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4 min read

I’ll miss football’s disappearing cathedrals

Sharing the same physical space as those that go before is a spiritual act.
A CGI image of a son and dad holding hands on the concourse of a modern stadium.
The 'new' Old Trafford.
MUFC.

On the way back from a gig a few weeks ago, my dad asked me a question. “Are there any artists that you’d be so up for seeing that you’d pay anything for a ticket?” 

Paul McCartney? Julian Lage? Stevie Wonder? 

That’s about it really. Notwithstanding the fact that I’m running out of internal organs to sell to afford gig tickets nowadays, it struck me that a lot of the people I’d pay anything to see are now all dead. Some of them died long before I was born: Miles Davis, John Coltrane, Charles Mingus, Ella Fitzgerald, Jimi Hendrix, John Lennon (as part of The Beatles), John Bonham (as part of Led Zeppelin). And then there are the bands who split up before I was born, especially Waters-Gilmour-Wright-Mason era Pink Floyd and Gabriel-Hackett-Banks-Rutherford-Collins era of Genesis. 

But there are a few artists I wish I’d had the chance to see in the fleeting moments we were alive at the same time. David Bowie, Jeff Beck, Gary Moore, Wayne Shorter, Herbie Hancock, Neil Peart (of Rush), Jeff Buckley (although as a 4-year-old when he died, he probably would have been lost on me back them.)  

I was thinking about this question again while watching the Merseyside football derby in February. It was a proper Merseyside derby. By this, I meant that it ended up with fans on the pitch, fights, two players being sent off, and both Liverpool’s manager and assistant manager being sent off too. A proper Merseyside derby.  

It was also the last ever Merseyside derby to be held at Goodison Park. And that made me profoundly sad.  

I’ve driven past Goodison a fair bit. You catch site of it looming over Stanley Park as you walk up to Anfield. But I’ve never actually been to a match at Goodison. And now I never will. Goodison will soon join a growing list of football grounds that no longer exist: Highbury, Maine Road, White Hart Lane, The Dell, the Boleyn Ground. All gone.  

Along with Goodison, another stadium has been added to the scrap pile in recent days. You may have heard of it: Old Trafford.  

Yes, Manchester United – who last month announced 200 redundancies at the club, having previously made 250 members of staff redundant last year – have made the decision to spend £2bn on leaving the historic and iconic, if crumbling, Old Trafford stadium to move to a new 100,000-seat stadium. Turns out I only have a few more years to go to Old Trafford before it becomes another page in my book of regrets.  

Highbury. Maine Road. White Hart Lane. The Dell. The Boleyn Ground. Goodison. Old Trafford. These are football’s cathedrals, and they are disappearing.  

And all of this reminds me about the kind of debates that pop up whenever a church building – whether active or defunct – is used for a purpose that some Christians find disrespectful or blasphemous. Church buildings are often contested spaces; what goes on within them is policed in a way that simply isn’t the case for many other public spaces. Should they host heavy metal gigs? Should disused churches be converted into housing, as this slightly bizarre article seems to revel in.  

When I used to live in Nottingham, there was a bar in the centre of town located inside an old church. It’s a gorgeous old building and it has largely survived the conversion into a bar. It is, it must be said, a lovely place for a drink. But it’s difficult not to feel at least a tinge of sadness that, where that place once reverberated with the sound of praise and worship, it now echoes with the thrum of drinks orders and club music. It feels haunted with the presence of God. 

Look, things change, I know that. I’m not so nostalgic as to think that everything needs to stay as it was when I was a child. But it’s hard not to wonder about the histories that are being lost, and the stories that are being forgotten, when we demolish or repurpose our church buildings, or our football stadia.   

There is a reason why we preserve our history, and our cultural heritage. Sharing the same physical space as those that go before us is a supremely spiritual act. We visit castle ruins, old churches, and war-torn battlefields because they connect us to those that went before. We enter the stories of those people and realise that perhaps they aren’t so different from our own stories. 

Come May, the Gwladys Street End at Goodison will have sung its last song. In the near future, Old Trafford’s Stretford End will fall silent, too. Liverpool’s owners FSG have come in for a lot of criticism since taking over in 2010. But, along with appointing Jürgen Klopp, their decision to renovate rather than move away from Anfield will surely go down in history as an unqualified success. It is a place that reeks of history, of stories past. And those stories shape and underwrite the club’s stories in the present.  

Again: things change, I get that. But whether it’s the church’s buildings or football stadia, we lose these spaces – and the stories born within them – at great cost to ourselves.  

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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.