Review
Comedy
Culture
Film & TV
4 min read

Last One Laughing: we’re less in control than we think

"Humour is human" and deeply strange.

Jonathan is a priest and theologian who researches theology and comedy.

A montage shows a group of comedians trying not to laugh.
Amazon MGM Studios.

10 comedians shut in a room. Last one to laugh wins. 

It’s a simple concept, and with the addition of a few gimmicks, including games and surprise guests, Last One Laughing delivers on it. The show isn’t creative – there have been at least 27 previous versions in various languages – but it is successful and is a much-needed boost for Amazon Prime, whose content has tended to flop recently. 

I enjoyed the show. It amused me, which is what it was supposed to do. I didn’t necessarily laugh out loud, and I think I probably would have enjoyed all the comedians doing their own standup better. Some of the comics have made their infectious laughter such a part of their charm that it was a bit bizarre seeing them crack jokes without having a giggle (I’m looking at you Bob Mortimer). 

But overall, I had a good time watching Last One Laughing. I was entertained and I would recommend it. Jimmy Carr is unusually likeable as a host, though I wanted to hear more from Roisin Conaty, whose role as co-host was almost non-existent. Richard Ayoade was his normal genius self. And there were a few genuinely standout moments: I think my favourite was Rob Beckett whispering to Joe Wilkinson “you’ve doing a really really good job of showing off, lots of funny bits."

In fact, as that moment suggests, the show is probably at its best when it gets a bit meta, as the comedians reflect on their own comedy and what it is like to be a comic. Moreover, there is a genuine warmth between everyone, and an appreciation of each other’s talents, which gives the show a particularly endearing tone. 

It’s good, mindless, not particularly clean (definitely not family friendly!), fun. 

So Last One Laughing doesn’t tell us much we don’t already know. It’s not supposed to. It’s light entertainment. 

Comics are funny.  

Often the unexpected makes us laugh. 

Not laughing can be very hard. 

This last point, though, is perhaps worth thinking about a bit further. It is familiar to everyone. Who hasn’t felt the physical pain of trying to restrain the giggles in a moment when we really must not laugh? 

 But this is one of those things that is so familiar we often miss how strange it is. 

Philosophers since Aristotle have speculated that laughter is one of the things that makes humans unique, since we don’t know of any animals that laugh. Whether the claim about human exceptionalism is correct or not (and I confess I remain agnostic about this), it does seem that laughter is a practically universal experience of human beings. As Philosopher Simon Critchley puts it, “humour is human.” 

But if this is true, then laughter as a phenomenon also highlights some of the eccentricity of our humanity. For, as Last One Laughing shows us so clearly, laughter is only ever partially under our control. 

Our bodies, our spirits, even our minds, can betray us at any moment. That something we don’t want, even something good like laughter, can erupt from within. 

We often like to imagine ourselves as rational beings, whose lives are characterised by making informed and free choices. We think we are in charge, at least of ourselves, and that we move through the world intentionally, with purpose and direction. 

And yet, into this nice picture of a life under control, laughter breaks in, often uncontrollably. Our muscles spasm. Our eyes stream. Our vocal cords erupt in strangely animal snorts and grunts. 

The fact that professional comedians and actors can’t maintain a straight face, sometimes in the face of their own jokes (take a bow Daisy May Cooper), should remind us that there is much in ourselves that is beyond our conscious control. Our laughter almost always has cognitive content. It involves our minds. We laugh at things. 

But it is always embedded within a body. Laughter, with all its bodily shakes and muscle twitches, sometimes just can’t be kept in, no matter what our minds and consciousness tells us. 

Christianity has long been aware of our lack of control. Paul, writing to the church in Rome, lamented that “I do not do what I want to, but I do the very thing I hate.” St Augustine, one of the greatest theologians of the Western Church, wrote in the fourth century that “I had become to myself a vast enigma.” Martin Luther, the sixteenth century German theologian, began the Reformation and changed history, in part over an insistence that we are far less in charge of ourselves than we like to think. 

Yet such writers do not counsel despair. Instead, they allow our lack of control to point to our need for God and his help. Paul, a few verses after the previous quotation, cries out: “Wretched man that I am! Who will rescue me from this body of death? Thanks be to God through Jesus Christ our Lord!” 

Now, for all these authors, the stakes are high – they are talking about sin, death and damnation. The comedians in Last One Laughing are playing a much more relaxed game, all that they stand to lose is pride. Yet they too, one by one, discover that they “do not do the thing they want.” 

And so, they are learning a version of a Christian lesson – that we are less in control of ourselves than we might like to think. That our bodies, our spirits, even our minds, can betray us at any moment. That something we don’t want, even something good like laughter, can erupt from within. 

Now most of us, most of the time, probably enjoy the uncontrollability of laughter. It’s one of the things that make comedy enjoyable, both to watch and to perform. But it should maybe make us aware of other, less benign losses of control. Or at the least it should remind us that there is much in us that escapes our attempts at self-mastery. 

Last One Laughing reminded me that laughter is stranger than we think. Just as I am stranger than I think. 

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.