Article
Awe and wonder
Culture
Digital
Music
5 min read

The rave: a last bastion of hope?

Was the Brat summer the last chance for rave culture?
Ravers pose together for a selfie.
The anniversary party.
Rhythm Section.

The Rave is a site for communal epiphany, a burst of divine revelation. Illegal raves and alternative club culture seeps into the popular imagination, informing it in ways unbeknownst to most.  But it wasn’t until last Summer’s Brat (Charli XCX) landed on the global charts that people began questioning the importance of Rave and Club culture again. Is our Brat the herald of a new golden Rave dawn? I think not.  

However, undergirding the Rave is something far more profound, perhaps even religious. Raving suggests that the world might be otherwise, and it does this through a temporary release from this world’s demands.  What might this say about our cultural moment? 

Coordinating the Rave’s aesthetic is the dance between the DJ and ravers, accentuated by the practicalities of a decent sound system, lights, and a bit of fog. Inaugurating Rave’s epiphany, though, are the diverse motions of bodies to a singular beat. Techno reduces digital sounds to their basics and then pushes that to its boundary. Circumventing the rigidity of technology’s logic are the gestures of human spontaneity on the dance floor. The rave asserts that technology doesn’t have the last say over human life. 

At the Rave, those traditionally on the margins of society become the center: a temporal expression of eternal longing, momentarily experienced as a shared catharsis and liberation. The dance floor is a bulwark against an increasingly de-ritualised and dehumanising society. It is a testament to the body being a medium for hope. Whether an intoxicated body or, in a growing trend, a sober one, it is the human fleshyness which takes priority. Both options respond to how one might cope with and confront the technological barrage.  

Techno began as a language for African American youth, finding a future amidst the industrial ruins of Detroit. In our late modern moment, Rave culture acclimatises the body to the persistent sound of our technological age. It subverts the dehumanising tendencies of digital culture: mass impersonal media and abstracted global conversations.  Instead, a momentary online connection is used to gather offline. When you’re there, you’re not concerned about telling the world. It is an attention to the present moment.  

The Rave harbours a liminal threshold between appreciation for this life and the longing for some next one. 

Worryingly, some have warned that clubs will dwindle to their knees this decade, squeezed out by neighbouring property developers or no longer economically viable amidst the cost-of-living crisis. The only thing being pushed out, however, is the possible resistance to a particularly greedy homogenisation of culture. In dislocating alternative discourses of ritual, we simultaneously assert that human bodies only have one particular “rhythm”: the rhythm of ceaseless economic expansion.  

The Rave resists an uncomplicated acceptance of technology’s gift.  Its goods are re-scaled to an embodied celebration of life. 

In Raving (2023), McKenzie Wark expands upon this, saying, ‘Techno, not as genre but as technique, lets digital machines speak. Not unlike the way jazz lets analog instruments speak… Sounds at the limit of what the machine or the instrument can do to get free. Blackness in sound as the technique of making the thing free to sound off as itself and to take the human with it, into movement, into feeling, into sensation.’  Rave’s sound quite literally brings technology’s language to the end of itself. 

For some, raving is what holds them to life. For others, it’s a momentary release from it. Whilst our bodies cannot exceed techno’s interchange with technology, we do learn how to harness the potential humanness within it. The Rave harbours a liminal threshold between appreciation for this life and the longing for some next one. In twisting its technological medium into a more human configuration, rave culture participates in hope. 

Back in 1965, theologian Jürgen Moltmann wrote, ‘Hope’s statements of promise, however, must stand in contradiction to the reality which can at present be experienced. They do not result from experiences, but are the condition for the possibility of new experience… They do not seek to bear the train of reality, but to carry the torch before it. In so doing they give reality a historic character.’  While Moltmann is writing concerning Christianity and the crucified Christ, his framework for thinking about hope is helpful. Hope never occurs outside of history. The Rave embraces this historical moment and attempts to inhabit it as a contradiction. 

Recently, I went to Rhythm Section International’s tenth-anniversary party at EartH, Hackney. Rhythm Section was founded as a music collective and is still curated by Peckham’s own Bradley Zero (BZ). Known globally, its parties and label imprint span techno, house, jazz, funk, spoken word, and RnB. 

I first danced to BZ’s DJing at a record shop in 2018 while still living in Melbourne. The beauty of this particular community is that it provides a bridge for what Wark identifies: just as jazz brings analogue instruments to their limits, techno does the same for digital. As experienced recently at EartH in Hackney, Rhythm Section tries to push digital and analogue sounds to their threshold across the night. In contrast to the pure techno rave, BZ’s selection causes a polyphonic liberation. Joy is found through the instruments slapped just as much as in the DJ faders pushed.   

This joy was evident in the diversity of ages and cultures present. “Mature heads” danced alongside students; some swayed, while others vogued. Without spaces such as these, where else can we celebrate the diversity of human responses to the same sound? 

My concern with club culture’s demise is that those places of contradiction are swallowed up by a faux vision of “smoothness”. We replace spaces of alternative being with sameness. A diversity of aesthetics is converted into another apartment complex. We make room for the novelty of Brat but not the culture she draws upon. 

Rave culture attempts to redefine the dominant technological language of our day, making the body its lens and not the periphery. By privileging the human body, Rave’s hope acknowledges profound discontent with the world but understands that all “escape” is temporary. This re-calibration enacted in Rave’s ritual de-escalates the supposed importance of technology’s ceaseless expansion. Thus, it exposes a more profound longing, one where it will be an eternal dance that deepens the love of life by going ever deeper into the particularities of individual bodies and their movements.  

Because it offers a form of explicit hope, the Rave is a ritualised space filled with the belief that there can be “something more”. And this more-ness is, ultimately, encountered in the face of those we dance with; whether in a fleeting glance to ask, “Are you alright?” or the mutual smile that says, “I love this song”. 

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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.