Explainer

Culture

Royalty

27 April 2023

4 min read

How faith helped the monarchy flex

Understanding how the British monarchy has evolved, means understanding its foundation in faith. Ian Bradley explains.

Ian Bradley

Ian Bradley is Emeritus Professor of Cultural and Spiritual History at the University of St Andrews.

an etching shows William and Mary is a classical scene, priests stand to their right while dogs chew bones at their feet.

A broadsheet illustration celebrates William and Mary, and the Glorious Revolution of 1688.

Lambeth Palace Library.

Christian monarchy has played a central part in the history of the British Isles, promoting the rule of order, justice and mercy in conformity with the values of the kingdom of God and cementing a close alliance between the institutions of crown and church.

Both these aspects are well illustrated in the life and deeds of the first English king to convert to Christianity. Aethelbert, who ruled Kent from 587 to 616, seems to have come to faith through a combination of the influence of his wife, Bertha, the daughter of a Frankish Christian king, and the preaching of St Augustine, who arrived in Thanet in 597, having been sent from Rome by Pope Gregory. According to one account, 10,000 of Aethelbert’s subjects followed him in converting and underwent a mass baptism. Among his first actions as a Christian king were to issue the first set of laws in the English language and to grant land to Augustine on which to build an Abbey, which later became Canterbury Cathedral.

Reign responsibly

Exemplified by such figures as Arthur and Alfred, Christian kingship brought new titles as well as new responsibilities for Britain’s rulers. The first to be appropriated was that of ruling through the grace of God, or Deo Gratia, the idea that is still expressed on every coin of the realm through the abbreviation DG. The late eighth-century Anglo-Saxon king Offa described himself as ‘by the divine controlling grace king of the Mercians’. From the mid-tenth century, several English kings also began styling themselves Christ’s Vicar or deputy. Edgar, Alfred’s great grandson who ruled from 957 to 975, so described himself when founding a new monastery at Winchester in 966. Some years later Ethelred II stated that ‘the king must be regarded not only as the head of the church but also as a vicar of Christ among Christian folk’.

Cult kings

The Middle Ages saw the flowering of the cult of Christian monarchy as both splendid and servant-like, pious and chivalrous, full of knightly virtue, gung-ho triumphalism and miraculous powers, as exemplified in the widespread belief that the king’s touch could cure those suffering from scrofula. While Medieval monarchs cultivated magnificent splendour, they also espoused the theme of the servant-king and acknowledged their utter dependence on God’s grace. Both these elements were reflected in the civic triumphs staged around Epiphany or Advent for the entrance of monarchs into the cities of their realms with the king being portrayed as the type of Christ and the queen as the bearer of heavenly glory. Deliberately modelled on Jesus’ entry into Jerusalem, they served as a reminder of the journey to be undertaken by all souls, including royal ones, towards death and the throne of heaven.

Moderate monarchy

The crown played a crucial part in the English Reformation which was initiated by Henry VIII with the help of his loyal lieutenant Thomas Cranmer. Together they created what was effectively a nationalised state church of a moderately Protestant hue with the monarch at its head, bishops and a conservative liturgy in English. Subsequent sovereigns made their influence felt on the emerging Church of England, with Edward VI steering it in a more Protestant direction and playing a key role in the preparation of the first English Prayer Book of 1549, and Elizabeth steadying it to produce the Anglican via media which has remained one of its distinguishing characteristics to this day.

The monarch's headship of the Church of England was a key part of the Reformation settlement. It was established in the 1534 Supremacy Act which declared King Henry VIII 'the only supreme head in earth of the Church of England' with full authority to intervene in its affairs. Elizabeth I modified the monarch’s title from ‘Supreme Head’ to 'Supreme Governor', which it has remained ever since. Alongside it goes the title of ‘Defender of the Faith’, represented on coins as F.D., originally given to Henry VIII by the Pope in 1521 for his defence of the traditional sacraments of the Catholic Church against the novel teaching of Martin Luther. Although revoked after the Reformation, it has continued to be used by and about all monarchs since, although its meaning has never been precisely defined.

Media monarchy

Stuart monarchs tended to push Christian monarchy in a more absolutist direction, being enamoured of the doctrine of the Divine Right of Kings, although they also did much to forward Christianity in their realms. James VI of Scotland and I of England made a particularly valuable contribution in his patronage of the version of the Bible which still bears his name and is also known as the Authorised Version. He was adamant that it should not be a narrow reflection of a single theological position but rather an irenicon, or instrument of peace, breadth and moderation in the new United Kingdom over which he reigned.

Modified monarchy

The so-called Glorious Revolution of 1688-9, when James II was deposed because of his Catholicism and perceived absolutism and William of Orange invited by Parliament to occupy the vacant throne, effectively signalled the triumph of a covenant theory of monarchy over that of divine right. The constitutional settlement that followed it rested on a concept of limited monarchy and was based on an essentially secular concept of social and civil contract. However, neither the Reformation notion of the godly prince ruling the godly commonwealth nor the close connections between Crown and Church were swept away. Indeed, they were strengthened, with the role of the United Kingdom monarch as protector of Protestantism being expressed in the accession and coronation oaths still taken today.

Modern monarchy

Christian monarchy developed in nineteenth and twentieth century Britain to focus much more on philanthropy, civic duty and spiritual leadership demonstrated through attendance at religious services and public exhortation. The close relationship between the crown and the churches, and especially the Church of England, has remained strong while being extended in recent decades to other faith groups as the monarch has increasingly taken on the role of ‘Defender of Faith’. Television has made the monarch’s Christmas Day broadcast a significant national moment of spiritual reflection.

Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence Fletcher is a journalist at the Financial Times.

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.