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Glissade

WORD OF THE DAY
Glissade
ɡlə-SAHD
Part of speech: noun
Origin: French, mid-19th century
1

A way of sliding down a steep slope of snow or ice, typically on the feet with the support of an ice axe.

2

(Ballet) A movement, typically used as a joining step, in which one leg is brushed outward from the body, which then takes the weight while the second leg is brushed in to meet it.

Examples of Glissade in a sentence

“Attempting a glissade was the only way down the mountain.”

“The glissade serves as the transition between the more difficult dance steps.”

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Random Phrases of the day

  1. Son of a GunMeaning: A person, usually one who is behaving badly.
  2. Give a Man a FishMeaning: It’s better to teach a person how to do something than to do that something for them.
  3. A Dime a DozenMeaning: Something that is extremely common.
  4. Fish Out Of WaterMeaning: Someone being in a situation that they are unfamiliar or unsuited for.
  5. Throw In the TowelMeaning: Giving up; to surrender.
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via PNUTs Newsletter

SEASONED NUTS: QUOTABLE
“There are decades where nothing happens; and there are weeks where decades happen.” – Lenin

“Happiness depends more upon the internal frame of a person’s own mind, than on the externals in the world.” – George Washington

IN A NUTSHELL: MUST READ

Take A Load Off Erdogan

Turkish President Recep Tayyip Erdogan has repeatedly accused European leaders of failing to keep their promises to help his country bear the load of hosting 3.6 million Syrian refugees. He has also demanded support from NATO for his military operation against a Russian and Syrian offensive in northern Syria that has displaced at least another million Syrians, many of whom headed to the Turkish border. 

After the Turkish army suffered significant casualties last week in an airstrike in northwest Syria, Erdogan said in a televised speech on Saturday: “We will not keep our borders closed because the EU isn’t keeping its promises.” Not only would Turkey open its border with Greece for migrants to enter Europe, but local authorities were buying bus tickets for several thousand refugees and driving them to the border.

On Sunday Greece’s government responded by taking several tough measures in defiance of EU law and international protocols. It deployed major military forces to its border with Turkey and sent a warning not to cross through mass text messages to all international phone numbers in the area. Then it announced it would suspend asylum applications for a month and immediately deport anyone entering illegally. The government said it had thwarted nearly 10,000 crossing attempts in 24 hours, but dozens of people in small groups made it through anyway. At least 150 were arrested over the weekend.

The president of the European Council said he would travel to the Greek-Turkish border Tuesday with the Greek prime minister, and the EU announced an urgent foreign ministers’ meeting sometime this week.

MIXED NUTS: QUICK TAKES ON WORLD NEWS
Hey Kids, Say Hi To Mickoly Mousolov. Hey Parents, Say Hi to a Mousolov Cocktail!

  • Russia’s 60-year-old dream of having its own theme park in the Disneyland mold is finally coming true. Developers say the $1.5 billion Dream Island, which opened Saturday, will be inhabited by dozens of fairy-tale characters, like the Snow Queen, and the Russian version of The Jungle Book , populated with talking dinosaurs. Everything is domestically produced.
  • Estimates are that five million Moscow residents and two and a half million tourists, mostly from elsewhere in Russia, will visit the park’s animated dinosaurs and haunted houses each year. Weekend tickets will cost about $163 for a family of four.
  • Amiran Mutsoev, the park’s owner and director, is banking on attracting Moscow’s rising middle class, and betting its purchasing power will hold up despite Western sanctions and low oil prices, a major Russian export. What he didn’t wager on was opening his long-awaited park just as panic was spreading over the coronavirus outbreak. (NYT)

Just Do It, Don’t Ask Questions

  • China sends hundreds of ethnic Muslim Uighurs, almost all women in their 20s or younger, to work at the Taekwang Shoes Company in Laixi, north of Qingdao. The factory has been a Nike supplier for more than 30 years; it’s one of the American brand’s largest, turning out some 8 million pairs of Nikes each year.
  • The women are from the western Xinjiang region, sent by local authorities in groups of 50 to work in this far-from-home place.
  • It’s part of Beijing’s “Xinjiang Aid” initiative. It helps the party meet its poverty-alleviation goals; it’s also evidence that Chinese authorities are moving Uighurs into government-directed labor around the country, in order to further control the Muslim minority population by breaking familial bonds. Locals say Uighur workers are either afraid or unable to interact with anyone beyond the most superficial of transactions.
  • According to a forthcoming report from the Australian Strategic Policy Institute, the Taekwang factory is one of many where Uighurs are working “under conditions that strongly suggest forced labor” to make goods for more than 80 established global brands. The study’s lead author says: “The Chinese government is now exporting the punitive culture and ethos of Xinjiang’s ‘reeducation camps’ to factories across China.” (WaPo)
  • The Dark Secrets Lurking Inside Your Outdoor Gear (Outside Online)
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Did you know…

Did you know…

… that today is Peanut Butter Lover’s Day? What kid didn’t grow up loving a PB&J sandwich? Celebrate today with a little (or a lot) of Peanut Butter. Those with allergies are excused, of course, but the rest of you are expected to be throwing a party! 😉

~~~

Today’s Inspirational Quote:

“We all have the extraordinary coded within us, waiting to be released.”

— Jean Houston

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That Money You Borrowed? Remember Who Owns It | Stanford Graduate School of Business

via That Money You Borrowed? Remember Who Owns It | Stanford Graduate School of Business]

A person handing a credit card to a sales clerk. Credit: iStock/PeopleImages
Researchers found that people perceive credit card debt and traditional bank loans differently, even though both require borrowing money. | iStock/PeopleImages

In 2019, U.S. consumer debt reached an all-time high, surpassing levels last seen during the 2008 financial crisis. Such debt takes many forms, including mortgages and student loans. But credit card debt alone exceeded $870 billion, and most of that is the result of discretionary spending. Why are so many Americans needlessly putting themselves in the hole?

The answer might lie in the psychological profile of the debtor, according to Stephanie M. Tully, an assistant professor of marketing at Stanford Graduate School of Business. In a recent paper, Tully and her coauthors found that not all consumers feel the same way about available financing.

On one side of the continuum are those who perceive borrowed money to be entirely their own, and thus are more willing to spend it freely. On the other side are those who perceive such funds as decidedly not their own. This latter group is more likely to see the money as belonging to the bank, and thus more conservative about how they spend the money.

“What we found is that people’s feelings about the ownership of money can predict their interest in taking on debt,” Tully says. “It seems some people are fine with going into debt as long as it doesn’t feel like debt.”

The idea of psychological ownership of money came to the research team when they realized that consumers often use more costly forms of borrowing like credit cards rather than cheaper options such as personal loans. The researchers wondered if funding through credit cards felt less like debt than other forms of borrowing.

“There are times when debt can be beneficial,” she says. “You invest in a home or higher education. But the choice to go into debt over discretionary purchases isn’t a rational calculation, and for many it’s suboptimal.”

The Psychology of Borrowing

Tully and her coauthors, Eesha Sharma of Dartmouth and Cynthia Cryder of Washington University in St. Louis, are the first to explore the “psychological ownership of money” and its link to consumer debt. “Nobody’s really tried before to measure this feeling of ownership and its effects on borrowing habits,” she says.

The researchers found that the sense of psychological ownership — a concept first used in management literature to describe employee attitudes toward organizations — is distinct from such factors as debt aversion, financial literacy, income, and self-control, and that it’s even more predictive of one’s willingness to incur debt. The more consumers feel a sense of ownership over-borrowed funds, the more likely they are to use those funds.

To demonstrate this, the researchers conducted eight studies that used various methods to measure psychological ownership of money. The first pair of studies presented each participant with a real ad (one used an Amazon credit card ad, another used a personal loan ad from American Express), measured psychological ownership of the available financing, and then gauged their interest in the offer.

Another group of studies compared perceived ownership across debt types (credit cards, lines of credit, loans, and payday loans). In other experiments, the researchers offered identical borrowing options using different language, the variable being the marketing literature’s emphasis on “ownership.”

It seems some people are fine with going into debt as long as it doesn’t feel like debt.
Stephanie M. Tully

In the first two studies, as predicted, those who scored high on the “psychological ownership” scale were more willing to incur debt. The second group of studies showed that the type of debt matters, too (credit, for example, inspires feelings of ownership more than loans). And it turns out that psychological ownership is malleable: When marketing language for borrowed money de-emphasized ownership, there was less interest in the offer.

Crucially, it’s not that participants failed to understand the terms of the credit card or loan offer. Everyone in these studies knew that the money had to be repaid; they differed only in how much they felt the borrowed money was theirs.

A final pair of studies found that differences in psychological ownership across debt types even manifest in online searches.

“When people are considering credit cards, which are high in psychological ownership, they are more likely to use search terms, such as ‘spending,’ that reflect they feel like the money is theirs,” Tully says. “But when they search for loans, which are low in psychological ownership, they are more likely to use search terms, such as ‘repayment,’ that reflect they feel like the money is owed.”

Beyond Financial Literacy

There are many possible reasons why some consumers have a higher sense of psychological ownership over borrowed money. Research has shown that certain borrowers see their credit limits as an indicator of future earnings, which suggests that such people feel they are borrowing from their future selves, as opposed to a lender. It might also be that some are deceived by “motivated reasoning,” a cognitive bias toward processing information in a way that confirms preexisting beliefs or emotions. After all, the money helps produce desired outcomes.

“We hope to explore this further,” Tully says. “The purpose of this paper is really to understand that people experience different degrees of psychological ownership toward borrowed money and that it influences their behavior.”

The research also has implications for those designing products or programs that push financial literacy, many of which have had mixed success, especially at a time when fintech innovations have led to more lending options, and therefore an overall increase in loans.

“This research suggests that it may be less about understanding the details of compound interest and more about basic attitudes,” Tully says. “If you can change the way people think about borrowed money from an early age, that could make an impact across their lifetime. Credit card companies do a great job of making us feel like they’re granting us access to our money. They’re not. It’s important to understand that this is debt.”

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3. World Hearing Day – 3rd March

3. World Hearing Day – 3rd March

Content Marketing Opportunities

This UN day is marked to spread awareness about the prevention of hearing loss and promote hearing care across the world.

Content Marketing Opportunities:

Listicle idea: Mistakes you make every day that damage your ears and how to prevent them

Infographic idea: Common hand signs you must know about

Video: What are deaf villages?

Podcast: How does technology affect hearing in children?

Brand Campaign that Worked:

This ad by CHE proximity shows how ambient sounds play an important role in our relationships. It’s a hearing test in disguise!

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2. World Wildlife Day – 3rd March

Wildlife Day Content Marketing Opportunities

This day campaigns the theme ‘sustaining all life on Earth’ and aims to raise awareness of the biodiversity surrounding us.

Content Marketing Opportunities:

Listicle idea: X Animals that are on the brink of extinction

Infographic idea: Wildlife sanctuaries you must visit

Video: How urbanization has affected small animals and birds living in cities

Podcast: Are zoos an effective way of safeguarding species?

Brand Campaign that Worked:

This map caricature by Green Humour works as an introduction to biodiversity in the Kanha-Pench corridor and shows how it’s an essential part of conserving biodiversity in India.