Column
Culture
Politics
4 min read

After Angela: why Christian Democracy still works

Feeling somewhat labelled, George Pitcher unpacks why Christian Democracy still appeals to him, even in the UK, and explores its philosophical roots in the breathless thought of Jacques Maritain.

George is a visiting fellow at the London School of Economics and an Anglican priest.

A politician stands a labelled lectern speaking and gesticulating with a hand.
Angel Merkel, addresses her political party.

When I’m accused of being a “leftie” in the predominantly Conservative area of East Sussex in which we live – though there are signs of automatic Tory support fragmenting – I usually reply that actually I’m a Christian Democrat. 

At one level, this is a case of simple literal determinism: I’m a Christian and a democrat. Tick. But Christian Democracy is more complicated than that – not least because its continental European iteration was built on the re-building of a pan-national concord after the Second World War and the establishment of the European Union, a narrative from which the UK has largely excluded itself.  

Former German chancellor Angela Merkel’s Christian Democratic Union (CDU) was a paragon of this ideology, growing out of the re-unification of Germany that began in 1989. It’s unlikely that her political ideology would have prospered in Britain. 

The so-called three Fs of social conservatism are family, faith and flag. I sign up to the first two. But not the nationalism of the third. Here, I’m squarely in Christian Democrat territory. 

It’s that ideology that appeals to me. Essentially, Christian Democracy is rooted in an attempt, since the 19th century, to reconcile Catholic social teaching with democracy and capitalism (tick, again). In that context, it combines left-wing economics with social conservatism. 

I awoke with a start some years ago with the realisation that I’m socially conservative. My divergence from my socially liberal friends had been so gradual as to be imperceptible. But here I stand, I can do no other.  

I oppose assisted suicide – a liberal standard – not, as I’m accused, because of some vague commitment to the sanctity of life but because I believe there’s extreme moral jeopardy in the state endorsing in its legislature that some lives are not worth living. I believe that same-sex unions should be blessed in Church (and I have done so), but I also believe that’s a definitional difference from marriage as celebrated in church. 

The hard right uses woke as a term of abuse when all it really means to many of us is being "awake" or "quite nice". By this ascription, for instance, someone who holds that refugees should be treated with dignity can be described as woke. But I also believe that a male cannot become a woman – and be recognised by the state as such – simply by declaring that he is so. Nor do I think that history can be judged by contemporary mmores,and I find cancel culture abhorrent. That makes me anti-woke in some circles. 

By these criteria, I’m socially conservative. So be it. The so-called three Fs of social conservatism are family, faith and flag. I sign up to the first two. But not the nationalism of the third. Here, I’m squarely in Christian Democrat territory. 

As for a social economy, I believe in a state big enough to provide free health care at the point of delivery, education as a right and not a privilege and a welfare state robust enough to support the marginalised and vulnerable – in scriptural terms, “the poor”. Again, that’s Christian Democracy, at least as Merkel might understand it. 

But ideologies need ideologues and Christian Democracy’s problem in the UK is that we have not too few, but too many and too varied.

All of which will guide my vote this year’s general election. There won’t be a CDU on the ballot paper and, even if there were, our ridiculous first-past-the-post electoral system mocks our democracy. When the Liberal Democrats struggle to maintain a toehold in parliament, despite being a widely credible alternative in many Tory seats, what chance for a more esoteric political initiative? 

An argument may be mounted that with the Church of England established in law, 26 bishops sitting in the legislature of the House of Lords as a consequence, and the head of state as the Church’s supreme governor, Christian Democracy is already pretty well served in the UK. 

Wisely, British Christian Democrats have endeavoured over the past three decades and more to be a movement within politics, rather than a political party (though no disrespect is intended here to the Christian People’s Alliance). This is Christian Democracy as an idea, rather than a voting option. 

For this idea to have traction, it needs a political ideology, which may or may not be along the lines of the one I’ve adumbrated. But ideologies need ideologues and Christian Democracy’s problem in the UK is that we have not too few, but too many and too varied. So it may be as well to look to a contemporary historical leader of thought. 

The nearest thing that European Christian Democrats have to a uniting figure is the French Catholic philosopher Jacques Maritain, who died in 1973. To read Maritain at length is to leave one breathless with anticipation for what could be. 

An albeit dangerous summation of Maritain is that he calls the West to a “New Christendom” that defines the state not by Christian faith, but attempts to define our faith through a secular prism, to make it active in the public square. 

I particularly like the way this is described by American theologian William T, Cavanagh: “[T]his means in effect that there is trash to be picked up, businesses to be run, wars to be fought. These things are not our ultimate end, but neither are they simply cut loose from any spiritual significance.” 

If we’re able to unpack that sense of purpose, then just maybe we can approach an election with this unifying political slogan: Vote Christian Democrat. 

Article
Culture
Economics
Ethics
6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?
A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.
$Trump coin marketing image.
gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend. 

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin. 

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”. 

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap. 

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.  

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages). 

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history. 

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators. 

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s. 

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities? 

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources... 

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment. 

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis. 

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation). 

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production. 

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold. 

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.  

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains. 

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one. 

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded. 

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank. 

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option. 

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”. 

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud. 

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved. 

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.