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4 min read

Keep calm and don’t cry? Why Remembrance Day needs emotion

We gather to grieve—but only in ways that won’t make others uncomfortable
King Charles saltues.
King Charles, Remembrance Sunday, 2023.
The Royal Family.

In the coming days across Britain, the poppied public will gather around cenotaphs. Polished boots, flapping scarves, bowed heads, fidgety Brownie-Guides, regimented Cadets – all will pause in hushed reverence as the Last Post echoes in the cold air. It’s a scene that’s meant to unite us, a national ritual of grief and gratitude. 

 

But for one close friend of mine, it is a ritual that is almost unbearable. She doesn’t go to local remembrance events anymore. Not because she doesn’t care, but because she cares so deeply that she weeps. Real tears - big ugly ones. And while the music is designed to evoke poignancy, and the silence is meant to be solemn, she fears that her public displays of emotion are perceived by those around her as a bit over the top. Surely the British stiff upper lip ought not to tremble, let alone cry? We are the nation of Keep Calm and Carry On after all. So, she stays away. 

 

Philosopher Sara Ahmed, in her book The Cultural Politics of Emotion, offers some profound insights into why we act the way we do about our feelings. Ahmed writes that emotions are often cast as a kind of weakness – a betrayal of our ability to reason. They are something messy and animalistic, something we are meant to control. In this view, to show emotion is to reveal that you have been shaped by something or someone outside yourself. It reveals that you are vulnerable, only human after all. 

 

And yet – isn’t that exactly what Remembrance is about? When we gather at a cenotaph, we are not there to demonstrate the stiffness of our upper lips. We are there to grieve; we are there to be moved by the stories of young lives cut short, families broken, sacrifices made. The very design of the ceremony – the bugles, the silence, the laying of wreaths – is intended to stir emotion. Yet, paradoxically, there is a hidden social code of conduct that seems to say: but not too much

 

Ahmed explores several ways in which the social world shapes our emotional lives. Emotions, she argues, are not just private feelings bubbling up from within, they are also social, and they can be contagious. The atmosphere of a Remembrance service is just that – carefully crafted to invoke communal feeling: solemnity, pride, sadness, reverence. The power of such rituals lies in the way they gather us into a collective “we.” But that same collective can turn cold when someone expresses too much, breaks the silent script, or cries too loudly. 

 

In one of his letters to the first Christians, the apostle Paul wrote: “Rejoice with those who rejoice, weep with those who weep.” It’s a call not just to feel one’s own emotions, but to enter into the emotions of others, to share in them and show solidarity. And this, in essence, is what the cenotaph service is all about. It is a physical and symbolic place to “weep with those who weep” – to acknowledge that loss and grief are not individual experiences, but shared ones. A soldier’s death, whether in historic conflict or in the present day, is not just a family’s burden. A death on behalf of all of us belongs to all of us. 

 

So why do people seem uncomfortable when someone like my friend weeps openly in this space? Perhaps it is the long shadow of British wartime stoicism. At one time, the slogan “Keep calm and carry on” was intended to protect a struggling populace from giving in to despair, it was intended to create a shared emotion of resilience. But perhaps an unfortunate side effect is that it has perpetuated a notion that dignity lies in restraint. This is a cultural script, and it isn’t universal. In many parts of the world, public mourning is expected, even encouraged. Wailing, keening, clutching each other in grief – some cultures see these as honourable ways of expressing sorrow. They honour the dead by fully feeling their absence. 

 

We need to ask ourselves: what is lost when we suppress this kind of mourning? 

 

When we limit how people are allowed to feel – or, at least, how they are allowed to express their feelings – do we risk losing the very power of the ritual? Do we risk turning the cenotaph into a site of performance rather than connection, excluding those who feel too deeply to fit inside a narrow band of “acceptable” solemnity? 

 

This is not a call to abolish the dignity of Remembrance Day. But perhaps it is a plea to broaden our understanding of what dignity can entail. Sometimes, it looks like silent contemplation. But perhaps sometimes it looks like messy tears streaming down your face in front of strangers. Both can be powerful; both can honour the sacrifices of war. 

 

As Ahmed notes, shared emotion can create a sense of “we.” It is why we go to movies together, cry at weddings, laugh at sitcoms in the company of others – emotional moments bond us. In this way, emotions are not just personal, they are political. In the context of Remembrance, they remind us that war is a human tragedy, felt in human hearts. Even though today, fewer families have direct ties to the armed forces, and fewer people personally know someone who has served or died in uniform, yet, the cenotaph ceremony still calls us together and asks us to care, to remember, to mourn – and it gives us permission to cry before we carry on. 

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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.