Review
Culture
Film & TV
7 min read

Perpetually present in Palm Springs

A movie's time loop explores the meaning in the mundane.

Beatrice writes on literature, religion, the arts, and the family. Her published work can be found here

A young couple lounge on floating rings in a swimming pool.
Cristin Milioti and Andy Samberg ponder time.
Hulu.

I first watched Palm Springs on the evening of my wedding day. It was the very beginning of what would be a peaceful and relaxing honeymoon, sandwiched in-between planning a pandemic wedding and finishing graduate degrees, and planning a move across the Atlantic to Canada, where my husband had just got a job – which was quickly followed by getting pregnant for the first time. Those two weeks were the only restful time we got in the whole of 2021 -- and arguably to date! It felt like time stood still for a while. We walked on Cornish beaches, talked about our future, ate ice-cream. It’s the closest I’ve ever felt to a deep sense of peace.  

It’s quite fitting that, at such a quiet moment in our lives, we watched a film about getting stuck in a time loop at a wedding. Palm Springs’ time loop premise is familiar from cult classics like Groundhog Day. Tala and Abe are getting married on 9th November. An earthquake opens up a strange cave that traps any unwary visitors into a time loop. Nyles, one of the wedding guests and the boyfriend of Tala’s friend Misty (yes, these are their actual names), enters the time loop by accident. Every day, Nyles wakes up in Palm Springs, and every day is 9th November, again, and they’re celebrating Tala and Abe’s wedding, again. He can leave Palm Springs and travel anywhere he likes. But if he falls asleep or dies, the time is reset to the morning of the wedding.  

An undetermined amount of time passes, until two more guests get stuck in time: Abe’s cousin Roy, a middle-aged, disillusioned family man, and later Sarah, Tala’s sister. Roy takes revenge on Nyles by torturing and killing him every few ‘days’; he was lured into the cave by a Nyles high on drugs and is furious that he’ll never get to see his kids grow up. In one iteration of the wedding day, Roy finds Nyles and shoots him with a crossbow. As Nyles re-enters the cave to make the day reset and escape another gruesome death at Roy’s hands, Sarah follows him in, not heeding his warning to stay away. She gets stuck in time, too. 

And here is where the story actually begins. All of this we find out as a shocked Sarah, having woken up on her sister’s wedding day for the second time, goes to Nyles for answers. For the rest of the film, the sci-fi premise is fairly incidental. Palm Springs is really about Nyles and Sarah coming to terms with their brokenness and their longing for permanence as they get stuck in time – and stuck in love. At first, Nyles acts very cynically. He’s been in the time loop for quite a while and fails to see the purpose of his existence. ‘Today, tomorrow, yesterday, it’s all the same’, he says. His advice to newly stuck-in-time Sarah is to simply ‘embrace the fact that nothing matters’. Sarah accepts the invitation, beginning to act erratically. She and Nyles drive around Palm Springs aimlessly, spend their time choreographing an 80s dance, and she even throws him a ‘millionth’ birthday party. In a darker moment, she intentionally gets run over by a truck, hoping – to no avail – to finally escape. They see their lives just like the lost souls in Dante’s Inferno, condemned by sin to relive the same punishment over and over and over again, for all time.  

Love reenchants the aimless and the mundane for them. They’re no longer stuck in hellish infinity. 

But something happens in the process. Because they know they can’t leave, Nyles and Sarah lower their defences. Their relationship essentially works as a marriage: they are stuck in it for the long term, and so they become honest. They get to know each other more deeply than they have ever known anyone, and they come to love each other deeply, too. Suddenly, they are no longer waking up dreading more of the same, but excited to see each other again, and spend another day together.  

Nyles’ disenchantment slowly disappears. When he first met Roy, drinking at the wedding bar, he cynically quoted from T. S. Eliot’s Four Quartets, ‘What might have been and what has been/ Point to one end, which is always present’. But Eliot’s poem is not actually about the dull, hellish, infinite repetition of time. Rather, it’s about our desire to reach out to God’s eternity in heaven. It reminds us that, when we receive God’s grace, we stop experiencing our lives in a linear way, always looking ahead to new experiences and greater achievements, and instead start finding joy in the mundane. Nyles is finally learning this. He now enjoys Eliot’s perpetual ‘present’, because loving Sarah has allowed him to regain a childlike wonder at the world. As G. K. Chesterton argues in his wonderful book Orthodoxy, ‘Because children have abounding vitality’ they do not tire of repetition, but rather ‘want things repeated and unchanged’: 

They always say, “Do it again”; and the grown-up person does it again until he is nearly dead. For grown-up people are not strong enough to exult in monotony. But perhaps God is strong enough to exult in monotony.  

Roy has learnt this, too. He stops trying to torture Nyles, and rather starts appreciating being able to spend every day – albeit the same day – with his wife and children. When Nyles visits him at his family home, it’s clear that Roy no longer sees repetition as a punishment, and that he’s found a sense of peace.  

Finally, Nyles and Sarah realise that the time loop has instead given them the chance to mend their wounds, and come to terms with their mistakes. In a moment of despair, Sarah runs Roy over, causing him several injuries. ‘Nothing matters’, she tells Nyles as an excuse. But Nyles no longer agrees. ‘No. Pain matters!’, he tells her. ‘What we do to other people matters…It doesn’t matter that everything resets and people don’t remember. We remember. We have to deal with the things that we do.’  

That’s exactly what Sarah spends the rest of the film doing. She deals with the consequences of her actions and attempts to repair her relationship with her sister Tala, whom – without giving away exactly what happens – she had deeply hurt and betrayed.  

I won’t spoil for you whether Nyles and Sarah ever manage to escape the time loop and return to ‘real’ life, but that’s almost besides the point. But I will tell you that they stay together through it all (this is a rom-com as well as a sci-fi film after all…).  

Love reenchants the aimless and the mundane for them. They’re no longer stuck in hellish infinity, but are rather looking ahead to the kind of eternal peace we hope to find in heaven, just like I did on my honeymoon.  

I recently rewatched Palm Springs, a newborn baby girl in my arms, and it reminded me of when my other child, my son, was first born back in 2022. I remember walking down the street in downtown Toronto, where I was then living, and telling my mother that I felt like I was experiencing a taste of eternity. She was understandably confused by my sleep-deprivation-induced philosophical musings, but there was a reason I said that. Just as time had expanded on my honeymoon, each day feeling like everything stood still, and yet each day so full of variety, so the newborn days of my first experience of motherhood were both very busy and very quiet. But while my honeymoon had decidedly felt like a foretaste of heavenly peace, motherhood has been more complex than that. Sometimes it’s so repetitive that it can seem aimless – ‘how is his nappy full again?’ I often ask myself – and in this it can appear as static as Dante’s hell. As adults, it is very difficult to recapture the kind of joy and delight in repetition that Chesterton writes about. It can really feel like you’re stuck in a loop, every day bringing more of the same, more nappies, more bath time, and more baby food thrown at the wall. But motherhood is also full of the endlessly new little joys. When my son says a new word for the first time, or when my newborn daughter looks at me and smiles, I think that I’d be happy to relive this day forever, just like Roy.  

Although I’m not actually stuck in a time loop like Sarah and Nyles in Palm Springs, it can sometimes feel that way. But perhaps it’s good thing. Perhaps that’s what reminds me that being a good parent means getting tired of your kids by the end of the day, then waking up the next morning, and loving them all over again. That’s what being a parent means, and that’s what marriage means, too. As Nyles says to Sarah right before they enter the cave for the last time, unsure if they’ll see each other, and whether their relationship can survive the mundane reality of domestic life, ‘We’re already sick of each other. It’s the best.’ 

Article
Culture
Economics
Ethics
6 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.