Review
Books
Culture
4 min read

Remembering red on red

The cultural revolution's factions have a disconcertingly contemporary feel.

Simon is Bishop of Tonbridge in the Diocese of Rochester. He writes regularly round social, cultural and political issues.

A Chinese stamp depicts a map of the country from which people march holding a little red book
Long Live the Overall Victory of the Great Proletarian Cultural Revolution, stamp, 1968.
Public domain, via Wikimedia.

Modern era China has suffered human loss on an unimaginable scale.  The Taiping Rebellion in the mid-nineteenth century cost over 20 million lives, more or less the global total from the Great War of 1914-18.  The vicious Japanese occupation in the 1930s led to 15 million Chinese deaths.  The famine begun in 1958, precipitated by the Great Leap Forward, caused around 40 million deaths.   

For one nation, however large, these are appalling losses.  By contrast, the fatalities in the Cultural Revolution (1966-1976) amounted to one million or more.  But the impact of this communist insurgency within a communist state is profoundly felt today, for its generation is still alive.  The trauma of those years has wounded the bodies and minds of millions; people who are unsure how to come to terms with it because of the uncertainty of what can be safely talked about.   

Mao’s incitement to younger people to turn on their teachers and elders in vitriolic criticism and violent attack, including torture and murder, was an attempt to re-boot the revolution by exterminating elements of western capitalism and traditional Chinese authority – the so-called Four Olds of ideas, culture, customs and habits.  The humiliation of teachers and parents was profoundly at odds with the Confucian culture of respect for elders, and it was embedded in young minds whose frontal lobes had not fully developed and where empathy was unformed.  The ensuing violence, pain and hardship was sickening, encompassing millions. 

Many of the bereaved and injured, the perpetrators and the victims, are still alive.  Some bury their memories as a way of coping; others search for meaning, but run up against an authoritarian government with new digital tools that make totalitarianism possible.  In her book Red Memory (Faber and Faber, 2024), Tania Branigan has produced a masterpiece of literature.  Interviewing survivors, bystanders and instigators of the violence, she has produced a history of their guilt and trauma, while reflecting on the uses of memory.   

The collateral from this is human rights abuses on an industrial scale, to ensure there is no opposition to the CCP as the true expression of being Chinese.   

The word remember is coded with meaning.  When we piece together our memories of the past, we re-member them and the members are frequently not put back together again in the way an event happened.  This becomes more pronounced with the passage of time and the known tendency for people to make themselves more central to a story than they were at the time.  We also narrate the past in ways that burnish our reputation and preserve our conscience.  The Cultural Revolution has been reassembled in fragments; there is, and there will be, no initiative like South Africa’s Truth and Reconciliation Commission.  People can make of it what they want; but without justice, the losses fester. 

The lack of a shared public memory also means the Cultural Revolution can be made to service any goal.  Detached from the moorings of truth, it becomes a malleable symbol.  Xi Jinping suffered himself.  His father was purged, denounced as a counter-revolutionary, and sent to hard work in rural Shaanxi Province.  This is his creation myth, and how it made a man out of him.  But there are other lessons to be taken from that time which he has strategically and wilfully ignored.  The leaders of the Chinese Communist Party (CCP) who followed Mao were determined that never again would one man develop a cult of personality like his, by ensuring limited presidential terms.  Xi Jinping has abolished this limit and introduced Xi Jinping Thought in an echo of Mao’s Little Red Book.  If there is one thing Xi has taken from his experience, it is the terror that chaos unleashes and the need to avoid it at all costs.  The collateral from this is human rights abuses on an industrial scale, to ensure there is no opposition to the CCP as the true expression of being Chinese.

Idolatry is much harder to identify in our own culture, yet it is here we need to do this work

The cult of Mao was idolatrous, usurping Christ.  Jesus said he would divide families: ‘father against son…mother against daughter…mother-in-law against her daughter-in-law’.  This divisiveness was located in his claim to be the way, the truth and the life.  He did not seek to divide families, but knew his claims would do so.  Mao intentionally turned families against themselves - the foundation of a civil society - to ensure loyalty to him would not be compromised.          

It is easy to identify this several decades on and at the safe distance of several thousand miles.  Idolatry is much harder to identify in our own culture, yet it is here we need to do this work.  It is also sloppy to make links between the ideological fervour and purity of Maoism and today’s social media culture.  There is no direct link, despite some claims.  But the story of how groups coalesce righteously and are manipulated into ever more extreme forms of factional purity has a disconcertingly contemporary feel. 

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.