Review
Culture
Film & TV
Friendship
5 min read

I’m going to cling on to The Ballad of Wallis Island

This comedy about fans and idols touches the heart too

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

A couple site on a sofa, one holds a guitar
Cary Mulligan and Tom Basden.

A few weeks ago, a good friend of mine told me I needed to see The Ballad of Wallis Island.  

He said I’d like it. In fact, my friend went so far as to say he thought it would be one of my favourite ever films.  

And now, having gone to see the new comedy-drama, I can confirm that he was right.  

But just what was it about this film - quite short by modern standards at 1 hour 40 - that marked it out as one I would so obviously enjoy?  

I was considering this as I sat through it, and as my guffaws eventually gave way to tears, I had my answer. 

For when it comes to films - or anything in life, really - it’s those with deeper meaning that most enthrall me. 

And James Griffiths’ new film certainly has this in spades - it’s a “ballad”, after all - as well as a good dose of humour, epitomised by the inimitable Tim Key, whom some of you may know from the 2022 sitcom Witchfinder. 

As someone who grew up on the painfully awkward comedy of Ricky Gervais’ The Office, Key’s character, Charles, the bumbling super-fan of a folk duo, is a perfect blend of the endearing and the ridiculous. 

From the moment “the great Herb McGwyer” (played by Tom Basden) arrives on Wallis Island to be met by a host who swiftly sends him head over heels into the sea, the stage is set for the relationship that will dominate the narrative. 

Devotee and artist, wealthy loner and lonely superstar provide the perfect juxtaposition, whose success is no doubt aided by the fact that both lead actors were also co-writers. 

One suspects the film’s success may also have something to do with the time it spent in development, having first been produced nearly two decades ago as a BAFTA-nominated comedy short, titled The One and Only Herb McGwyer Plays Wallis Island

But having now watched both 2025 film and 2007 short, which is available to watch online, the feature-length version is, to my mind, by far the better of the two. 

And while some of the jokes from the original remain, such as the manner of Herb’s comical arrival and eventual departure - though I won’t spoil the latter for you - there are some notable improvements. 

Chief among them, in my eyes, are the three female characters incorporated into the film: Carey Mulligan, who plays the second half of the McGwyer-Mortimer duo; Charles’ unseen former partner, Marie; and his new love interest, in the form of Wallis Island’s solitary shop-owner, Amanda (Sian Clifford). 

It’s funny to think that my friend pitched the film to me as a “Rom-com”, given that in the original concept there was not even a single female character, let alone any romance. Yet from this viewer’s perspective at least, it is the addition of the three women (including the unseen Marie) that make the film. 

Indeed, this major tweak to the plotline was the very element that ultimately brought tears to my eyes, as I considered the relational loss and loneliness that provide the common ground between the otherwise worlds-apart super-fan and idol. 

I saw the same look in this woman’s eyes as I had seen in Charles’s as he watched his hero play the song that was his former partner’s favourite. 

I was also forced to reflect upon the certain similarity I seem to share with the blundering Charles, having once lived two doors down from the real Carey Mulligan and, during our sole face-to-face encounter, chose the moment to express my great admiration for the music of her husband, Marcus Mumford, before awkwardly and very swiftly beating my retreat. 

I am embarrassed to admit that I even later posted a copy of one of my books into the Mumford letterbox - possibly that very same day - in the hope that it might engender the start of a beautiful friendship.  

Alas, I never heard from them again. 

A similar motivation is clearly the driving force behind Charles’ invitation of his two idols to his home, which is filled with their memorabilia, as the audience is encouraged to consider how they may feel if given the opportunity to host their own heroes. 

“Never meet your heroes,” Charles quips in the original short, but in the film the relationships are allowed to reach greater depths and, in spite of some initial suggestions that Charles’ affections may be bordering on stalker-like, it soon becomes clear that there is nothing sinister about this loveable simpleton. 

The rave reviews the film has received, years after the idea was first hatched, are also surely an encouragement to any of us who may have long held a dream but never seen it come to pass. 

The message of The Ballad of Wallis Island, I believe, is that we should hold onto such dreams and cling tightly to the things that matter most. 

Before sitting down to write this article, I was walking through a local park when I passed a young woman who was sitting on the grass, crying, and I approached her to ask if she was all right.  

It transpired that the woman’s partner had died a year before and that she liked to come back to the tree under which she was sitting to remember him, as it was a special place for them. 

I saw the same look in this woman’s eyes as I had seen in Charles’s as he watched his hero play the song that was his former partner’s favourite. 

"Cling to the things that matter most,” the woman told me, as we parted ways. And that’s certainly the message that both film and chance encounter have impressed upon me.

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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.