Review

Culture

Music

27 October 2023

5 min read

Corinne Bailey Rae’s energised and anguished creative journey

Corinne Bailey Rae’s latest album, Black Rainbows, is an atlas of capacious faith. Jonathan Evens explores her inspirations in Detroit, Leeds and Ethiopia.

Jonathan Evens

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

A black and white portrait of a young woman's head against a dark textured background.

www.corinnebaileyrae.com.

Black Rainbows is the latest album from multi award-winning singer-songwriter Corinne Bailey Rae. Part of a project which also includes a book Reflections/Refractions at the Arts Bank photographed by Koto Bolofo, live performances, visuals, lectures, exhibitions and more, the album is inspired by the objects and artworks collected by artist, archivist and curator Theaster Gates at the Stony Island Arts Bank in Chicago. Bailey Rae attended The Black Artists Retreat there in 2017 and performed in the space. Last year Bailey Rae performed in Black Chapel, the Serpentine Gallery Pavilion designed by Gates. A shared element of their collaborations, work and inspirations are their Baptist upbringings and experiences.

Black Rainbows represents a significant development in Bailey Rae's music and career. By turns angry and reflective, noisy and still, celebratory and keening, original and grounded, the album broadens her musical palette considerably through a marvellous melange of electronica, jazz and punk meshed with soul and R&B. The album ranges from righteous railing against the casual erasure of Black lives and memories to a vision of a world in which we dig our gardens and live, find work and time to dance, in a new utopia. It also extends Bailey Rae’s exploration of and engagement with black history and culture beyond her own experience, through collaborations with Gates and also the Stony Island Arts Bank, which was her inspiration for the album. Her longing, shared in ‘A Spell, a Prayer’, is to arc an arm through history in order to unpick every thread.

Bailey Rae has spoken of the way in which her visit in 2017 to the Stony Island Arts Bank at the invitation of Gates, its founder, transformed her.

“I knew when I walked through those doors that my life had changed forever.”

Two things changed. One was a deeper engagement with the Stony Island Arts Bank's basic premise that black people matter, black spaces matter and black objects matter. The other was developing the confidence, through the example of Gates as artist, lecturer, potter, choir director, business owner, to, as she has said in an interview for Wilful Publicity, just:

"be myself and follow all of my interests and allow all my fascinations and obsessions to come through in my music in the belief that we are all people, and we all have those connections and questions and interests."

Christian Viveros-Faune has written that Gates developed his practice as "an artist-curator-activist", serving "different kinds of communities as an artistic ‘bridge’," out of engagement with the Church, having been both Director of Chicago’s New Cedar Grove Missionary Baptist Church Choir and "an urbanist in Seattle for a Christian mission that ran a housing programme in poor neighbourhoods.” His artistic projects have included processing a 250-person gospel choir he assembled from local churches through the galleries of the Milwaukee Art Museum while singing hymns Gates had scored as a response to poems written by the slave-era potter Dave Drake. The musical offerings of Gates' house band, the Black Monks of Mississippi, also combine spirituals with Zen chants. The Black Monks of Mississippi performed in Black Chapel, as also did Bailey Rae.

His entrepreneurial projects have included the Dorchester Art and Housing Collaborative which consists of 32 units made for those who receive affordable and low-income housing support with a space for theatre and dance, and a mission is to share culture first with the folk residing in the 32 units. Similarly, the bank at 68th and Stony Island was once a vibrant community savings and loan bank but today, through Gates’ intervention, provides the South Side of Chicago with 17,000 square feet of space for innovation in contemporary art and archival practice.

Surprisingly, the kind of faith-informed arts-and-community-connecting entrepreneurship practised by Gates, is not unknown to Bailey Rae through her own background. As a member of Moortown Baptist Church, she was part of Revive, a fresh expression of Church begun by then Youth Pastor Simon Hall. Bailey Rae has said that Hall encouraged the young people in Revive to write their own songs, provided a first guitar for her, and encouraged her to develop a "capacious faith." Her first recordings were on the Revive albums Beautiful Day and Neither Work nor Leisure. Under Halls' leadership, Revive has become a church for people who like Jesus but aren't too sure about church. He has also developed Left Bank as a community arts venue (of which Bailey Rae is a patron) in a disused Anglican church, whilst also setting up The Wren Bakery, a social enterprise using baking and barista training as tools to help women build self-belief and gain transferable skills for employment, and Queer Church Leeds, a community which celebrates LGBTQ+ people and aims to create a safe and open space for both fellowship and discussion.

Bailey Rae has shared her own exploration of faith in her music through songs such as 'I Would Like to Call It Beauty,' ‘Walk On’ and 'The Skies Will Break' and has done so in relation to both grief and celebration. Steve Stockman writes of one such song:

“Love’s On Its Way is a prayer. It begins “Oh Father”, confesses misunderstanding at the great mysteries, looks at the state of the world and then after more confession asks that her response to this world would not be just the prayer but the action of her life."

Black Rainbows ends with a stunningly beautiful track 'Before the Throne of the Invisible God' inspired by a book in the Stony Island Arts Bank about the rock churches of Lalibela in Ethiopia; ancient churches hewn from rock. In an interview with Forbes magazine, Bailey Rae said:

"On one of the pages of this book, it said, it was a picture of a throne that had been made. So it was carved into the wall, solid stone wall. There was a throne and this is where God was meant to sit when God was in the temple. But I really loved that line, the Throne to the invisible God. I thought, before the throne of the invisible God, what else is there to do but kneel? What is the invisible God? What is the thing, the reason, the way we get here, the how, the why, the infinite, the eternal, the thing that makes us all connected?"

This is where Black Rainbows ends. Through its tracks, Bailey Rae takes us on a journey from the rock hewn churches of Ethiopia, to the journeys of Black Pioneers Westward, from Miss New York Transit 1957, to how the sunset appears from Harriet Jacobs' loophole, in order to explore Black femininity, Spell Work, Inner Space/Outer Space, time collapse and ancestors, the erasure of Black childhood and music as a vessel for transcendence. Yet, 'Before the Throne of the Invisible God' is where her energised and empathetic, wracked and anguished, celebratory and creative journey through Black history and the continuing legacy of racism finds its resolution. In a place not of simple submission, but of living the questions raised by a capacious faith where responses to prayer are both the actions of life and also the explorations found on this album.

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.