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4 min read

Giving voice to those on the edge

A nervy, precarious read echoes the lives of outsiders across Europe. Simon Burton-Jones reviews Ben Judah’s This is Europe.

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

A grandmother is embraced by two grandchildren.
Nino, from Georgia, embraces her grandchildren after their mother's death.
Ben Judah.

In The Dream of Europe, Dutch historian Geert Mak takes on the continent’s twenty-first century story.   

There’s something contradictory, he says, about writing the history of an era when you’re right in the middle of it, of a world in which you’re fully involved

His attempt to do this is built round three great socio-economic tremors: the global financial crash of 2008, the ensuing Greek debt crisis of 2009 and following years and the migrant emergency of 2015. It is a long, involved work.   

Ben Judah has tried something very different in This is Europe (Picador, 2023). Adopting the style of his award-winning This is London, he tells the continent’s story via twenty-three disparate individuals. From Turks to Spaniards, Georgians to Swedes and Poles to Serbs, if there is one thing shared most in common, it’s the sense of outsiders trying to make their way from the edge of life to a place of security, even belonging.   

History is having its makeover in the attention given to ordinary, prosaic, unseen lives that are lived in the shadow of bigger themes. Judah is not alone and not the first to deliver this, but it is a welcome departure from the grand sweeping narratives and ideologies by which the story of Europe has customarily been told. 

He begins with a Dutch harbour pilot, Jelle, who boards and guides container ships into port.  It is Europe’s consumer gateway. Jelle observes: ‘What rubbish is actually in these containers?’  It’s toys. TVs. Chairs. Tables. Bicycles. Shampoo. Only rubbish. 

But the commentary on Europe’s excesses ends there and there is no logical progression in the book from seaport to city centre. Judah instead jumps from one location to another and tells each individual story in a staccato delivery that lends a sense of immediacy and urgency to their lives. It makes for a nervy, precarious read. 

There is the resentful Romanian lorry driver whose account lifts the lid on the sordid risks long-distance jobs supply. The Latvian teenage girl who slips into online sex work, satisfying the fantasies of older men across the world but paying for her education along the way. The thoughtful Belarussian family that defies President Lukashenko and pays a heavy price. A young Turkish woman whose romance with an Austrian boy seems doomed to failure until the final moments. The Russian gas worker whose stint in the Arctic circle has a hint of the Gulag about it. A sex-obsessed Syrian refugee who makes it in the world of porn. 

This latter case of the Arab porn star is indicative of Ben Judah’s journalistic style. The seemingly soulless promiscuity and infidelity carries no authorial judgment.  Ibrahim escapes the war-ravaged Middle East, is subject to racist humiliation, has sex with anyone who is up for it and is about to be made homeless when he finds a way into an online Arab market in porn. It is part American dream and part pulp fiction set against the backdrop of conservative family Budapest. We are left wondering what to make of it, which is probably Judah’s intention.   

Geert Mak speaks of Europe as a great project by free citizens who tried to take the course of history into their own hands instead of merely submitting to it; projects with their origins in the Enlightenment ideals of human rights, liberty, equality and fraternity. 

Mak’s dreamy aspiration has just enough about it to attract outsiders but its values when probed are as malleable as playdoh. When pressure is applied, is it possible to say that Europe has cohesive and durable moral values, ones derived from its history? The liberal individualism drawn from the left, where identity has become more distinctive than class, is suspicious of religion that creates hard boundaries, and of objective moral values that constrain behaviour. The right, whose neo-liberal market forces have corroded the very family structures it claims to support, is wary of religion that champions diverse communities. The impact of the left and of the right in these ways is felt in the personal stories of Judah’s book. As unseen forces draw people to poles like filings to magnets, is there a way of transforming these emphases?   

There is a relational view of life, perhaps buried deeply in the European Christian Democratic tradition, that values the person in community and the quality of our relationships at every level over ever-expanding GDP, that sacred cow of post-war politics. Where unity and diversity can be held in a creative partnership as we respond to the call to love others as we love ourselves. But it needs clear policy edges that rescue it from pious bromide.   

In This is Europe we meet people who are deeply human and equally scarred, often by other people and the forces over which no-one seems to have control, who find their hope and meaning in the relationships they form and through which they make community. Further to the east, Belarussian author Svetlana Alexievich has spent a lifetime teasing out ordinary stories of the Soviet Union, from the veterans of Afghanistan to the victims of Chernobyl via the trauma of the nineties. Hers is a more discursive tale than Judah’s but carries the same sense of disorientation, loss and stoic hope. 

Europe cannot be summed up, but Judah, in turning to its edges and listening patiently and empathetically to those who only want to make their way against the odds, inhabits the ethic of scripture in giving a voice to the voiceless. If its stripped back, breathless style carries echoes of Mark’s Gospel, the attention he gives to those in existential pain is St John’s.  He calls them each by name. The moral question facing Europe is whether we really want to know their stories. 

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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.