of generic memory passed down from generations as part of a collective consciousness.

A Small Audience

 It was raining torrentially when I went for my storytelling session at the branch library a few days ago. I told myself to mentally prepare for zero audience. Over the years (15 years to be exact ) audience has dwindled from over 30 children when I first started in 2008 to literally a handful ie. 5 or 6 when the session resumes after Covid.  

An article published in the ST entitled " Millennials loved libraries, but will their kids feel the same way?" stated that visitors to the National Library network in Singapore showed a drop from 26.7 million in 2019 to 11.5 million in 2021. However one can not ascribe the drop entirely to Covid disruption. The author mentioned other factors including loss of print reading, free e-books and increased channels for children entertainment like Disney and YouTube, making it a relative hassle to visit the library. It is then not surprising that our libraries have to be creative in staging fun activities to engage visitors. I was invited for a tour to the new regional library at Punggol recently. In collaboration with Smithsonian, the library created a space for children to tinkle with new ideas using various gadgets and crafts. The story telling room also has facilities for the story teller to project images on all 4 sides of the wall. 

Back to that rainy afternoon a couple of days ago. I stepped into the library inside the old  shopping mall and headed to the children section to see whether there were any kids who could be rounded up as my audience. There was none! In dismay I proceeded to the storytelling room to make preparation still. "Hello" a sweet little voice called out to me. It was the 6 year old girl, the sister of the 8 year old boy who told me he loved listening to my stories. I had then responded jokingly that he has to keep coming or I will have no audience. Then I saw the boy and the helper who brought them here. The helper told me the boy insisted on coming despite the rain. I told myself these 2 little fans of mine deserved a medal. Well he even helped me round up a few other fillers who were loitering around.

After my visit to the new library I had toyed with the idea of jumping ship to volunteer there instead. The new library is situated at a new housing estate with many young families, whilst the demographics at the old branch library I am with has changed hence attracting less visits from young readers. When sharing this idea with my son he had asked why I even needed a large audience and isn't there more engagement with a smaller audience. In retrospect it is true there is a lot of interaction with my 2 little fans at the present library . I think why he likes to come for my session is not only because I can tell the stories well but more of how I respond to his remarks and comments with gusto and delight. 

Yes it is natural to want bigger audience. People want more 'likes' in their facebook post and more followers in their blog. However, with a small audience there is more connection to each individual,  like the 5 children that attended my story telling session that afternoon. As I told my story, I watched how their little faces emote with sadness, wonder and relief. I marveled at the boy's imaginative guesses of how the story will develop and shared subtly the moral of the story. We engaged joyfully.

It was indeed a heartwarming rainy afternoon.