Article
Christmas culture
Culture
Development
Music
6 min read

Band Aid: that song, that question

What’s so funny about generosity, kindness and compassion?

Krish is a social entrepreneur partnering across civil society, faith communities, government and philanthropy. He founded The Sanctuary Foundation.

Pop stars sing together while recording a charity single.
Recording the original Band Aid track.

Sometimes a three-minute pop song really can change lives. I should know because 40 years ago a Radio One DJ played a song that changed my life.  

I was 12 years old, growing up in relative comfort in Brighton, when I heard the song “Do They Know It’s Christmas?” by Band Aid play for the first time on the radio. I remember being moved by the lyrics:

"There's a world outside your window, and it's a world of dread and fear, where the only water flowing is the bitter sting of tears." 

As I reflected on the song, I was overwhelmed by the great inequalities in the world. I had food on the table every day, while people in other parts of the world were struggling to survive without even the most basic of necessities.  I had felt so desperate watching Michael Buerk’s TV reports of children suffering in the devastating “biblical” famine in Ethiopia: suddenly, with this song, I was struck by the realisation that perhaps there was something I could do to make a difference, after all.  

As a child, I did what Bob Geldof encouraged me to do: I bought the single, wore the T-shirt, and contributed some of my pocket-money. But it didn’t stop there. As Band Aid turned into Live Aid - a global concert featuring my then favourite band, U2 - I felt that the direction of my life was shifting also. I began to ask questions about what I wanted to do with my life and where I could be most effective in tackling global injustice and inequality.   

I still find myself asking the same questions today, as well as an additional one – has my life over the past 40 years made the difference I wanted it to make? This is exactly the challenge being put to Band Aid. As the world remembers the fortieth anniversary of “Do They Know It’s Christmas?” with the re-release of the single, could it have fresh impact on a new generation, and was it even effective the first time around?  

There are important lessons to learn from Band Aid about whether such initiatives are the intended impact, but often the critiques quickly become excuses not to get involved.  I’d like to look at three of those critiques to see if there is any truth in them – and if they can provoke us into doing more, not less, for the cause of global security in general, and international child welfare in particular.  

I might not agree with everything about the song, but I certainly believe in the power of guitars over guns. I’d rather see meaningful music influence our world than military force any day.

The first is that the way Africa is portrayed is more harmful than helpful.  

While well-intentioned, the depiction of Africa in the Band Aid song, and to be honest, in most charity fundraisers for causes within Africa, has served to perpetuate harmful stereotypes. They paint an oversimplified, monolithic image of Africa as a place of unrelenting despair and degradation, with images of starving children that are supposed to stick in our minds – and do.  

Hans Rosling, in his book Factfulness, surveyed global perceptions of Africa and found that most people vastly overestimate the level of poverty. Because media and charity campaigns rarely show the thriving urban centres, technological advancements, or educated professionals that also define Africa, we are given a one-dimensional narrative that actually dehumanizes African people and perpetuates an “us vs. them” mindset where the West are depicted as saviours to helpless African victims.  

The truth is far more nuanced. Yes, poverty and tragedy exist, but Africa is also home to modern skyscrapers in cities like Lagos, bustling malls in Nairobi, and world-class stadiums in South Africa. Despite underestimating the development of Africa, we should also be careful of measuring success on how many modernised metropoles we can find there. I have been to villages in Uganda, some far off the beaten track, which, while appearing relatively impoverished on the surface, are deeply rich in culture and community. They are aspirational in many ways, where children grow up in the security that extended family can offer.   

To portray an entire continent solely through images of suffering is neither accurate nor fair. We – I include myself – still have so much to learn, both about Africa and from the African people.  

Then there’s that question. Do they know it’s Christmas? Yes, they do. 

The question at the heart of the song—whether Africans know it’s Christmas—has always been problematic.  Across Africa, there are over 730 million Christians, many of whom practice their faith with vibrant passion. Not only do they know it’s Christmas, but in many cases, their faith is lived out more actively than by their fellow Christians in Western nations. 

Christians across Africa are often at the forefront of societal change, leading in politics, science, and development. From presidents to Nobel Prize winners, their work is rooted in faith and a commitment to their communities. Suggesting otherwise is not only inaccurate but also dismissive of their contributions. 

The question needs to be turned back on ourselves: do we know it’s Christmas? Have we added so much tinsel, glitter, sentimentality and consumerism to Christmas that we have lost sight of the incarnation at the heart of the Christmas story – God, seeing a broken world, sent his Son to walk alongside humanity and offer hope and redemption? Jesus crossed the greatest of cultural boundaries to become one of us and live with us, before paying the ultimate price and dying for us. If we really knew this sort of Christmas, what would this mean for the rest of our lives? 

Finally, there’s the problem with the white saviour complex. 

Recent critiques, including Ed Sheeran’s reflections on his involvement in charity work, have highlighted the dangers of the “white saviour complex.” This isn’t just about race—it’s about the mindset that Westerners so often have – that we bring the solutions because those in developing nations lack the knowledge, experience, or ability to help themselves. 

Sheeran himself faced backlash for trying to assist street children during a Comic Relief project, inadvertently causing harm despite good intentions. Imposing solutions from the outside often overlooks the complexities of local contexts and risks reinforcing imbalances of power. Sometimes our good intentions lead to bad interventions. Sometimes they exacerbate problems that were historically caused by the Western nations in the first place - colonialism, resource exploitation, and the arbitrary drawing of borders, for example.   

This cannot be an excuse to do nothing. This is a vital lesson in collaborating better with our African counterparts before we dare to suggest ways forward. “Nothing about us without us” is a principle many modern charities embrace so that solutions are co-designed with the communities they aim to help, ensuring that aid empowers rather than dehumanizes.  

The generosity at the heart of the Band Aid initiative, the desire to show kindness and compassion – and inspire kindness and compassion in others, was an incredible message of hope. It changed my life 40 years ago. Perhaps, as I continue my reflections, it will change my life again. I might not agree with everything about the song, but I certainly believe in the power of guitars over guns. I’d rather see meaningful music influence our world than military force any day. I don’t mind whether movements for positive change are instigated by musicians or politicians.  

Most importantly for me, wherever there is conflict, I pray that the real meaning of Christmas will be discovered.  

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Article
Culture
Economics
Ethics
1 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.