Review
Art
Culture
5 min read

Paradise cottage: Milton reimagin’d

Artist Richard Kenton Webb converses with the blind poet in his former home.

Jonathan is Team Rector for Wickford and Runwell. He is co-author of The Secret Chord, and writes on the arts.

A black and white illustration shows a man holding a walk stick standing among tomb-like structures.
The blind poet. Charcoal and white chalk on paper, 2022.
Richard Kenton Webb.

‘Waiting to Speak to Milton’ shows the artist Richard Kenton Webb on a rain-swept night waiting in a valley for a car whose headlights can just be seen at the crest of the hill. For this image he has imagined himself waiting for a lift from John Milton to discuss the poems Paradise Regain’d and Samson Agonistes. As the opening image to Webb’s exhibition at Milton’s Cottage in Chalfont St Giles it is appropriately positioned in the porch by which visitors enter the cottage. 

This image of light appearing in the dark night of the soul symbolises the beginning of Webb’s journey with Milton and his late poems Paradise Lost, Paradise Regain’d and Samson Agonistes. This has been a 10-year journey that Webb began following a conversation with his son in front of John Martin’s mezzotints for Paradise Lost at the Tate. Following on from his son’s encouragement to begin work, over that period, Webb says Milton has been a companion like Virgil to Dante guiding him through the narrative of his own life including the dark nights of redundancy and lockdown. The result has been 128 drawings, 40 paintings and 12 relief prints forming A Conversation with Milton’s Paradise Lost, a commission of 12 drawings in response to Milton’s pastoral elegy, Lycidas, for the Milton Society of America, and the 13 drawings forming this exhibition, A Conversation with Paradise Regain’d & Samson Agonistes

Milton proved an effective companion because he, too, had passed through his own dark night of the soul. He arrived in Chalfont St Giles to escape the Great Plague of 1665 after the Republican cause to which he had dedicated more than a decade of his life - being Oliver Cromwell’s unofficial spin doctor - had collapsed around him with the Restoration of the Monarchy in 1660. He had been lucky to escape with his life following imprisonment and the banning of his books. In addition, he had lost his sight, his beloved second wife, much of his money and all of his influence.   

Despite these traumas, Milton was able to express his love for his Creator wonderfully in Paradise Lost, which was completed at the cottage in Chalfont St Giles, and Paradise Regain’d, which was inspired whilst there. In both Paradise Regain’d and Samson Agonistes Milton deploys his rich verses and visions of spirituality and the forces of good and evil to reflect on the Restoration of the Monarchy and the loss of the English republic, doing so by means of Biblical stories concerning Jesus and Samson.  

In Webb’s view, “Paradise Regain’d is about overcoming impossible situations” while, in Samson Agonistes, Milton’s Redeemer shows “Samson, the blind and foolish man”, “that we can always find hope in our living God even when society does not”. These poems moved Webb out of despair to discover hope because he knew they were heading towards redemption. As a result, he sees Milton as “a great English poet who gives hope, which in itself is a creative act for these difficult times”. 

Although the story of Samson pre-dates that of Jesus being tempted in the wilderness, Webb’s painting series begins with images inspired by Paradise Regain’d, just as Samson Agonistes followed Paradise Regain’d when both were jointly published in 1671, because Jesus’ resistance of temptation ultimately redeems those, like Samson and Adam and Eve, who were unable to resist.    

These are images set against a dark background with the exception of the final Paradise Regain’d image with its white sky depicting a paradise within as Jesus has overcome temptation, is in full communion with God and is about to begin his ministry by calling his first disciples. The images move from the trauma and test of temptation – whether involving hunger, greed, lust, threat, pride or ambition – to a calmness of mind that is equipoise and liberation and which also enables the destruction of false temples. 

They are images in which movement is arrested in still moments which form theatrical tableaux. These, like medieval and early Tudor morality plays, involve the viewer in an epic struggle between good and evil, involving temptation, fall and redemption. Webb’s use of charcoal and white chalk on paper emphasises the binary nature of this struggle. Being formed of charcoal and chalk, despite his use of contemporary equivalents for the temptations, the look and feel of Webb’s images also accords well with their exhibition setting, in rooms of low ceilings, uneven white walls, dark beams and furniture.  

Webb’s works and exhibition also universalise Milton’s own experience of the dark night of the soul by merging that story with Webb’s own.

As Paradise Lost was the first illustrated poem in the English language, Milton’s poetry has, as Kelly O’Reilly, Director of Milton’s Cottage, has noted “inspired many of our greatest artists, from Blake to Turner, Dore to Dali”. Webb, who consciously works in the continuing tradition of Blake’s visionary art, is extending the tradition of illustrating Milton’s poems. It is appropriate, then, that, by exhibiting these drawings in Milton’s Cottage, they are placed alongside examples of illustrated editions of the poems, plus other paintings and prints relating to Milton.   

Milton’s works are not only a repository of rich verse, which also gifted over 600 new words to the English language, but are also a conversation with scripture, its stories and their interpretation, plus the social and political ramifications of the Reformation in the British Isles. Webb’s works and exhibition also universalise Milton’s own experience of the dark night of the soul by merging that story with Webb’s own and linking those powerfully to the themes of Milton’s poems.  

The key image, in this regard, is the first in the Paradise Regain’d series (‘Modes of Apprehension’), which sees Jesus in the wilderness turning up the corner of the wilderness backdrop, as in a theatre, to reveal another dimension or reality to existence and experience behind it. Hope is discovered in the midst of desolation, resilience found in the face of temptation. In these ways, Webb achieves his own hope for these works, that, “by responding to Milton’s universal themes of creation, destruction, temptation, love and loss”, he “can help new audiences find fresh ways to engage in Milton’s legacy”.     

 

A Conversation with Paradise Regain’d & Samson Agonistes, Milton’s Cottage, 3 July – 8 September 2024.

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.