Article
Christmas culture
Culture
4 min read

De-coding the hidden messages in Christmas carols

Beyond the festive imagery, some carols hint at rebellion and even revolution.

Ian Bradley is Emeritus Professor of Cultural and Spiritual History at the University of St Andrews.

Dressed in Victorian clothes, a group of carol singers stand and sing amid Christmas foliage.
Mario Mendez on Unsplash.

Carols are one of the best loved features of Christmas celebrations and one of the most effective means of spreading the good news of the birth of Jesus, the Saviour of the world. In addition to their clear proclamation of the doctrine of incarnation, that God has taken on human form and come to dwell among us, some of our most popular carols may also have been written to convey further hidden messages. 

Take ‘O come, all ye faithful’, for instance. On the surface it seems a straightforward hymn of adoration to the newborn Christ but in fact historians suggest that it may well have been written in its original Latin form, ‘Adeste, fideles,’ as a coded message to rally Jacobites to the cause of Bonnie Prince Charlie on the eve of his rebellion against the British crown in 1745. The man generally reckoned to have been its author, John Francis Wade, was a fervent supporter of the Jacobite cause who seems to have written it while he was plain-chant scribe at the English Catholic college in Douai, France where a weekly Mass was celebrated for the return of the Stuarts to the British throne. 

Half hidden Jacobite images, including Scotch thistles and the Stuart cypher, appear in the earliest manuscripts of the carol. Its call to ‘the faithful’ may have had a double meaning and been intended to alert the supporters of the ‘King over the water’ to Charles James Stuart’s imminent arrival in Britain from the  continent. Similarly, its reference to ‘Rex angelorum’, translated as the King of the Angels, could also be taken to mean the true king of the English in contrast to the Hanoverian incumbent, George II. In its original Latin form, the carol seems initially to have been sung only in Roman Catholic places of worship, notably in the chapel of the Portuguese Embassy in London and its tune was long known as the Portuguese Hymn. 

Another well-known Christmas song may contain similarly coded messages. It has been suggested on the basis of letters from Jesuit priests attached to the English college in Douai, France, that that ‘The Twelve Days of Christmas’ was written to teach the elements of the Roman Catholic faith to children during the period following the Reformation in which it was officially proscribed and suppressed in the United Kingdom. In this reading, the twelve drummers drumming are the articles of the Apostle’s Creed; the eleven pipers piping the faithful apostles; the ten lords a-leaping the ten commandments; the nine ladies dancing the fruits of the Holy Spirit; the eight maids a-milking the beatitudes; the seven swans a-swimming the seven sacraments of the Catholic church; and the ‘five gold rings’ the five wounds of the crucified Christ.  

A hidden message of a rather different kind may be lurking in another popular carol, ‘Angels from the Realms of Glory’, which first appeared in a radical Sheffield newspaper entitled The Iris on Christmas Eve 1816. Its author, James Montgomery, the paper’s editor, was twice imprisoned for his support of the French Revolution and reform riots in Britain. The original last verse, which described Justice repealing the sentences of those sentenced to imprisonment and Mercy breaking their chains, was regarded by the authorities as too polemical and subversive did not find its way into any hymn book when the carol was taken up and sung in churches.  

A carol with a more overtly contemporary message is ‘It came upon the midnight clear’. Its author, Edmund Sears, who claimed descent from one of the original Pilgrim Fathers, was a Unitarian minister in Massachusetts with a deep commitment to social reform and the promotion of peace. He wrote it in 1849, following the violent revolutions in Europe and the bloody and costly war between the United States of America and Mexico in the previous year. These conflicts were undoubtedly in his mind when he wrote ‘O hush the noise, ye men of strife, and here the angels sing’ and expressed his heartfelt longing for a future age of gold ‘when peace shall over all the earth its ancient splendours fling’, sentiments which we can certainly echo this Christmas. 

The German carol Stille Nacht (Silent Night), which regularly tops the list of the world’s favourite Christmas song, underwent several adaptations through the twentieth century expressing the changing political mood in Germany. A Socialist version entitled ‘The Workers’ Silent Night’ which circulated widely around 1900 highlighted the prevailing poverty, misery and distress and ended with an appeal to wake up to social action rather than sleep in heavenly peace. It was considered subversive and banned by the German Government before the First World War. During that war, German soldiers on the front adapted Stille Nacht to express a sense of homesickness and in the period of rampant inflation that followed in the 1920s Weimar Republic a social democratic version asked plaintively: ‘in poverty, one starves silently,/When does the saviour come?’. A 1940 Nazi adaptation turned the song into a celebration of the fatherland and traditional German family values. More recent parodies of the English version have tended to focus on the commercial aspects of the festive season, like the American author Chris Fabry’s send-up of last minute Christmas shopping:  ‘Silent Night, Solstice Night, All is calm, all half price’. 

The tradition of adapting traditional Christmas carols to contemporary events has a long pedigree in Britain. ‘Hark, the herald angels sing’ has proved particularly appealing to parodists. During the abdication crisis of 1937 a version circulated which began ‘Hark the herald angels sing, Mrs. Simpson’s pinched our king’ and a group of journalists (of which I was one) heralded the birth of the SDP in 1981 with ‘Hark The Times and Guardian roar, Glory to the Gang of Four’. It is rarer to hear parodies of carols nowadays. Perhaps in our troubled times we just want and need to focus on their message of the coming of the Christchild and of God’s kingdom with its promise of a more peaceful and joyful world.  

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.