Here is a dummies guide to what went wrong in Europe:
Helga is the proprietor of a bar.
She realizes that virtually all of her customers are unemployed alcoholics
and, as such, can no longer afford to patronize her bar.
To solve this problem, she comes up with a new marketing plan that allows
her customers to drink now, but pay later.
Helga keeps track of the drinks consumed on a ledger (thereby granting the
Word gets around about Helga’s “drink now, pay later” marketing strategy
and, as a result, increasing numbers of customers flood into Helga’s bar.
Soon she has the largest sales volume for any bar in town.
By providing her customers freedom from immediate payment demands, Helga
gets no resistance when, at regular intervals, she substantially increases
her prices for wine and beer, the most consumed beverages. Consequently, Helga’s gross sales volume increases massively.