Article
Culture
Film & TV
Politics
6 min read

Fear of the news means it needs to change

Here's how to rethink reporting.

Steve is news director of Article 18, a human rights organisation documenting Christian persecution in Iran.

A news cameraman holding a camera, stands back to back to a police officer.
Waldemar on Unsplash.

Several non-journalist friends have told me over the past few years that they have started to disconnect themselves from the news - in some cases entirely - so wearied have they become by the incessant gloom of our reporting.  

Meanwhile, new research from the Reuters Institute has found that people have been “turning away from the news” consistently across 17 countries tracked over the past decade - from the US to the UK, Japan to Brazil. 

And one of the primary reasons, the researchers discovered, is the “fatigue and overload” of negative news. 

Another factor was the declining trust in the media, which has again been something I have heard consistently from friends in recent years, with many telling me they are constantly reassessing who they turn to for news. 

Perhaps that is only healthy, but both trends suggest to me that there may be a problem with the way news currently is, and the effect it is having on us. 

One of the most regular examples of the “bad news” we journalists tell is the reporting of terror attacks, but whenever I hear news of an attack - whether here or elsewhere - I think not only of the immediate victims and their loved ones, but also those who may soon become victims by association. 

Perhaps the most obvious recent example here in the UK was the case of the Southport stabbings, a shocking incident that led to understandable - albeit misguided - outrage. 

As soon as it emerged that a “foreigner” - or at least someone who sounded like they might be a foreigner - was responsible, many jumped to the conclusion not only that he was an Islamist but also probably an asylum-seeker, and an illegal one at that. 

It later transpired, of course, that the 17-year-old who carried out the terrible attack had been born and raised in Wales - to “Christian” parents, no less. So not an asylum-seeker, after all, nor even a foreigner; and even though it later became clear that he had downloaded disturbing content including from Al-Qaeda, his inspiration seemed to come from a wide range of sources. 

Here was another example, our prime minister told us, that showed “terrorism had changed” and was no longer the work only of Islamists or the far-right but of “loners” and “misfits” of all backgrounds, common only in their sadism and “desperat[ion] for notoriety”. 

And yet, in the Southport case and no doubt many others, by the time the killer’s background and likely motive finally became clear, the horse had already bolted.  

In that particular case, the reaction was especially extreme, with mosques and refugee hotels attacked as part of widespread rioting. But even when there are no riots after such an attack, there can surely be little doubt that the minds of the wider British public will have been impacted in some way by the news. 

For some, perhaps the primary response will be increased fear - in general but also perhaps especially of those different from themselves. For others, on top of fear, might they also feel increased hatred, or at least mistrust? 

And such feelings will surely only increase with every new reported attack, especially when the perpetrator appears to be someone new to these shores, and even more so, it would seem, if it is an asylum-seeker. 

To ignore the reality that many attacks have been carried out by asylum-seekers in recent years is to ignore reality. But for those of us desperate not only to prevent the further polarisation of our society but also to protect the many legitimate refugees who wouldn’t dream of committing such attacks, what can be done? 

Perhaps it’s only because I’m a journalist, but in my opinion one major thing I think could help arrest the current trend would be for us to rethink the way in which we do news in general.  

Not in order to mislead the public or pull the wool over their eyes - if bad things keep happening, they must be reported, as must the identities of the perpetrators, as well as any trends in this regard - but by way of providing the necessary balance and context.  

For example, by looking into what percentage of attacks - here or elsewhere - have been committed by Islamists, foreigners, or asylum-seekers; or considering what percentage of the total population of such groups the attackers represent, and how this compares to statistics regarding other groups. 

The question we journalists - and those who read our words - need most to ask is whether we are doing a good job of informing the public about the world they live in. 

Might it also be helpful to undertake a general reconsideration of what constitutes news? Does, for example, bad news always have to reign supreme in the minds of those who curate our news cycle?  

A decade ago, I had it in mind to create a new app or perhaps even news service dedicated to rebalancing the news, such that bad news stories wouldn’t outnumber the good. Many others have had similar ideas in recent years, and several platforms have been launched, dedicated to the promotion of “good news” stories. And yet one could argue that such platforms risk being as unrepresentative of reality as those that tell only bad-news tales. Can’t a compromise be found? 

One of the first things you learn as a journalist, other than that sex sells, is that greater numbers of deaths, and especially those of children, always constitutes headline material. And one needs only to flick through today’s major news outlets to see that this practice remains almost universally upheld. But does it have to be so?  

And why is it that some conflicts and injustices will make our headlines, while others won’t?  

Take, for example, the Sudanese civil war or the recent beheading of 70 Christians in the Democratic Republic of the Congo. Why is it that these horrors don’t make our headlines, while tragedies in Ukraine or Gaza do? Who makes the call, and for what reasons?  

Another long-established principle in journalism is to consider first and foremost who your audience is. So, for example, when writing for a British audience, to consider what might be of most interest to Brits. Are Ukraine and Gaza, for example, simply more relevant to British interests - in both senses of the word - than what is happening in the Global South? And even were that to be true, just because such principles of journalism are long-established, must they remain unchallenged? 

At its core, journalism is about informing, so in my opinion the question we journalists - and those who read our words - need most to ask is whether we are doing a good job of informing the public about the world they live in.  

And in my view, while a lot of good journalism is of course being done, the question of whether the public are receiving a representative picture of their environment is less clear.  

Whether or not the best approach to redress the balance is to dedicate whole news services to telling good-news stories, there’s surely little doubt that such stories are chronically underreported.  

And if our duty is not only to inform but also, by virtue of that, not to mislead, mightn’t it be argued that in failing to sufficiently well inform society about the real state of our world, we are in fact misleading them? 

No-one wants to end up in a Soviet-style “paradise” in which murders are simply denied in order to maintain the status quo, but nor, surely, do we want to live in a world in which people become unnecessarily fearful and hateful towards others, in part because of the news we feed them. 

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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.