Review
Attention
Culture
Film & TV
Weirdness
5 min read

Ludwig’s clues to the answers we long for

Puzzles preserve a fully realised truth in the clue, and, if we are willing to persevere, we will be rewarded.
Two TV characters, a man and a woman, stand in front of a crossword cover walls of a room.
Anna Maxwell Martin, David Mitchell.
BBC.

The BBC have scored a bingeable hit with new comedy-drama Ludwig, starring David Mitchell as a maladroit puzzle-setter who is roped into a rather fabulous whodunnit. It involves his missing twin, a police detective whom he must impersonate in order to chase the trail of the disappearance.  While on the case he solves a few other conundrums, giving the show many intriguing, if knotty, narrative threads.  

It is not the first-time crossword setting and detective work have gone hand in hand. One of the very first cryptic crossword setters - the ‘grandfather’ of the genre - was Edward Powys Mathers, who also dashed off a mystery thriller, Cain’s Jawbone in 1934. The novel was provided to readers in the wrong order, with the simple but infuriating challenge to reconstruct the right sequence of pages based on maddeningly subtle internal clues. Despite offers of a cash prize, virtually no solutions were submitted.  

Such is the dilemma of a cryptic crossword setter - when is clever too clever? Puzzles can appeal so much to our pride; our desire to be part of an ‘in-group’ which understands the highbrow references to opera, Latin oratory, and cricket slang. Those who can outwit them are part of an elite rank. The Telegraph crossword of 13th January 1942 was used as an exercise to recruit for the ENIGMA codebreaking unit. Indeed, when Mathers all but invented the idea of a fully cryptic crossword in the Saturday Westminster Gazette in 1924, his challenges bore the banner ‘Crosswords for Supermen’.  

There is fundamental connectedness behind the world, and working on the presumption of such a unity allowed him to collect ideas and references from across the globe and throughout all history to form his tricksy clues. 

I’ve often started out on a cryptic crossword, hoping to discover that I am one such genius, only to bitterly give up shortly afterwards, irritated that I don’t have that instant ability to see the solutions. I stare at the riddle, wanting to be one of those people who can naturally recall information, connect ideas, or see what has been hidden in the tortuous clue. Surely the appeal of a show like Ludwig is that it gives us an aspirational glimpse at the peak of human mental prowess, even if Mitchell’s wannabe inspector is a little socially awkward. He still possesses a penetrating gaze that looks through the surface of things, to see what no one else can. He is one of those ‘supermen’ - beholden to no one, able to uniquely see the way things are all by himself.  

And yet, when Edward Powys Mathers died in 1939, he was referred to in his Observer obituary not as a kind of lone snobby genius, but “the gentlest of men… a saint”. It’s appropriate, as crosswords have long been a curiously churchy phenomenon: in the small list of great UK cryptic writers, two have been Anglican priests (Revd John Graham, known as Acaucaria, and Revd Canon A. F. Ritchie, or Afrit). Even Mathers’ fondness for Biblical allusions in his clues “led many to endow him with ecclesiastical rank” as Roger Millington’s book on Crosswords put it. Christian faith, because it is a religion built on the idea that God is with us in flesh, invites us to pay attention to the world around us. The world is not something to escape from, but is rather the place that, in Jesus Christ, God has come to meet us in. It makes you want to understand time, place, and culture, to better understand the God who has spoken through them, and given them meaning and destiny. In reference to this way of seeing things, Mathers was spoken of as a ‘catholic’ thinker in his obituary. This did not mean his church affiliation, but rather an instinct for seeing how everything is part of a greater whole. There is fundamental connectedness behind the world, and working on the presumption of such a unity allowed him to collect ideas and references from across the globe and throughout all history to form his tricksy clues.  

There is also a negative hint in this obituary clue, ‘catholic’. Crossworders work under a nom de plume (David Mitchell’s character John for instance, who goes by ‘Ludwig’). And while Mathers was indeed a generous, open-minded man, he sealed his reputation for difficulty by adopting the pseudonym ‘Torquemada’, in reference to a former Grand Inquisitor of the Spanish Inquisition. So, if Christians are alive to the interconnectedness of all things, we also have a reputation for the institutional guarding of those very mysteries. History shows believers have tortured those who do not come to their idea of what the answer is; indeed, they have set the questions for too long, in the eyes of many hostile to the faith.

Puzzles preserve a fully realised truth in the clue, and, if we are willing to persevere, and learn a new way of seeing, and of paying attention, we will be rewarded. 

But this is the tension that crosswords offer us - a very authentically Christian way to think about the way God spells things out for us which does not rely on a stark binary of ‘true’ or ‘false’. He reveals things like a puzzle; slowly, and cryptically. Some might fairly object to this comparison, on the grounds this would make God too ‘out there’ - far away from the intimate father that Jesus bids us address so familiarly. Does it make God too remote and enigmatic to say he is setting riddles for us? But actually, a puzzle does not deceive us, like a mask does. Puzzles preserve a fully realised truth in the clue, and, if we are willing to persevere, and learn a new way of seeing, and of paying attention, we will be rewarded. The answer is there, reaching out to us, if we only commit ourselves humbly to receiving it. It may cost us much effort and time. It may require us to learn things afresh. But this is part of the joy of trying to see, as St Paul puts it, "the mystery hidden for ages in God, who created all things”.  

Jesus himself spoke in parables, very much like cryptic clues. But this was no elitism, designed to cut out those without the high IQ of David Mitchell’s ‘Ludwig’. Arrogant intellect or love of one’s own status is, for Jesus, just as much a bar to those seeking a solution, because to find the answer requires a certain submission - a discipline - to see things as the puzzle-setter sees them. If we proceed only to do things our way, we remain blind: seeing we do not see, and hearing we do not hear, nor do we understand. 

Article
Culture
Economics
Ethics
1 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.