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Ethics
Fashion
Race
5 min read

Anna Wintour is not a moral compass

The Vogue editor’s championing of diversity is all very well, but it’s based on what sells
Anna  Wintour stands holding a small mic.
Anna Wintour.
UKinUSA, CC BY-SA 2.0, via Wikimedia Commons.

Last month, the Costume Institute at the Metropolitan Museum of Art in New York launched a new exhibition. “Superfine: Tailoring Black Style” highlights the history of Black people resisting white supremacy through their sartorial choices. A few weeks after it opened, the 2025 Met Gala, which serves to raise funds for the Costume Institute, was chaired by Black voices across the creative industries, including A$AP Rocky, Pharrell Williams, Lewis Hamilton, Coleman Domingo and Lebron James. The exhibition has already received rave reviews from Black writers and academics, likely in part due to its co-curation by Monica Miller, who literally wrote the book on the subject Slaves to Fashion: Black Dandyism and the Styling of Black Diasporic Identity

Concurrently, a few hours south of New York City’s Metropolitan Museum of Art in Washington DC, Donald Trump was calling Diversity and Inclusion initiatives “dangerous, demeaning and immoral.” A series of policies rolled out across the US federal government has led to the shutdown of not only diversity programmes, but a quiet disappearance of wording and other initiatives that might be interpreted as promoting similar themes. 

But the Costume Institute, which does not receive any federal funding, is uniquely free to follow Anna Wintour’s steer. And Wintour, Conde Nast’s Chief Content Officer and Editor in Chief of Vogue, is fighting back. “I feel we need to be courageous”, she told the Washington Post last month. Now, she added, is “a challenging time”.

Until now, Wintour has been an unlikely activist. Vogue has long been criticised for a range of ethical issues that include,  including lack of diversity, promotion of unhealthy body standards, and the sexualisation of young women. But are the magazine and Wintour now our bastion for future hopes of racial justice and equality?

In 2020, many of my friends and family ordered books and listened frantically to podcasts about race in America because of the events surrounding George Floyd’s death. In May 2020, a video circulated of officer Derek Chauvin suffocating George Floyd as he called out for his mother, leading to a flurry of protests and debates about the racial bias present in institutions. 

In those days, learning about the systematic injustice faced by Black Americans and calling for change felt popular. Everyone was doing it. Books like The New Jim Crow by Michelle Alexander, Why I’m No Longer Talking to White People About Race by Reni Eddo-Lodge, The Color of Law by Richard Rothstein, and How to be an Anti-Racist by Ibram X. Kendi filled our Amazon carts and library holds. 

These days, many of those books have quietly disappeared from the shelves. For sure, there are those who continue to fight for racial equality. But the winds have changed, with some companies - like Conde Nast - landing on one side, while Google, Meta and Amazon disappear from the horizon. 

It’s easier to flip through beautiful images and call it a day, than to be a part of real, diverse communities.

It might seem obvious that brands are not the best source for our moral formation. But the fact is that many of them see themselves as culture-forming and mission-driven. If you don’t have something else to help form your idea of what the world should look like, why not Vogue, with its picture-perfect editorials, or Google, with its future-facing innovations? 

For me, my beliefs in diversity and racial justice come from something stronger: my Christian faith and the many Black men and women globally who share this faith with me. It was my reading of Black Liberation theologian James Cone that first showed me the depths of beauty I could gain by understanding my faith through someone else’s perspective. Cone was famous for his book which drew parallels between Jesus’s death on the cross by Roman crucifixion, and the deaths of many Black men by lynching in the American South. Cone stopped me in my tracks, making me rethink a key symbol of my faith. He said this: 

“The cross has been transformed into a harmless, non-offensive ornament that Christians wear around their necks. Rather than reminding us of the “cost of discipleship,” it has become a form of “cheap grace,” an easy way to salvation that doesn’t force us to confront the power of Christ’s message and mission. Until we can see the cross and the lynching tree together, until we can identify Christ with a “recrucified” black body hanging from a lynching tree, there can be no genuine understanding of Christian identity in America, and no deliverance from the brutal legacy of slavery and white supremacy.”

It won’t make it into a Vogue editorial anytime soon– but maybe that’s the point. 

A faith-based belief in justice comes with challenges. It can feel tiring to face a troubled history of racism in a religious institution. Existing in diverse, faith-based communities brings everything from awkward cultural differences to true and genuine disagreements. The global Anglican communion faces tension between white, liberal progressives in the UK who want to celebrate gay marriage in the Church of England, and an assemblage of Christians of colour in the Global South who maintain strong convictions about traditional views of marriage and gender. Our faith in Christ is the anchor that holds us together. But these are real disagreements; they’re not trivial, and there’s no easy way forward. 

It’s easier to flip through beautiful images and call it a day, than to be a part of real, diverse communities. And this is why we can’t rely on people like Anna Wintour to form our vision for the future. As nice and important as it is to promote diversity in models, photographers, and designers, ultimately Vogue will be shaped by what its editors and publishers think will sell on the newsstand.  

This is my plea for us all. Let’s not let the shifting tides of any company– Meta or Vogue– decide our ethical convictions towards justice. Let’s rely on something stronger.

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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.