↓ Transcript
Loki: Never mind, it's time for the next prank: putting a Saturnalia Pileus on all the Elves!
Odin: How the hell is giving them festival hats a prank?

Loki: Pointy red hats are associated with Gnomes. And Elves HATE being conflated with Gnomes. But the main point is this - the hats can't be removed except by their high level sorcerers, which will keep those guys too busy to interfere with us.

Loki: OK Squishy, hit 'em with HATS!
Nozferklaatu: Casting PARTY HATS!

Odin: Isn't that Dionysus's spell?
Loki: He won't mind.

MEANWHILE IN THE WOODLANDS:
Dionysus: And as a special treat I have PARTY HATS for EVERYONE!
Thiasus: YEA!!!!

Dionysus: HEY . . . Where the hell did my hats go?!