Review
Culture
Film & TV
Mental Health
Music
4 min read

Deliverance in the dark: Springsteen’s Nebraska and the scars that shaped it

His starkest album emerged from a season of pain, where family, faith, and music collided

Giles is a writer and creative who hosts the God in Film podcast.

An actor playing Bruce Springsteen walks down a dark street, hands in jacket pocket.
Jeremy Allen White plays Springsteen.
20th Century Studios.

Springsteen: Deliver Me From Nowhere, starring Jeremy Allen-White as the titular rock star, follows Bruce Springsteen's attempt to make possibly his most unconventional album, Nebraska. This also happened to be one of the most difficult times of Springsteen's life, battling with mental health. Before the film's release, let's briefly explore some of the root causes of Bruce's depression, and find out what part family and the church had to do with it.

When it comes to Springsteen's discography, there's something of a disconnect between the casual fans' favourite and the album favoured by critics. Born in the USA is the monster hit album, with its era defining hits and blue-collar Americana. But Nebraska is the one that musicians and writers wax lyrical about. Written and recorded in a small bedroom in Colt's Neck, New Jersey, Nebraska is an album filled with acoustic melancholy folk tracks. With no conceivable singles and no chance of getting radio play, this was not the album that Columbia records wanted him to make, but it's the album Bruce felt he had to make.

"Nebraska was the pulling back of the bow, and Born in the U.S.A. was the arrow's release" writes Warren Zanes in his 2023 book, Deliver Me From Nowhere. In it, Zanes tracks with loving detail not only the technical problems of turning recordings that were only meant to be demos into songs that you could feasibly release, but also the mental health struggles that had driven Bruce to focus on such dark subject matter. It marked a moment of the artist unpacking his issues and answering the question: what do you do when you realise that the things you've loved most have begun to do you harm?

That harm can be traced back to Springsteen's early life in 1950s New Jersey. His father, Douglas 'Dutch' Springsteen, also suffered from mental health problems, at a time when there wasn't even the vernacular to describe such things. Dutch would grow to become jealous of the attention that his young son would get from the women in his family, which would exacerbate his existing paranoia. As well as being neglectful and demeaning, Dutch would also become violent towards his son. Springsteen describes in his autobiography how on one occasion, his father was teaching him how to box when Dutch threw a few open palm punches to his face that landed just a little too hard. "I wasn't hurt" Bruce writes "but a line had been crossed. I knew something was being communicated. […] I was an intruder, a stranger, a competitor in our home and a fearful disappointment". If this was young Bruce's experience at home, little respite was found in the outside world.

Springsteen grew up quite literally in the shadow of the Catholic church, and it permeated every aspect of his community. Bruce attended a Catholic school, where on one occasion he was hit by another student as a punishment from one of his teachers. This was compounded during his time as an altar boy, when the priest he was serving at a six am service gave him a public thrashing for not knowing his Latin. So before Springsteen started high school, he had been physically abused by his father, his school, and his religion. When these pillars of his life (who were meant to represent God to him) treated him this way, is it any wonder that young Bruce's take away from all this is that God is not a safe person to be around?

Years later, when Springsteen finally takes a break from the constant recording and touring cycle, he has no way to escape the damage done to him by the experiences of his early life. In Nebraska he illustrates the lives of down and outs, blue collar workers striving to get by, and even serial killers. The subject matter was so dark that when his manager Martin Landau first heard it, he started to worry about Springsteen's mental health. Thankfully, Springsteen would get the help he needed and forty years later, is a terrific example of someone who has done the work of tackling their own issues.

Where Bruce has landed on his relationship with God some forty years later is still quite hard to pin down. He's reluctantly adopted the adage of 'once a Catholic, always a Catholic' even if he admits he doesn't participate in his religion all too often.

There's no clear delineation point between him going from being a non-believer to a believer or vice versa, but that has not stopped him from creating some truly magnificent art with intense Christian themes. References to Jesus and the gospels pepper much of his musical output. Songs like Devils and Dust show the conflicted faith of a soldier in Iraq, whilst his song, The Rising, written in response to the terrifying events of September 11th, re-imagines the firefighters climbing the stairs of the twin towers as souls rising up to meet their maker. The finished product is a compelling anthem that would give even the most heartfelt worship song a run for its money.

It's quite possible that Bruce is interested in Christianity only in as much as it is woven into the thread of American life. How much the upcoming film will focus on his relationship with God or lack thereof is unknown, but the influence the church has had on him, for better or for worse, is undeniable.

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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.