Podcast

Culture

S&U interviews

14 October 2023

4 min read

My conversation with... Molly Worthen

Belle TIndall is fascinated by the intellectual fascination that drove Molly Worthen’s inquiry into faith.

Belle Tindall

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

A woman seated at a table gestures with both hands while talking

Can you think your way into Christianity?

Can your mind lead the way into something that transcends understanding?

Is it possible to ‘fake it until you make it’ when it comes to belief in God?

These are the questions that hold our conversation with Molly Worthen together. Molly, for those of you who aren’t yet acquainted with her work, is a journalist and associate professor of American history at the University of North Carolina at Chapel Hill. For the past decade, her intellectual sweet spot has been the religious and intellectual history of North America. Flowing from her fascinating research are books such as Apostles of Reason: The Crisis of Authority in American Evangelicalism, as well as pieces for the New York Times, The Atlantic and The New Yorker.

Intellectual fascination was her gateway into faith. She used homework, deadlines, schedules and challenges as tools with which she worked out and fine-tuned her beliefs.

In this episode of Re-Enchanting, Molly very generously walks us through her own story; from a child who would cover her ears when being read Bible stories, to a young adult who could relish the oddity of religious experience from a distance, to a journalist investigating various Christian communities, to a baptised Christian attending a mega-church. It’s quite the journey, but I shall leave it to Molly to unpack the full story, seen as she tells it with the vigour and detail of a historian.

I find Molly’s story captivating for many reasons, the primary one being that her intellectual fascination was her gateway into faith. She used homework, deadlines, schedules and challenges as tools with which she worked out and fine-tuned her beliefs. She says herself, ‘I needed to process to be rigorous’. How interesting is that?

Reflecting on the conversation that Justin and I had with Molly, I realise that there are three, rather distinct and yet wholly common, misconceptions about faith that she shatters. I don’t think that she was intending to, I’m not even sure that she was aware that she was doing it. But her fascinating crossing from agnostic to Christian has some interesting philosophical by-products.

She asserted that she didn’t want to ‘convert out of cowardice’ nor was she interested in succumbing to ‘a bribe’.

Firstly, the focused methodology with which Molly approached theism in general, and Christianity in particular, simply dispels the notion that a belief in God must render logic and reason redundant. On the contrary, Molly took step after considered step into her new-found set of Christian beliefs. Her story is one of measured assurance, of ‘not being 99.9 per cent’, but being ‘far north of 51 per cent’.

Secondly, Molly challenges the assumption that faith is sought out as a method of opting-out of the harshest parts of reality. That it’s held as some kind of cosmic ‘Get Out of Jail Free’ card – the ‘jail’ being whatever un-graspable, un-controllable, un-bearable aspect of reality sits most heavily upon us. There’s a common notion that religious people have found a coping mechanism, that they’ve institutionalised their denial and spiritualised their escapism. I’ve often found that notion an interesting one, mostly because I wish that it were true. But it doesn’t quite work that way. Believing in an all-seeing, all-knowing, all-loving God does not mean that one can avoid looking directly at suffering, pretend that it isn’t there, or that it somehow doesn’t ultimately matter. On the contrary, it often requires one to look at it, and wrestle with it, for longer. Nick Cave and Sean O’Hagan’s masterful Faith, Hope and Carnage is an ode to a belief system that resides in the midst of Nick Cave’s pain, as opposed to pulling him out of it. Molly, perhaps from all of her years of research, seemed to know this. She asserted that she didn’t want to ‘convert out of cowardice’ nor was she interested in succumbing to ‘a bribe’. Surely you are convinced by now that Molly Worthen is about as fascinating as it gets?

And finally, it was interesting to hear Molly speak of the choices, both micro and macro, that have led her to where she now finds herself. After all, faith is a choice. It reminds me of the philosopher, William James, who proposed that there are certain beliefs that can’t be evidenced until they are believed. For example, you cannot determine whether a chair will hold your weight until you sit on it believing (at least to a reasonable extent) that it can. This is partly (but profoundly) true of God; while one can ponder the empirical evidence for the existence of God for a lifetime, it is often the case that experiential evidence for God is available once you believe it. This doesn’t mean that belief must be a wholly blind choice, that would only negate my first point, but it is a choice. Again, Molly wonderfully encapsulated the tension of this notion in recalling that,

“what was really preventing me from engaging with this evidence is my own commitment to materialism and my own deep epistemological groove. But if I’m willing to suspend that, what happens?... You can walk right up to it and get to the point where you’re still faced with a leap of faith, but it’s no longer a ten-mile leap into the dark, it’s a leap based on a pretty reasonable body of evidence. And it turns out that to reject that leap is itself and act of faith.”

This episode of Re-Enchanting is a personal, and therefore profoundly interesting, one. We speak to Molly, not of how her field of work has been re-enchanted by the mystery and wonder of the Christian story, but how she has. And that makes this episode incredibly worth your time.

Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence is a journalist at the Financial Times.

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.