Review

Books

Culture

Leading

Politics

20 November 2024

5 min read

Blair’s revelatory sermon to Starmer

What can the former Prime Minister teach about leadership?

Krish Kandiah

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

Tony Blair at rest.

The 1990s are enjoying a revival—from the return of baggy jeans and bucket hats to the reunion of Oasis, and, perhaps most significantly, a Labour government in power once again. Unlike the fervent optimism of 1997, when Tony Blair swept to victory with D: ream’s hit song Things Can Only Get Better as an anthem, today’s Labour government faces criticism for a perceived lack of vision. Luckily, Tony Blair has just released his new book: On Leadership—perhaps a timely read for the current Prime Minister.

Blair's leadership credentials are, at one level at least, pretty impressive: he won three consecutive elections and was the first Labour Prime Minister to do so. His achievements include playing a crucial role in the Northern Ireland Peace Process, reducing NHS wait times, and making a substantial investment in public services. Blair also took a courageous stance with U.S. President Bill Clinton by intervening in the Kosovo conflict against the advice of the UN. He remains however indelibly associated with the controversial 2003 invasion of Iraq that resulted in the deaths of 179 British personnel, and hundreds of thousands of Iraqi civilians.

In this climate of scepticism toward political leaders, Blair's reflections on leadership invite critical questions: Who is this book for? Where is the vision? And even, intriguingly, do we now 'do God'?

Who's it for?

Blair’s book is not a typical guide to general leadership principles; rather, it’s an insider’s view on leading a country. For the average reader, it’s like overhearing a high-level seminar on statecraft—a glimpse into the “room where it happens.”

Maybe there’s a bit of an audience reality check going on in the same way that a TV documentary on what-it’s-really-like-to-be-the-England-football-manager might deliver. Many football fans are happy to shout at our televisions when most have not got even the remotest clue of the challenges and pressures national coaches are under. So perhaps if Blair can tell us how hard it is to handle the myriads of competing challenges as the leader of a nation, readers might better understand the weight of leadership and approach politics – and politicians -with greater humility.

One of the most helpful reflections the book offers was Blair’s self-analysis on three stages of leadership. The first is the new leader listening eagerly; the second comes when they think they know everything, and finally, there’s a third stage of maturity when “once again, with more humility, they listen and learn”. He argues that his book’s purpose is to shorten the learning curve and get leaders to the third stage more quickly.
This a noble cause, but there are times when this book feels like a sermon preached by a slightly unscrupulous vicar, in a church where everyone knows there’s only one person the preacher has in mind. This can make everyone else feel they are there just to fill up the pews so that the message gets delivered. For Blair, his message and his book seem to be very much for Sir Keir Starmer; a plea to him to listen and learn from others.

Where’s the vision?

Blair encourages leaders to make a meaningful impact with their time in office. Recalling a conversation with Shimon Peres, he writes, “Do you want to be in the history books or the visitors’ book?” For Blair, leadership is about pushing boundaries, meeting resistance with persistence, and making difficult choices when others hesitate. He writes, “If you, as a leader, are not a changemaker in this world, it is you who will be changed.” His words on taking risks and demonstrating resilience are certainly inspiring. However, he often focuses on how to lead effectively, with limited exploration of what motivates us to seek positions of leadership in the first place — a disappointing missing focus on moral purpose.

This emphasis on strategy over ideology is evident in chapter titles: The Supreme Importance of Strategy versus The Plague of Ideology. Blair is critical of rigid ideologies, advocating instead for flexibility and pragmatism. He contrasts ideological rigidity with a more agile and pragmatic approach, which could sound like its own simply going-with-the-flow ideology, - a situational ethical approach. This feels very different to the Tony Blair that took on the United Nations over the Serbian genocide in Kosovo. He appeared to take a moral stance driven by a commitment to human rights rather than going with a more pragmatic laissez-faire solution. Blair’s emphasis on pragmatism, while useful, may leave readers wanting more on the values that shape a visionary leader.

Blair includes a joke, a very good one, that feels accidentally pertinent: some people die and the Devil appears and asks them, before they settle for Heaven, to take a look at Hell, because it’s not as bad as they’ve heard. When they see the “drinking and debauchery” in Hell, they ask to be damned. But then they wake up in the real Hell – “cold, miserable and horrible” – and demand to know why it looks nothing like what the Devil showed them. “Ah well,” says the Devil, “back then I was campaigning.”

He meant it as a joke, but the lack of moral clarity in the book made me feel he was sharing more than he intended about the state of political leadership right now. Perhaps sharing to many more than just those he wrote this sermon for. It certainly encapsulates the growing chasm between political promises and reality, as well as illustrating the reason why many people feel disdain, distrust and disappointment in all politicians who say whatever they need to say to get elected.

Are we doing God now?

Famously, when asked about his faith while Prime Minister, Blair was interrupted by his press secretary, Alastair Campbell, who declared, “We don’t do God.” Yet in this book, Blair invokes Moses as an example of leadership under difficult circumstances: “Never underestimate the degree to which people crave leadership. Back to Moses again. The Israelites simultaneously hated and craved his leadership. If you remember, they reached the promised land (though, yes, I know, he didn't).”

Blair sees in Moses a leader who maintained strength and conviction, even in the face of public criticism—a relatable comparison for politicians navigating the pressures of modern social media. Whether or not Blair is “doing God” in this book, he draws inspiration from Moses as a model of resilience and substance, inviting readers to consider leadership as a balance between staying grounded in one’s values and withstanding external pressure.

In the end, On Leadership is a reflective, sometimes provocative take on leading a nation, full of insights that swing from the practical to the idealistic. But it also raises important questions about the ultimate purpose of leadership and the need for a clear moral compass. For a public that remains sceptical of political motives, Blair’s leadership lessons may provide timely, if imperfect, revelation.

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.