Review

Art

Culture

14 September 2024

5 min read

Art, AI and apocalypse: Michael Takeo Magruder addresses our fears and questions

The digital artist talks about the possibilities and challenges of artificial intelligence.

Jonathan Evens

Jonathan is Team Rector for Wickford and Runwell. He is co-author of The Secret Chord, and writes on the arts.

A darkened art gallery displays images and screens on three walls.

Takeo.org.

In the current fractured debate about the future development of Artificial Intelligence (AI) systems, artists are among those informing our understanding of the issues through their creative use of technologies. British-American visual artist Michael Takeo Magruder is one such, with his current exhibition Un/familiar Terrain{s} infusing leading-edge AI systems with traditional artistic practices to reimagine the world anew. In so doing, this exhibition pushes visitors to question the organic nature of their own memories and the unsettling notions of automatic processing, misattribution, and reconstruction.

The exhibition uses personal footage of specific places of renowned natural beauty that has been captured on first generation AI-enabled smartphones. Every single frame of the source material has then been revised, reworked, and rebuilt into digital prints and algorithmic videos which recast these captured moments as uncanny encounters. In this exhibition at Washington DC’s Henry Luce III Center for the Arts & Religion, the invisible work of the AI allows people to experience more than there ever was, expanding both time and space.

Magruder has been using Information Age technologies and systems to examine our networked, media-rich world for over 25 years. A residency in the Department of Theology and Religious Studies at King’s College London resulted in De/coding the Apocalypse, an exhibition exploring contemporary creative visions inspired by and based on the Book of Revelation. Imaginary Cities explored the British Library’s digital collection of historic urban maps to create provocative fictional cityscapes for the Information Age.

A digital painting of a green glade of woodlands

Reconstructed Landscape{s} – Hidcote Bartrim : multi-channel 4K video with stereo soundscape : 2023.

A digital painting of a turbulent stream.

Reconstructed Landscape{s} – Great Falls [I0-1B] : 2024. Digital monoprint on archive fine art paper.

JE: You are a visual artist who works with emerging media including real-time data, digital archives, VR environments, mobile devices, and AI processes. What is it about the possibilities and challenges of emerging media that captures your artistic imagination?

MTM: As a first-generation digital native, computer technologies – and the evolving range of potentials they offer – have deeply informed my life and art. Computational media not only opens different avenues for artistic expression but provides a novel means to recontextualise traditional artforms and histories of practice; its ephemeral nature is a particular draw. However, this also creates new challenges, especially in areas concerning preservation and access. I sometimes wonder if my art will still exist for future generations to experience in full, or if it will simply fade alongside the technologies that I’ve used in its production.

JE: To what extent does Un/familiar Terrain{s} build on past exhibitions like Imaginary Landscapes and Imaginary Cities, and to what extent does it break new ground for you?

MTM: Un/familiar Terrain{s} certainly arises from and expands on the artistic concepts of those past projects. The main difference is that each artwork in Un/familiar Terrain{s} is generated from a small sample of personal data (a scenic moment that I’ve captured intentionally), not digital materials gleaned from large public archives and online collections.

JE: Do you find that working with images of the natural world (as is the case with this exhibition) as opposed to images of human-made environments (as you did with 'Imaginary Cities') leads to different approaches or inspiration on your part?

MTM: My projects that explore constructed environments often reference principles of Modernist architecture and design whereas my pieces in Un/familiar Terrain{s} explicitly seek to dialogue with the long history of Western landscape art. The AI systems that I have used in their creation are leading edge but conversely, their conceptual references extend back to long before the onset of what we consider ‘modern’ art.

JE: I've heard many artists criticise digital art in terms of degrading the principal tools and techniques of artists throughout history and those arguments would be made even more vigorously in relation to AI. In this exhibition you're enabling a conversation about the painterly effects you can create as a digital artist and those that can be achieved through AI, yet without leading us to one side or other of that argument. Is your vision essentially one of wanting to see the possibilities in whatever tools, techniques or technologies we have to hand?

MTM: Absolutely. For me that’s one of the fundamental purposes of art. AI is unquestionably the most disruptive (and potentially problematic) technology affecting creative communities at present, but it’s just the most recent historical example. I imagine similar criticisms arose during the proliferation of devices like the printing press and the first photographic cameras. Such inventions clearly did not ‘degrade’ art, but they indisputably shifted its trajectory.

JE: While your work is not expressly religious, you have engaged with theological themes and institutions as with Un/familiar Terrain{s}, which is on show at Wesley Theological Seminary in Washington DC. What do you think it is about your work and the ways you use and explore emerging media that enables such a dialogue to take place?

MTM: I feel that many of the social and ethical questions raised by the emergence of transformative digital technologies are quite similar (and sometimes identical) to ones that have been traditionally posed by theologians. With that in mind, although the fields are quite different in many ways, at present there are some strange and compelling intersections.

JE: From your experience, what can theological or religious institutions learn from a more engaged involvement with emerging media, particularly AI?

MTM: Like artists, perhaps theologians can use emerging (and disruptive) media to not only expand possibilities for their work, but more importantly, to refocus their efforts towards areas that these technologies cannot presently (and will likely never) address.

JE: Apocalyptic scenarios are often invoked in response to developments such as AI, the refugee crisis, populist political movements or the climate emergency. In De/coding the Apocalypse, you worked with emerging media to explore contemporary creative visions inspired by and based on the Book of Revelation. From that experience, what advice would you give to emerging artists wanting to engage with or invoke apocalyptic imagery? How might emerging artists live in the shadow of apocalypse or what have you noticed about our contemporary fear of modern apocalypses?

MTM: Throughout history, visions of apocalypse have been consistently rooted in humanity’s prevailing fears. In the Digital Age these sit alongside our growing concerns about technologies that afford increasingly greater potential to create or destroy. Of course, artists should continue to reveal the deeply problematic (and potentially apocalyptic) aspects of new technologies, but they should also highlight their positive aspects to encourage the creation of “a new heaven and a new earth” that can be a better place for all.

Un/familiar Terrain{s}, 30 May – 18 September 2024, The Dadian Gallery, Henry Luce III Center for the Arts & Religion.

Visit the Un/familiar Terrain{s} digital gallery

Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence Fletcher is a journalist at the Financial Times.

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.