Article
Culture
Israel
Middle East
Politics
7 min read

Netanyahu’s baffling ability to bounce back

Disliked and embattled, the Israeli premier’s purpose strengthens him.

Emerson writes on geopolitics. He is also a business executive and holds a doctorate in theology.

Between two generals wearing camouflage uniforms, a man in a black shirt listens.
Bibi ponders future plans.
Prime Minister's Office, Israeli Government.

Are the dreams of Bibi Netanyahu about to be crushed? As the Israeli prime minister’s coalition teeters, what is remarkable is that he has survived so long. Central to this survival is his purpose – a dream of a secure Israel. We need to unpack such leaders’ dreams and understand why they are so potent. 

Langston Hughes, in his poem ‘Harlem,’ asks what ‘What happens to a dream deferred?’ Several possibilities are put forward: ‘Does it dry up like a raisin in the sun? And an alternative: ‘Maybe it just sags like a heavy load?’ And finally ‘Or does it explode?’   

It’s possible that Hughes referred to Harlem race riots in the 1930s and 1940s, but no-one knows for sure. The question is what happens when a dream is put on hold – or worse, destroyed – in the face of struggle? 

Do we press on? Do we give up? What happens if we press on, and things do not work out? Or perhaps we press on, and things do work out. Hughes’ poem encourages us to ask these questions.  

Looking back, Hughes’ poem is interesting but obviously gloomy, without hope. A dream is deferred. It withers, and then vanishes. But what if a dream is – when encountering struggle – maintained, kept in tact? The dream, perhaps nearly lost, emerges in the end, stronger than it was before.  

Hughes’ poem is one of struggle and eruption. Not struggle and emergence. It is a despairing poem, one that denies the possibility of resurrection from the brink of death, even if the obstacles are significant.  

We all have dreams, perhaps about peace, career, family, community, love, or something else. Inevitably, these dreams are – as dreams always are, in order to test our faith - met with opposition.  

In these moments, we have two options: we can believe in what we see – the dream faltering, withering on the vine, ever so slowly. Or we can believe in the unseen, in which the dream re-emerges from whatever resistance it encounters. The former values the material, what we can actually see. The second values and trusts in what we cannot see. This brings us back to the point of faith.  

'I have lost count of how many political obituaries I have written about Netanyahu — and how many resurrection stories.’ 

Nicholas Goldberg

The ability to struggle and emerge, in which death or near-death is followed by resurrection, is a quality that is in short supply in modern political leadership. It is easily – and not surprisingly – overlooked in a culture prone to despair and hopelessness, in which we are met with a new crisis at every corner.  

But some leaders have a unique, if not baffling, quality: the ability to struggle and emerge stronger, somehow renewed. They resurrect themselves where this was thought impossible. And when they have this quality, they become unrelenting forces, whatever you might think of them.  

No leader better embodies this quality in the political West than Israeli Prime Minister Benjamin Netanyahu (or ‘Bibi’ for short). Netanyahu strengthens whenever he is on the ropes, perhaps because he is on the ropes.  

Although a profoundly disliked figure by many, Netanyahu’s ability to struggle and emerge merits serious study from any student of politics. It is worth asking where his ability to struggle and emerge, resurrecting oneself from the depths of despair – in seemingly impossible situations – comes from? 

Ishaan Tharoor puts it well in a recent Washington Post article: ‘Yet Netanyahu is expert at defying the odds.’ However, puzzlingly few articles are written on this topic – Netanyahu’s ability to come back from seemingly impossible circumstances.  

Columnist Nicholas Goldberg comes even closer to the essence of resurrection in a Los Angeles Times op-ed in 2020, in which he writes ‘Over the years, I have lost count of how many political obituaries I have written about Netanyahu — and how many resurrection stories.’ He later comments on Netanyahu’s single life mission focused on security.  

Both articles are more anti-Netanyahu than they are a reflection on the why and how of his countless resurrections. So it is worth asking: what is behind this quality?  

A mission is fundamental to resurrection, in which certain politicians find a way through whenever the world counts them out. 

While commentators focus on the ills of Netanyahu’s tenure as Israeli Prime Minister – indictments of corruption and possible future jail time, thwarting of a two-state solution in favour of the Abraham Accords, and the security failures that contributed to the October 7 disaster – they fail to consider deeper questions related to Tharoor’s description of Netanyahu as constantly ‘defying the odds.’  

Neglected in analyses on Netanyahu is the deep trauma of his brother Yonatan’s passing in the famous Operation Entebbe.  Neglected is the fact that he was wounded, sometimes severely, on many occasions while fighting for the Israeli special forces. And neglected is the influence of his father Benzion, a notable academic well-known for his writing on the historical oppression of the Jewish people (and on his own later rejection by the Israeli academic community).  

These are powerful, deep-seated experiences if not major traumas, which – as Israeli friends well-acquainted with Netanyahu wisely note – underpin his clear life mission of increasing Israeli security in a dangerous world.  

Goldberg puts this mission, even if uncharitably, as follows in his column: ‘Netanyahu has stood for one key proposition: that peace is not to be trusted; it is a pipe dream pushed by starry-eyed doves who fell hard for the likes of Yasser Arafat. According to Netanyahu, only battening down, fighting back hard, building walls and rejecting compromise protects the country.’  

Netanyahu provides us with a crucial lesson in political leadership: a clear and simple life mission provides the ability to claim victory from the jaws of defeat, even in the most seemingly intractable of circumstances. A mission is fundamental to resurrection, in which certain politicians find a way through whenever the world counts them out.   

A mission – simple because it is grounded in brokenness (the death of his brother) – provides Netanyahu (and other politicians that have this quality) with a strategic and tactical advantage that cannot be replicated by opponents without similar purpose. Such mission is not fleeting but enduring, Netanyahu resisting all temptations that might thwart his single-minded purpose.  

In the case of Israel, no other Israeli political leader has operated with the same sense of mission as has Netanyahu over the last two decades. For if this were the case, Netanyahu would not currently be in power.  

Our focus therefore should never be on dreams deferred, as per Hughes’ poem, but rather on the realisation of our dreams – underpinned by unique and consistent life missions.

Commentators, focusing on external circumstances – the current direction of the war, certain decisions made, the opinions of well-read ‘experts’ – neglect these deeper human questions at their peril, because the answer to the question of purpose helps people find ways through where none seem to exist. Purpose, not circumstance, allows a political leader to struggle and emerge in circumstances where most others falter.   

For wider context, we can here turn to the example of Jesus, whose resurrection follows his trials at Gethsemane. When Jesus prays in Gethsemane, it is not clear how he should act. Jesus does not know what God wants from him. But he knows that he must carry out the will of his Father. 

He asks ‘My Father, if it is possible, let this cup pass from me, yet not what I want but what you want’. Jesus is alone in his deliberation. He asks and waits, and in this waiting, the way forward is revealed. Here we see, in its most poignant form, struggle and emergence. Jesus is resurrected three days following his death, when even his disciples had counted him out. 

Our focus therefore should never be on dreams deferred, as per Hughes’ poem, but rather on the realisation of our dreams – underpinned by unique and consistent life missions. Discerning these missions is not easy. If anything, there is considerable pain involved in doing so.  

Yet, struggle that involves the possibility of failure of a dream, within a consistent and singular life mission, contains within it the seeds of success. The dream emerges intact from whatever short-term struggle it faces, if not strengthened.  

A way is found where none previously existed, when those focused merely on the seen long counted a person out. In the long run, mission enables victory: the realisation – not deferral – of dreams.  

  

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.