Column
Culture
Justice
Trauma
4 min read

Do victim statements offer up drama or justice?

Recent tragic cases highlight the changing audience for impact statements.

George is a visiting fellow at the London School of Economics and an Anglican priest.

A classical court house with a statue on top of a dome.
The Old Bailey.

It’s a lesser-known irony of ancient history that it was Roman Emperor Tiberius who introduced Justitia to the pantheon of the gods, as the goddess of justice. Ironic in that it was Tiberius’s minion, Pontius Pilate, in remote Judea, who had history’s worst day at the office, administering Roman justice so cack-handedly on an insurgent preacher and miracle-worker from Nazareth that he sparked a chain of events on which a whole new system of (at least western) justice was founded. 

Justitia was the antecedent of Lady Justice, whose statue adorns the dome of London’s central criminal court at the Old Bailey – and many other courts besides. She invariably holds the judicial symbols of weighing scales and a sword. And she is often blindfolded, though not on the Old Bailey, despite such constitutional eminences as the shadow justice secretary Robert Jenrick erroneously claiming she is. 

The blindfold, scales and sword symbolise Lady Justice’s impartiality, the primacy of evidence and the equality of all before the law. We’ve grown accustomed to the rule of law in our democracy being applied blindly and without emotion. Convicted murderers are often described as having acted in cold blood and we expect justice to be served on them in the same manner, coldly. 

It’s in that context that I want to examine one way in which Lady Justice is going a bit wrong these days. It’s not about miscarriage of justice, so much as the dispassion of it. I’m talking about the victim impact statement, introduced in the UK in 1996, which comes between conviction and sentencing. 

It was meant to be an opportunity for victims and their families to tell the court of the impact and effects of the crime committed upon them. And, in that sense, to assist the judge or other sentencing authority to deliver an appropriate degree of punishment. So it is about the impact of the crime on those most directly affected by it. 

That appears no longer to be solely – or even in some instances partly – the case. The victim statement now seems to be an opportunity for the irreparably damaged to sound off at the defendant, to vent their pain and anger and contempt for and at the wretched convict. 

Take John Hunt, the BBC correspondent who lost his wife Carol and two of their three daughters, Hannah and Louise, to a multiple murder (and rape) one day last summer. His victim statement was less about the unimaginable effect these crimes have had on him and his surviving daughter, Amy, than about the divine judgment he would wish to call down on the murderer, Louise’s former partner Kyle Clifford. 

It really served no judicial purpose. It’s impossible to conceive that anything Hunt had to say had the slightest influence over the judge’s intention to pass down whole-life terms on Clifford, which he duly did. Its sole purpose seems to have been to allow Hunt to have his day in court, as it were, and who would wish to deny him that? But that does undermine the explicit purpose of the victim statement. 

Hunt himself conceded as much at the start of his statement when he said of his victim statement:  

“I initially misunderstood its purpose. Do I really need to detail the impact  of having three quarters of my family murdered?”  

He’s right – he didn’t. But he saw it as his “final opportunity” to address his family’s murderer. There followed an excruciating and heart-rending verbal attack on the convicted prisoner, culminating with the prophecy of his despatch to hell on his “dying day”:  

“The screams of Hell, Kyle, I can hear them now. The red carpet will come out for you…” 

I can’t know if Hunt would prefer the death penalty to be available to despatch his family’s killer immediately. One suspects he probably does. I oppose it, one reason being that it can leave no room for penance and redemption. We must surely all agree that Hunt gets a free pass on that rationale, but with no more severe sentence available than that which was passed, again we must ask what the purpose of the victim statement was. 

If it is simply to wish a hellish death on the perpetrator, then again we need to ask what purpose is being served and, indeed, if it’s healthy both for the judicial process and for the victim who delivers the statement. 

The same thought arose at a pre-sentencing hearing of the recent Nottingham murderer, when the son of one of the three victims, James Coates, told the killer:  

“Valdo Calocane, you claim the voices told you to kill these innocent people. Now listen to me, kill yourself.” 

Is that about impact? I don’t think so. I fear it has more to do with theatre in a media age that is insatiable for drama. Part of the purpose of the law is to maintain a distance between those affected emotionally and those who have committed crimes against them. 

Remove that and we reduce not only some of the justice for criminals to mere spectacle, but also in some degree respect for their victims and, indeed, the quality of mercy. 

Celebrate our 2nd birthday!

Since March 2023, our readers have enjoyed over 1,000 articles. All for free. This is made possible through the generosity of our amazing community of supporters.

If you’re enjoying Seen & Unseen, would you consider making a gift towards our work?

Do so by joining Behind The Seen. Alongside other benefits, you’ll receive an extra fortnightly email from me sharing my reading and reflections on the ideas that are shaping our times.

Graham Tomlin

Editor-in-Chief

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.