Article
Culture
Music
5 min read

Jack White’s breaking the biggest rule in rock 'n' roll

What if the greatest cultural moments were the ones barely anyone saw?

Belle is the staff writer at Seen & Unseen and co-host of its Re-enchanting podcast.

A close-up of the black label of a blue vinyl record

If one of the most famous rockstars on the planet is playing the best shows of his life, and no one is there to witness it – is he really playing them?  

I ask because Jack White, one of the most celebrated and iconic musicians of the 21st century, is playing the best shows of his career. The thing is, barely anyone knows that they’re happening. Not because they don’t care, but because he’s made it that way.  

This is White’s ‘No Name’ tour: a critically celebrated string of shows that almost nobody is going to.  

And therein lies the magic.  

In the summer of this year, he released his ‘No Name’ album with no press, no marketing, and no apparent plans for a tour. Instead, Jack released this body of work into the world and simply told his fans to tell their friends about it – ah, word of mouth, the marketing strategy of old.  

It must have worked, because the nameless album was incredibly well received by critics and fans alike. Apparently, the ever-enigmatic Jack White has still got it. And now finally – finally - some live shows are being announced.  

Kind of. 

Each show is being announced only days in advance, the marketing is non-existent, the venues are tiny, and the tickets are… affordable.  

What is this? Some kind of cruel trick? 

It’s all so odd, so seemingly illogical, that Jack has had to confirm that this is it. This is no trick, no gimmick. This is, in fact, the tour. Reassuring his fans via social media, he wrote 

‘Lotta folk asking about when we are going to announce ‘tour dates’, well, we don’t know what to tell you but the tour already started at the Legion a couple of weeks ago… People keep saying that these are ‘Pop up shows’ we’ve been playing, well, you can call them whatever you want, but we are on tour right now.’ 

He added,  

‘These are the ‘shows.’ We won’t really be announcing dates in advance so much, we will mostly be playing at small clubs, back yard fetes, and a few festivals here and there to help pay for expenses.’ 

And that’s exactly what he’s been doing. One such show recently took place in Islington Assembly Hall in London – and it’s been hailed as some kind of ‘off-the-cuff wizadry’. That’s quite the review, isn’t it? What’s more impressive: it’s pretty much the only kind of review he’s been getting. I’ve dug deep, and I’m yet to find someone who was in that hall who didn’t leave it completely bewildered by how dazzling of an experience it was. Jack is disobeying all the rules, and it seems to be working in his favour. While on stage in Islington, he told the crowd,  

‘This is the kind of rock’n’roll you’re not gonna get at Wembley stadium for £400’ 

This is an obvious swipe at Oasis’ reunion tour, which will take place next year in stadiums across the country. The tickets to these shows caused somewhat of a storm, as fans were simply priced out of what will no-doubt be a momentous string of events. And this isn’t the reality for Oasis fans alone, ticket prices across the board rose 23 per cent in 2023, which sits on top of the 19 per cent rise in prices since the pandemic. And we in the UK and Europe still have it far cheaper than those in the US. While I was at Taylor Swift’s (not at all cheap) Era’s tour earlier this year, I met a girl who had flown from New York to Cardiff, she explained that doing so was cheaper than trying to watch the same show in New York.  

It’s utter madness. 

Live music shows are becoming bright and shiny sensory extravaganzas, and the amount it costs to witness them is reflecting that. And listen, I’m not bashing these mega-sized shows. I go to my fair share of them. I look forward to one day telling my grandchildren about that time I nearly got Oasis tickets.  

But I can’t help but feel that the real magic is happening elsewhere. It’s happening in the tiny venues, witnessed by tiny audiences, who have paid (comparatively) tiny prices. And I think Jack White’s intimate ‘No Name’ tour might be proving me right.  

In 1975, Bob Dylan similarly defied all the ‘rock-star’ rules and embarked upon the now-mythic ‘Rolling Thunder Revue’ tour. For eight months, Dylan drove a tour bus (yes, he actually drove his own tour bus) full of his friends into small towns with small venues. The marketing for each show consisted of paper flyers that were handed out mere days before the event, as if a travelling carnival was about to rock up. It was unusual, to say the least. These shows were notoriously messy, and long, and changeable, and odd.  

In short, they were great. Truly great.  

The modesty and mystique of it all meant that these shows have passed into legend – the live recordings of these performances are regarded as some of Dylan’s very best work. And so, surely, both Dylan’s and White’s defiant tours teach us something - they teach us that there’s a good kind of small. Indeed, there is a great kind of small. They suggest that ‘big’ doesn’t necessarily (and certainly doesn’t exclusively) equate to ‘success’.  

What if rumours, reviews, and recordings of a show played to 2,000 people could have more impact than a show played to 100,000? What if the intimacy and connection formed in town halls and tiny clubs rippled into the decades to come? It’s an upside-down way to think of things, but what if the greatest cultural moments were the ones barely anyone saw? What if (and stay with me here, especially you swifties. I’m one of you) these mega-tours are actually quenching creative mastery? What if the smartest thing an artist could do was defy all the rules? What if humility is the source of all greatness?  

We seem to have got to a place where we’re surprised that Islington Assembly Hall could be the backdrop to Jack White doing something truly special. And so, I wonder - it’s proper counter-cultural stuff, but do we need to learn to not despise the small things?  

Are Jack and Bob the odd ones, for kidding themselves into thinking that small can still be successful? Or are we the odd ones, for ever assuming otherwise? 

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.