Review

Books

Culture

Wildness

25 October 2024

6 min read

My open letter to Sally Rooney: dilatasti cor meum

You enlarge my heart.

James K.A. Smith

James is a philosopher, cultural critic and author.

A book cover depicts a yellow and white chessboard with pieces casting shadows of people.

This is silly, I realize. You’ll never see this. But I’ve just finished Intermezzo and I’m not sure what else to do with the bright sadness upon finishing it.

I can’t imagine I am your anticipated reader. I have children your age, for heaven’s sake. You write from, and about, worlds that are, in some ways, a foreign country for me. Sometimes I read your novels like Lévi-Strauss’s field notes from his years with the Nambikwara, describing the practices and rituals and mores of some foreign tribe—except that tribe includes my own children and the students I encounter everyday. Sometimes this makes me feel very old, and tired, and a little bit sad. Not in a judgmental way. I can’t imagine how hard it is to be 23 years old today. I feel badly about the world we’ve bequeathed to the twenty- and thirtysomethings that populate your novels. Your novels give me a glimpse into how they experience it. Which is what I love about the best fiction—the way it is a technology of mindreading, teleporting us into another’s perspective.

I don’t know, maybe it’s weird and kinda creepy that an old man like me gobbles up a novel like Intermezzo. Like a kind of voyeurism. I hope not. Because, in the end, what you achieve is at once the construction and revelation of a human world. And as Terence said, nothing human is alien to me.

This will sound crazy, but from the very first pages of Intermezzo I found myself reading with a strange sort of ache in my heart. Not a pain as much as a held-breath sense of ekstasis, of being stretched and pulled out of myself. I think now I’d say I was responding to what I can only describe as the tenderness you show your characters. I don’t mean for a second that you shrink from portraying their brokenness, even their brutality at times. But only that as you track their mystery and monstrosity you situate all of it in their ineradicable humanity. And in contemporary fiction, that is rarer than some might think. It speaks to me of a fullness that characterizes the matrix of your imagination, from which these characters were born. You don’t let them escape judgment; but that judgment comes from their own social worlds, not the caustic condescension of you as the narrator. This is where your mastery of free indirect speech is so uncanny: you stay near your characters, you listen closely, but somehow in the alchemy of your prose even their own harsh self-judgment is portrayed with tenderness and understanding.

Honestly, it reminds me a lot of how the mystical tradition portrays God, that Creator of all creators, the Narrator who is in love with every feeble creature, every loathable antihero, which is to say every single one of us, protagonists in dramas we don’t realize. There’s this marvelous line in The Cloud of Unknowing where the medieval sage says, “It is not who you are or what you’ve been that God sees with his merciful eyes, but what you want to be.” This will make you cringe, but your narration echoes that. You see what Peter and Ivan want to be. And in so doing, you help me look at all the human beings around me with the same sort of eyes. Or at least I want to be that person.

OK, this is, like, crazy word association, but as I was reading Intermezzo a line of prayer kept coming to mind. You might know it. It’s from the Psalms. It’s part of Prime, the first hour of the Divine Office. St. Teresa of Ávila talks about it a lot. Dilatasti cor meum. You enlarge my heart. You dilate my heart. You widen the scope of what my heart can take in and absorb. This, in the end, is what Intermezzo does. For me, at least.

It’s funny, you know. I finished the second half of the novel while I was attending the annual conference of the Hegel Society. (I thought you’d get a chuckle out of that.) So in the margins of Intermezzo I have scribbled notes like: Recognition! Master/slave dialectic!3 But it’s really not so crazy, is it, because, like Hegel, you seem to intuit how much we long to be seen, to be recognized, and why that means passing through the crucible of forgiveness to achieve reconciliation. This is why I think you are attuned to a below-the-surface rumbling in your generation that, against all the forces of capital and Distraction, Inc. and just the bullshit of consumer nihilism, can’t quite shake a yearning, or at least a wondering, if there’s something more—something like “meaning” or significance we could feel pulled into. I love it that, in Intermezzo, this culminates in a vision of community. (I’m trying not to spoil anything here, since, ahem, my wife hasn’t been able to finish the book yet.) Being known, being seen, being forgiven, being loved. Belonging.

My aforementioned (long suffering, forgiving) wife loves a song by the Highwomen called “Crowded Table.” She plays it full blast in our kitchen when she’s preparing for dinners when she gathers beloveds near. “I want a house with a crowded table / and a place by the fire for everyone.” I thought of the bridge of the song at the end of Intermezzo.

Everyone’s a little broken
And everyone belongs.

I finished your book on a packed train from Boston to Philadelphia and decided not to be embarrassed that I was weeping. The older I get, the more paternal I become, I’m realizing. I don’t think that’s an expression of control or “paternalism” in the negative sense. At least I hope not. It’s more that the older our kids get, more of the world is filled with people who look like the children I love. I don’t mean that I infantilize them, either. I treasure the adults they’ve become.

I’m not describing this very well. What I’m trying to say is, I am just an inveterate dad. I can’t help it. So as much as I read your novel as a scholar or a philosopher or a fellow human, I couldn’t help reading it as a dad. And when I spent time with Peter and Ivan and Sylvia and Naomi, I just wanted for them what I want for my own children and their spouses—for them to know they are loved and held dear and for them to find their people. It’s silly and sappy, but I wanted to talk to Ivan and Peter and tell them: It’s possible. There is still love in the world. Even more incredibly: there is forgiveness. Intermezzo has the audacity to not only hope this but to portray it. I know it costs you something to do so in a literary world that prizes cynicism and distance.

Maybe I wept at the end of Intermezzo because it was as much a mirror as an icon. Despite the generational gap, you gave me occasion to see my own life reflected back to me. In the mirror is an us (“The I that is we and the we that is I,” as Hegel put it). I look in the mirror of longing & hope that is your novel, and looking back I see my wife, Deanna, who has been forgiving me for over 35 years, letting me know I am beloved. And we’re surrounded by our children, the overflowing of our own love, these children who have become such dear friends, who have forgiven me more times than I can count. And in that mirror their spouses are alongside them, our dream come true—the beloveds they have found who forgive them and welcome them home over and over again. It’s a crowded table. And there’s always more room. Everybody’s a little broken, and everybody belongs.

I guess what I want to say is: I admire your courage to write a novel that tells the truth—that love gets the last word because it is the first word that speaks us all into being, the origin of the world.

Gratefully,

A reader

This article first appeared as a post on James K.A. Smith's Quid Amo Substack. Reproduced by kind permission.

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.