Review
Belief
Culture
Film & TV
4 min read

Kate Winslett delivers the performance of her life, in a film that doesn’t look away

The true quality of witness shines in Lee Miller’s biopic.

George is a visiting fellow at the London School of Economics and an Anglican priest.

Two war photographers creep along a shadowy corridor.
Kate Winslett and Andy Samberg in Lee.
Sky Cinema.

If we might indulge an absurd anachronism, I wonder what the American photojournalist Lee Miller would have done, had she been one of the women at the foot of the cross. To my mind, she would have held her nerve to record – on her German-made Rolleiflex  camera held at her abdomen – not only the horror of the crucifixion of Jesus of Nazareth and the criminals beside him, but also the suffering of his mother and the other women who looked on.   

I’ve had these ruminations since I watched Miller’s biopic, Lee, on its UK premiere. In passing, I should record that Kate Winslet delivers the performance of her life in the title role, because it’s in the quality of her interpretation that I’m led to consider the nature of what it means to witness, which is an act at the heart of humanity as well as central to the Christian faith. 

Witnessing is what reporters, at their best, do if they are to honour their vocation. Especially war reporters. But the act of witnessing isn’t confined to journalists. The case for professional witness can be made for other jobs – police officers, aid workers, medics, lawyers all come to mind. 

It’s just that this movie shows witness at its sharpest end. “Even when I wanted to look away, I knew I couldn’t,” says Lee Miller. That imperative, not to look away, is central to our human story and I would argue that this is because it’s central to my faith, which has at its centre a God who doesn’t look away. 

That’s why Lee Miller made me think of the historical event of the crucifixion. The Church down the ages has been inclined to turn the cross into the Christ’s great victory – rather as reportage of the Second World War has concentrated on its conclusive victory rather than the horrors that Miller recorded. 

Her magazine employer, Vogue, at first declined to publish her photos of the liberation of concentration camps Dachau and Buchenwald, in part because it detracted from the joy of that victory (though they were subsequently published in the US). If you will, Vogue looked away. 

I’ve found that to go down this path with Miller, accompanied by faith, a kind of terrible road to Emmaus, delivers some unexpected reactions.

We’re called to refuse to look away from the grotesque horrors of the cross, to resist it becoming simply a jewellery symbol on a pendant, to acknowledge its centrality in man’s inhumanity to man and, ultimately, our God’s choice to share that experience. “Jesus Christ,” mutters Miller at the door of a room, possibly a gas chamber, stacked with skeletal corpses, before entering to take her photographs. Jesus Christ, indeed. 

This is not to make a claim for Miller as a figure of faith. It is rather to make the claim that those of us of faith should be highly alert to where we might find the witness to it. Over the past week, I have to say I’ve found it in the work of Miller, not only in the hell of the camps, but in the shaven heads of collaborator women, the frightened children and even in that bath in Hitler’s Munich apartment. 

In the last of those, there she is, naked, washing herself clean from the dirt of Dachau, which stains the bathmat from her boots in the foreground. Here is a witness to a spiritual defiance, the portrait of Hitler propped on the bath edge as she is cleansed. It’s not just that he hasn’t won, it’s that death itself hasn’t won. 

I’ve found that to go down this path with Miller, accompanied by faith, a kind of terrible road to Emmaus, delivers some unexpected reactions. And they’re not the kind of reactions normally associated with faith.  

The first is anger. It clearly accompanied Miller throughout her work: Anger at military discrimination against her womanhood; rage that Vogue censored her work. We could all do with being more angry at injustice, especially those of us of religious faith. Note that when American Vogue published her photos, they headlined them “Believe It!” True belief, arguably, is angry. 

My second takeaway is the danger of real witness. Miller described her work as "a matter of getting out on a damn limb and sawing it off behind you". Discipleship can, maybe should, be like that. 

The third is the cost of witness. Miller’s war left her with depression and what today would be called PTSD. Not looking away has its price. The cost of witness to disciples may not be as extreme as it was in the first century of its practice, but we should also be aware that it’s not a cosy lifestyle choice either. 

For Miller, part of the price of her witness was alienation from her son, Antony. In the movie, though (spoiler alert), he discovers after her death how devoted to him she was. At a stretch I would say he was a son in whom she was well pleased. 

That’s not to imbue her with something messianic. It is perhaps to say, with the poet Philip Larkin, that what will survive of us, especially those who have witnessed the worst of humanity and come through, is love.

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.