Weekend essay
Creed
Ethics
Justice
7 min read

After the fall: the Post Office scandal and the search for justice

Falls from grace, like that of the Post Office’s CEO, prompt Graham Tomlin to dissect the problems of justice and mercy.

Graham is the Director of the Centre for Cultural Witness and a former Bishop of Kensington.

A tense-looking woman, sitting at  desk, stares into the middle disance.
Lia Williams as Paula Vennells in Mr Bates vs The Post Office.
ITV Studios/ITV.

It was November, and I was in Rome. With the new year on the horizon, newsagents were displaying calendars for 2024. One in particular seemed to show up in just about every street vendor available: the ‘Hot Priest Calendar’.  

It had pictures for every month of young, bronzed, good-looking priests, resplendent in brand new, ironed black clerical shirts, smouldering into the camera. I've no idea whether they were real priests or just models in clerical garb. I didn't buy one, but it did get me thinking of why they had produced it. Was this a recruitment drive for clergy in the Roman Catholic Church? Something for the nuns to put on the wall of the convent? It was hardly aiming to attract women by saying if you become a Catholic you could bag one of these hunky chaps, as priests are, well, supposed to be out of reach.  

I suspect it was just trying to tell the world that the Church is cool after all. That the church is for good-looking, shiny people, not just the regular ones with wrinkles and expanding waistlines.  

The embarrassment and shame are real and proper and yet there is, in my view, something at the heart of it which seems to be mistaken.

I was thinking of this recently while watching the story of the Post Office scandal unfold. This dreadful story is, to be frank, a bit of an embarrassment for the Church of England. This horrendous miscarriage of justice has its heart not just a Christian but a priest. I met Paula Vennells once. While I was Bishop of Kensington, we planned a big conference for all the vicars in the Diocese of London. At the time, Vennells’ star was rising in ecclesiastical circles. People had just noticed that the head of the Post Office not only went to church, but was also ordained, and so she was getting invited to speak at all kinds of conferences. She agreed to come and, to be fair, was gracious, unassuming, polite. There was nothing to suggest she was soon to become the object of public opprobrium that she is now. 

She would definitely not go on a Church Calendar these days. But then who would? The last decade has seen a succession of scandals and falls from grace – Harvey Epstein, Huw Edwards, Russell Brand, Philip Schofield - and Christian leaders are not exempt. Jean Vanier, Ravi Zacharias, Mike Pilavachi – the list goes on – and now Paula Vennells. We Christians hang our heads, as it seems such a deep failure - how can someone profess to be a Christian – even a vicar - and yet do such things? The embarrassment and shame are real and proper and yet there is, in my view, something at the heart of it which seems to be mistaken.  

Celebrities are celebrated because we believe they are different from us ordinary mortals. But sooner or later, it turns out they have the same temptations, their bodies sag, their flaws get exposed. 

Helmut Thielicke was a German theologian who opposed the Nazis during the Second World War and somehow survived. His was a crucial voice in the German church and nation as it struggled to its feet again after the trauma and destruction of those years. The big question Germany faced at the time was how a modern sophisticated Christian nation had been so easily seduced by evil? They also struggled with the question of shame. What were German Christians to do with the guilt that hung over them after the Nazi years? 

Thielicke was a brilliant preacher and drew huge crowds to his church in Hamburg. In one of his sermons he took as his text St Paul’s line, that Christians are “a letter from Christ, written not with ink but with the Spirit of the living God, on tablets of human hearts.” He asked his congregation the question: what kind of letter are you? Is a Christian meant to be an advert for God? Is the Christian a shiny product of divine handiwork so that God, like some marketing agent, says ‘Look at her – isn’t she is fine person? Wouldn’t you like to be like her?’ 

When she was being feted by all, we might have said that about Paula Vennells. But not any more. And that’s the problem of celebrity Christians, or celebrities of any kind for that matter. They are used as adverts for the brand they profess, religious or otherwise: “Use this shampoo, follow this diet, believe this religion, like this celebrity does, and you could be like them.”  

Celebrities are celebrated because we believe they are different from us ordinary mortals. But sooner or later, it turns out they have the same temptations, their bodies sag, their flaws tend to get exposed in the extra scrutiny they face in a gossipy age like ours. The hunky priests in the calendar may look good but I suspect their lives are as shadowy and compromised as the rest of us. Every now and again you find a life that is remarkable, but even then there are dark corners. Mother Teresa famously said that she rarely experienced the presence of God and struggled with lifelong depression. If we are meant to be adverts for God, we’re not very good ones. 

Thielicke’s point was that Christians are not meant to be adverts for God but letters from him. And the letter, written on the human heart, says something like this: “Here is a poor, weak human being with their own strengths and frailties, moments of courage and moments of great weakness, struggling to live a good life but failing much of the time. And yet, despite that failure, God still forgives, accepts, loves and stands by them.”  

And forgiveness is not an excuse. It doesn’t say ‘it didn’t happen’, but it says, ‘it did happen’ and it was bad, but a new start is always possible.

It sounds scandalous I know. Hearing about the Post Office scandal, all we want is for the perpetrators to be found guilty and punished. And rightly so. Justice must be done. Paula Vennells and her staff seems to have stuck stubbornly to the laughable view that the Post Office had been infiltrated by hundreds of criminal sub-postmasters, intend on defrauding the public purse. They lacked the sense or courage to question their own IT system, despite being warned it was faulty.  

Yet divine and human justice work in different ways. Not least because God, unlike human judges, sees the dodgy things we all do, not just those whose sins get found out because they are in the public eye. Human justice systems must take their course, crimes must be punished, and attempts made to turn around the lives of those caught in patterns of criminality. Yet underneath human justice lies divine justice, which promises an ultimate judgment, even for those who escape human justice. Yet at the same time, it offers not just justice, but mercy - the gift of a more profound and ultimate forgiveness, which, if accepted, does not override the penalties of human justice, but enables the possibility of redemption in the longer term. 

Martin Luther often used a Latin phrase to describe Christians – that they are simul iustus et peccator - ‘at the same time righteous and sinful’. Like an alcoholic who is never encouraged to say that were an alcoholic, but that they are a recovering one, an honest Christian doesn’t say ‘I was a chronic worrier, greedy, someone who struggles with lust,’ but ‘I am such things, and yet faith in Jesus makes a difference in helping me not to be.’ St Paul once said: ‘Christ Jesus came into the world to save sinners – of whom I am the worst.’  Not I was the worst, but I am. I remember Frank Bruno once saying “I’m not much of a Christian – I’ve been a sinner all my life.” He hadn’t quite understood - Christians are only ever recovering sinners.  

Paula Vennells and the others responsible for the Post Office scandal will have to face justice one day. It may, for some, even mean prison. But, as many in our prisons up and down the country know, lots of people find God in prison - not as a literal ‘get out of jail free card’ – the justice system doesn’t play Monopoly – but a realisation that however bad your crimes, however murky our misdemeanours or sly our sins, forgiveness is possible. And forgiveness is not an excuse. It doesn’t say ‘it didn’t happen’, but it says, ‘it did happen’ and it was bad, but a new start is always possible, and the love and forgiveness of God is available, even for the worst of people - for good-looking priests who struggle with temptation, for celebrities who fall from grace. Or even ordinary people like us.  

 

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.