Article
Attention
Culture
5 min read

Dispatches from the battlefield of imagination

The Age of Intellect has given way to the Age of Imagination.

Theodore is author of the historical fiction series The Wanderer Chronicles.

A collage image shows a person holding their head, with a wash of warm colours over the scene.
Jr Korpa on Unsplash

Twenty years ago today, I crossed the threshold of the Christian faith. It was a baptism of fire in a more literal and mystical sense than I care to describe (or indeed would be able to). And unlike many, I really can point to a day and a time and a place.

That night, perhaps unlike CS Lewis, I was not quite “the most dejected and reluctant convert in all England.” But I was certainly the most bewildered. ‘What have I let myself in for?’ I wondered as I walked away from that church on a dark, wet January night. I was certain that in crossing that threshold I had entered a new world. Even if it was true, as I believed – or as I now knew - I sensed that it was dangerous too. There was a wildness to what I had just witnessed that was both thrilling and disconcerting. And yet, after that encounter, I could no more have turned away from what I had discovered than stop the world turning. As the mathematician Blaise Pascal discovered in his own ‘night of fire’ – “certitude, certitude!” is a very precious gift, and one worth holding on to.

Twenty years later, the landscape of faith in this country looks very different to the one in which I stumbled my way over the line. (Or through the back of the wardrobe might be a better metaphor.)

Back then, in 2005, the War on Terror was raging. If religion was discussed at all, it was generally reckoned a pretty rotten sort of institution. A regrettable historical hangover, an inheritance bequeathed to us by our more credulous ancestors of which we were doing well to divest ourselves, albeit too slowly for some. In this brave, new secular world, it was an increasingly commonplace view that religion ruined everything; beside which, it wasn’t true anyway.

These were the days when a certain form of atheism was ebullient and on the march. The Four Horsemen of Dawkins, Hitchens, Dennett and Harris held the cultural conch for a time, and they weren’t letting go. The God Delusion came out in October 2006, quickly followed by God Is Not Great in early 2007. Religion (not sin) was the root of all evil. ReasonTM was the exclusive intellectual property of the unreligious mind, untainted as it was by visions of that laughably silly Sky-Fairy in the heavens. The battlefield of apologetics was a much-contested landscape at the time. Truth was the prize - which both sides could at least agree upon - and many a debating hall was filled to bursting to watch each side’s sharpest minds slug it out.

God only knows how in such an intellectual atmosphere, I survived the shelling and carried through to the other side. But it’s telling that I had as my guide through the intellectual carnage, not voices of that age, but rather voices from further back in time. My old friend, CS Lewis, but also GK Chesterton, St Augustine, Dostoyevksy, and the potent words of the gospels to which they led me. Like wily old corporals, they saw me safe across No Man’s Land.

Even if I made it through, there’s no doubt it was the secularists who gained the cultural ground back then. That their intellectual case was unsound, it didn’t matter. Their propaganda was better – it was what people wanted to hear – and so Christianity was shoved out of the public square.

And now, two decades on, the war has moved into a very different theatre of operations. The Age of the Intellect has given way to the Age of Imagination as, unwittingly, the dry vacuum of secularism has sucked in contending spirits of another kind.

These days proponents and adversaries of the Christian faith jostle not in the dusty debating halls of our great universities, but on the battlefield of cultural consumption. Its topography formed of the movies we watch, the streaming channels we look at, the podcasts, music and media we endlessly gulp down.

Truth itself is no longer the prize, since the logical outworking of atheism’s ascendancy was to get what perhaps its proponents never bargained for: a post-truth age. What matters now is not so much what you believe, as what you attend to. The words and images which you consume. (Or which consume you.)

Walk the streets of any city and witness every passer-by glued to the screen nestled in their hand. Earphones clamped over their head. Distraction, saturation, enchantment: a cacophony of sound, a barrage of images overrunning the imagination to the point of madness. Until we have forgotten what it is like to sit patiently in silence with a still and empty mind. What it’s like to observe the world around us, to be available for the people around us.

But with what do we fill our imaginations now – that is the question? There lies the battle. 

But with what do we fill our imaginations now – that is the question? There lies the battle.

And so we find ourselves now moving through a world in which our capacity to create and consume is loaded with inestimably high stakes. It harkens back to Dostoyevsky’s famous line in The Brothers Karamazov: “The awful thing is that beauty is mysterious as well as terrible. God and the devil are fighting there and the battlefield is the heart of man.”

He’s right. Although the heart, the mind, the imagination cannot in any true sense be de-coupled from one another. (Is ‘soul’ a more encompassing word?)

 And yet, of the two, the truly subversive combatant is God and not the devil. (Consider the Cross: the most subversive act in all reality.) It is God who is the invader here after all. He is the one taking back ground. His weapons are Truth, Beauty and Goodness. On the face of it, these are mild, even benign, abstractions. And yet in each is wrapped a potency as explosive as dynamite. Because with them, the spells that hold our imaginations captive can be broken. In an unguarded moment, He can slip through the enemy lines.

Witness the ear of culture’s recent harkening to the ancient truths and wisdom of our Judeo-Christian heritage. Nick Cave sings of a “Wild God” and to everyone’s surprise, people are starting to listen again. But he’s not the only one.

The inescapable wildness of God is that He cannot be contained; if His will is to break through, then He cannot be held back. As Mr. Beaver said of the lion Aslan, in answer to the fear: “Is he safe?”

“Who said anything about safe? ’Course, he isn’t safe. But he is good.”

As little image-bearers of this Creator, indeed as little creators in our turn, our creativity teeters on a knife-edge – it always has. An edge sharp enough to cleave heaven from hell. We’d do well to remember that. And that, being image-bearers of this wild God, no wonder we have a wildness of our own.

Yep. Twenty years has already been one heck of an adventure. But I suspect it has only just begun.

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Article
Culture
Economics
Ethics
1 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.