Article
Creed
Economics
Seven Deadly Sins
Sin
6 min read

Greed: “No, I’ll never have enough”

In the third of a series on the Seven Deadly Sins, Jane Williams highlights how Greed destroys both individuals and societies.

Jane Williams is the McDonald Professor in Christian Theology at St Mellitus College.

Piles of money

In the old Humphrey Bogart film, Key Largo, the villain, played with a vicious childishness by Edward G. Robinson, is asked by Bogie what he wants. Rocco, Robinson’s character, thinks for a bit and then says that what Rocco wants is MORE!  ‘Will you ever have enough?’, Bogie asks, and Robinson thinks about it for a moment before replying, ‘I never have so far. No, I’ll never have enough’. 

That is Greed, in a vivid nutshell. Rocco doesn’t want anything particular, and he doesn’t value anything in itself; he just has a vast, unspecific, insatiable desire for anything and everything, particularly if it belongs to someone else. 

Rapacious greed does not love what it desires; it is driven to possess; it does not value what it has. 

Greed, like all the Seven Deadly Sins, is a ‘capital’ or ‘cardinal’ sin, meaning it is a disposition from which destructive, abusive actions flow. Having this over-mastering tendency to Greed makes us act in a whole variety of ways that are damaging and abusive to others and to ourselves. Greed leads to a variety of ‘sins’. Rapacious greed does not love what it desires; it is driven to possess; it does not value what it has, because while there is ‘more’ out there somewhere, greed must have it. It does not care what or whom it attacks or destroys: anything that stands in its way must be obliterated. It does not want to admire or use what it seeks, it merely needs to possess it, and the moment the sought after thing is achieved, all-consuming greed moves onto the next thing, always seeking ‘more’, always despising what it has, as not enough. 

Greed is destructive both on the personal front and also as it shapes societies. Individuals ruled by greed cannot maintain love or friendship or loyalty: their eyes are always on the next thing, always hungry for what they have not got. They leave behind them, without a backward glance, hurt and broken friends, family, colleagues, jobs. And if the fallout is clear for all the people around someone driven by greed, it is also obvious that it destroys the greedy, too.  

Overpowering greed empties even the greedy of worth; they can never be successful, because they do not have what they want – everything. 

Nothing can ever satisfy someone consumed by greed; there is no rest, no peace, no pleasure, because the world is full of things still to be grabbed at.  Jesus is quoted as having said, ‘Where your treasure is, that’s where your heart will be’. It’s a warning to beware of what you long for, because we are so powerfully shaped by our desires. But if all Greed longs for is ‘more’, then, in the end, the greedy person or society has no heart at all. It is shaped only by a drive for possession, opening up a vast and echoing emptiness where an actual longed-for being or thing should live. Overpowering greed empties even the greedy of worth; they can never be successful, because they do not have what they want – everything.  

It is obvious how Greed is deadly for individuals, but it is also deadly when it becomes a motivating force for society at large. The media have recently been talking again about ‘greedflation’. The theory behind the term is much debated, but the word itself is instantly memorable. Institutions that are governed primarily by the need for ‘more’ drive an insatiable economy, always needing more consumers, more profit, more rewards. Dissatisfaction and envy are the necessary tools of a society, an economy, of Greed. Individuals and groups that try to opt out of this out-of-control consumerism are viewed as a threat, and must be diminished, dismissed, cast out. It is dangerous in such a society ever to ask, ‘Do we really need more?’ That is the Emperor’s New Clothes question, which must be avoided at all costs. Surveys that ask people at different income levels whether they feel that they have enough nearly always find that everyone would like just a little bit more. Everyone would like to be at the next level up of income and possessions; but if they achieve that next level, then, strangely, they find that it is actually the level above that that really want.  

Contentment lays an axe to the roots of Greed. It allows us to see what we have and value it.

The World Happiness Report, which has been regularly updated for the last 10 years, works with a complex set of definitions of what makes for happiness, for individuals and for societies. Finland regularly tops the chart of Happiest Countries in the world, which Finns find a bit puzzling, apparently. They don’t see themselves as cheerful, jolly people, but they do speak of a national characteristic that might be described as contentment. Contentment lays an axe to the roots of Greed. It allows us to see what we have and value it, rather than despising it because there are things we do not have. 

One of the values that The World Happiness Report notes as making for greater happiness is altruism – doing good and receiving goodness from others makes both parties happier. The Christian tradition has known this for a long time. Cardinal Sins have their opposing Cardinal Virtues, dispositions that we can cultivate to help us to free ourselves from enslaving habits, like Greed. ‘Charity’ is the Cardinal Virtue that undermines the sin of Greed. When we give to others from our own resources, of time, money, attention, care, prayer, help of any kind, we begin to loosen the deadly grip of insatiable Greed upon ourselves and our world. Greed can’t live alongside Charity, or altruism; charity sees real people and situations in need, and supplies what it can from its own resources; Greed sees only more and more objects to be acquired, never able to see what it already has, never able to share or be content. 

Deadly Sins lead to behaviour that makes for misery, both for those driven by them, and for those on the receiving end of them. That is why they are called ‘deadly’. They are not just a bit naughty; they are actively destructive of human flourishing, both personal and communal. There is so much in our society that positively encourages Greed, the reckless desire for More, which can never be satisfied. But there are ways of combatting this most pernicious of habits.  

One is the practice of gratitude: instead of thinking about what we haven’t got, or would like to have, or what someone else has, we can think of what we have got, and think of it as gift, something to say thank you for. It’s a good habit to build into every day, perhaps as we go to bed, taking just a few minutes to think about the good things that have come to us that day: a child’s smile, a gleam of sunshine, a hug from a friend or partner, a delicious piece of bread; everyday things that we can take for granted, in which case they go unnoticed; or we can see that they are  gifts to be grateful for, which enlarge our spirit and our wellbeing. Gratitude is a virtuous circle: it is lovely to be on the receiving end of gratitude, as well as to practice being grateful. And gratitude often leads to another excellent practice for undermining Greed, which is charity, or altruism. If we are learning how to say thank you for what we have, we may also want to share what we now notice that we have. If we’ve given the gift of gratitude, and seen how it makes us and the receiver feel, we may want to extend that further and further. Worth a try? 

Article
Culture
Digital
Economics
Psychology
6 min read

Do you believe in a coin called hope?

From fiat to faith: the rise of crypto evangelism
 An image show a braclet that has a bitcoin symbol beside a cross, a crescent and a Star of David.

“The bridge from chaos to hope.” This was the rather grandiose language used on social media platform X last summer by one prolific tweeter boasting 4.4 million followers. What they were describing, however, was not a religion or philosophy, nor a social movement or political party, nor a breakthrough in medical technology or a self-help technique. Rather, financier Michael Saylor was talking about the world's biggest cryptocurrency, bitcoin. 

Saylor’s profile on X declares that “#Bitcoin is hope.com”. That website contains, among other things, video clips of Saylor talking about how “bitcoin is the manifest destiny for the United States of America”, “bitcoin is economic immortality”, “bitcoin is forever money” and so forth. 

Saylor is in fact just one - albeit a particularly successful one (his net wealth stands at around $10 billion, according to Forbes) - of a number of vocal crypto advocates, trying to explain the huge, transformational impact on society that the cryptocurrency will supposedly have. Their precise arguments can vary, but are often along the following lines: the fiat money system is broken due to manipulation by governments and central banks - for instance through money printing - leaving control of the money supply in the hands of a small group of the rich, while the purchasing power of the general public is eroded; in contrast, bitcoin is incorruptible, not controlled by the government, available to everyone and finite in supply. 

A common thread running through some of the writings and talks of a number of these bitcoin enthusiasts is a quasi-religious language, used to convey bitcoin’s importance. 

Hope.com, for instance, includes a research paper on “The bitcoin reformation”. Its author writes: “It wasn’t until I studied the era around the Protestant Reformation that I felt I’d found a potential blueprint of sufficient scope” to describe what is happening with bitcoin. 

Particularly vocal crypto proponents are known as bitcoin evangelists, while some crypto investors will talk of fellow “bitcoin believers”. They can even drink their coffee from a ‘bitcoin salvation’ mug) (which depicts two winged cherubs holding the cryptocurrency). Non-believing sceptics are termed “no-coiners”. 

Early bitcoin adopter Roger Ver - who has been indicted on fraud and tax charges, which he says are false - is known by the nickname “bitcoin Jesus”. One non-profit decentralised community is named Bitcoin God. 

The precise mix of irony and sincerity being used in such examples is of course debatable and will vary. Nevertheless, among the most fervent crypto investors there appears to be an earnest belief in the transforming power of bitcoin. 

But there may be additional reasons why some of the most fervent proponents instinctively reach for such language. 

“There’s a link with forms of transhumanism - the idea that we’re in the middle of an upgrade of humanity.” 

Dr Roger Bretherton, a clinical psychologist and Seen & Unseen contributor, argues there are elements of tribalism and “the psychology of identity” in some of the most cultic aspects of the crypto world. He sees some similarities there with “old 60s cults of people believing UFOs were going to land in their backyard”, talking about crypto as a cult rather than crypto as a currency.

“People overlap their identity [with a particular movement]. They're saying ‘that's me, that's who I am,’” he said. 

“In periods of uncertainty we seek to find certainty in our groups. We're in an individualistic society.” 

Use of religious language also points to a belief that bitcoin/crypto/blockchain will bring about some form of a radical global change less on the scale of an incremental technological development, and more akin to a transformational religious experience. 

“There's an element of faith and an eschatology attached to crypto: 'this is the new thing that will change the world,'” said Bretherton. 

“There’s a link with forms of transhumanism - the idea that we’re in the middle of an upgrade of humanity - the kingdom of tech is coming. It feels like crypto becomes part of the same narrative. The key question is whether our future lies in technology and power, or in love.” 

For such fervent bitcoin proponents, attempts to rubbish their beliefs are often futile. Indeed, trying to do so may only serve to strengthen the believer’s resolve that they are right. 

“There's a cognitive dissonance,” said Bretherton. “The more ridicule you've had to go through, the more you've given up, the more social difficulty you've gone through - particularly if you've given up a career to pursue crypto - then the stronger your belief. It's the sunk cost fallacy.” 

So far, bitcoin believers have proved the doubters wrong. The price of the coin has gone from less than $20,000 in the wake of the collapse of crypto exchange FTX in late 2022 to around $118,000 at the time of writing. Saylor has turned MicroStrategy (now known as Strategy) - the company of which he was CEO in 2020 when he decided to use it to buy and hoard bitcoin - into a $110bn market cap firm that has spawned many copycats.  

But what importance bitcoin eventually assumes in society is still very much an open question. It has not yet become a form of payment for our morning coffee or for buying a house, and maybe it never will. Whether it can really function as “digital gold”, a hedge against inflation or “a bank in cyberspace” (as Saylor calls it) is debatable. But it has already made huge strides, soaring to a market price well above what most people would ever have imagined. In July, US Congress passed a landmark bill regulating stablecoins - a type of cryptocurrency pegged typically to the dollar - in what is being seen as a huge step forward for the industry. 

Nevertheless, it seems likely that some of the wilder claims made about bitcoin may not come to pass. What happens if true believers are left disappointed? 

Bretherton says such belief systems have to subtly change their “metanarrative” as and when they do not deliver on initial promises. 

“It can't make predictions that can be shown to be false,” he said. “If crypto doesn't deliver its promises in the future, it has to find another way that's softer but which lasts. So it either collapses or it finds a way to become more nuanced."  

Whatever importance bitcoin eventually assumes in society, our desire to put our faith in it - or in anything else - reveals something deeper about our human nature. 

In the Bible, the book of Ecclesiastes explores humankind’s attempts to find meaning in human lives without God. The main character tries career, pleasure and wealth. But ultimately, they find that these things are just “meaningless”, “vapour” or “chasing after the wind”. 

That search for meaning, for the eternal, is inbuilt in our character. As the book’s author puts it: God has “set eternity in the human heart”.  

We are not designed merely to be born, to live and then to die. Instead, each one of us has been created with an inherent desire to know if there is something eternal out there, and to find out whether we can be part of that story. Crypto cannot offer us that salvation. The only thing or person who can, the author of Ecclesiastes would argue, is the One who put that desire in us in the first place.  

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