Article
Community
Culture
Football
Idolatry
Sport
5 min read

The decade that defined sport 

What the sports stars of today owe to the eighties.

Simon is Bishop of Tonbridge in the Diocese of Rochester. He writes regularly round social, cultural and political issues.

Maradona runs in celebration, holding a hand aloft as an England player sits dejected on the ground.
Maradona celebrates, 1986 World Cup.
Dani Yako via Wikimedia Commons

If the 1980s were your formative years as a sports fan, you will carry many images with you even today.  Dennis Taylor potting the last black after midnight to beat Steve Davis.  Barry McGuigan defeating Eusebio Pedrosa in the ring at Loftus Road.  The races between Coe and Ovett at the Moscow Olympics.  The tie break between Borg and McEnroe.  Botham’s Ashes.  Diego Maradona versus England at the Mexico World Cup.   

You will undoubtedly have other memories, though these will have been controlled by a limited number of broadcast editors.  I clearly recall watching Viv Richards’ astonishing century in one cricket World Cup final against hosts England being regularly interrupted on BBC1’s Grandstand with coverage of a routine horse race meeting.  The introduction of the less fusty World of Sport on ITV was a route in for some sports that faced an implicit class bias, but it was all still far removed from the 24/7 reverencing of sport today. 

The eighties was an era of transition as sport began to gain a place in our cultural consciousness.  It was also a decade in which the relationship between sport and politics became cemented on paths we still walk.  In Everybody Wants To Rule The World, academic and journalist Roger Domeneghetti has written an entertaining and informative book subtitled ‘Britain, Sport and the 1980s’. 

In our branding of the twenties as the decade of polarisation, we forget how deeply divided Britain was in the eighties.  Recent commentary on the fortieth anniversary of the miners’ strike has been a reminder of this and how violent public life proved.  Football hooliganism was pervasive and after a riot at a Luton Town – Millwall game in 1985, Margaret Thatcher asked of football officials: ‘what are you going to do about it?’.  In a pithy and telling response, the FA secretary Ted Croker said: ‘Not our hooligans, Prime Minister, but yours.  The product of your society’.  Perhaps more than any other exchange, it symbolised the braiding of sport and politics, threads that endure to this day. 

The sports stars of today have become surrogate saints, held up as an inspiration for what can be achieved and frequently employed as motivational speakers.

The argument that sport and politics don’t mix has a familiar ring for people who live with the tired old trope that religion and politics don’t either, as if our experience of culture and values are sealed off from each other.  Sporting boycotts in the 1980s - from Olympics to apartheid South Africa – placed athletes in the unavoidable position of having to make decisions about participation that would reflect on their values and could affect their careers; positioning that other people were spared.  These were an early taste of the moral standing afforded to sportsmen and women today; a status that somehow asks more of them, perhaps because other professions have become so tarnished and mistrusted. 

Domeneghetti’s book is also a sobering reminder of how ugly and careless much of our shared life was in the eighties.  The Bradford City fire and Hillsborough disaster were awful losses that showed the low priority of health and safety and the culture of institutional cover up that continues to blight the nation.  The author locates these failings in the wider context of disasters like Kings Cross, Piper Alpha and the Marchioness boat as part of his bid to write a social history of sport. 

Yet in a sense, Domeneghetti chose arbitrary parameters.  Football in particular was on the cusp of a revolution with the introduction of the Premier League in 1992.  Cultural sympathy for the game was about to change with the writings of Nick Hornby in Fever Pitch and Pete Davies in All Played Out.  The nasty face of football was to be transformed into a highly marketable model. 

The ugliness of the era is laid bare in the prolific and casual racism, sexism and homophobia that coursed through every sport.  The Windrush’s second generation broke through in the 1980s, notably in football, but was met with staggering levels of prejudice.  Anyone tempted to think this has now been eradicated hasn’t spent any real time at a football ground or on social media.  Women’s sport had virtually no profile in the eighties outside of tennis and athletics and as recently as 1978, Lord Denning had ruled that an eleven-year-old girl should not be allowed to play competitive football against boys the same age even though she merited a place in her team.  Meanwhile, stars like Justin Fashanu, Martina Navratilova and John Curry were targeted for their sexual orientation.  It remains hard for present day athletes to identify as gay, despite the rhetoric of acceptance.  Sport then, as now, held up an unerring mirror to our faces. 

The sports stars of today have become surrogate saints, held up as an inspiration for what can be achieved and frequently employed as motivational speakers.  But there is the gloss of a hyper-individualistic, neo-liberal culture.  Sports stars succeed because of a combination of innate gifting (which cannot simply be replicated) and material advantage (too many Olympic medals are still awarded to wealthy and advantaged Britons). I won because I wanted it more is a dishonest assessment of sporting success in the UK and in this way also holds up a mirror to other walks of life.   

The powerful personal branding of today’s athletes in many ways have their origin in the 1980s and the way the likes of Ian Botham, Carl Lewis and John McEnroe transcended their sports.  The cult of the conquering superstar is a smart diversion from the reality that money usually wins.  Just look at the Premier League table. 

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.