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. 

Explainer
Culture
Film & TV
Identity
8 min read

The old stories that shaped the Superman we know today

How much messiah is there in the Man of Steel?

Giles Gough is a writer and creative who hosts the God in Film podcast.

A film crew read old comics on set.
Superman's stars and director research.
Warner Bros.

This month is sure to leave cinemagoers vibrating with excitement as we see the long-awaited release of James Gunn’s Superman film, starring David Corenswet as the titular last son of Krypton and Rachel Brosnahan as Lois Lane.  

If the trailer is anything to go by, the film is going to be leaning into some of the more whimsical aspects of the character, which may well be a reaction against the darker, grittier interpretation we saw in Zack Snyder’s Man of Steel, Batman vs. Superman and Justice League films. Snyder was depicting a Superman with genuine pathos, one that emphasised the messiah parallels of a man with god-like abilities. Snyder may have leaned into the ‘Superman-as-God’ angle, but he didn’t invent that perspective. In fact, it’s an aspect that may well have been there from the very beginning.  

So, before we watch the new film and once again believe a man can fly, let’s dive into his background and see how much messiah there is in the Man of Steel.   

The first thing that we’re going to focus on is the idea of Superman as a Jewish superhero. I would love to say that I was the first person to spot this, but I am at best, the 6,289th person to spot this particular parallel. But it’s definitely not talked about enough. Jerry Siegel and Joe Shuster were both Jewish European immigrants. Like Stan Lee at Marvel some twenty years later, they probably understood the feeling of looking the same, but being treated differently by people. Similarly, Kal-El looks just like a normal human man, but is anything but. There is a reason that the comic book industry at this time appears to have so many Jewish creatives in it, and that’s because the anti-Semitism of mid-twentieth century America created a strong barrier to getting any more prestigious jobs. You need to remember that at this point comic books and comic book creators were not considered special or valuable in any way. These days, a person would need to be exceptionally talented and phenomenally well connected to get a foot in the door at DC or Marvel. Whereas at that time, a high school education and the ability to write or draw were enough to get you a decent spot. Jewish people were not able to get jobs in advertising or publishing, and no one was really bragging about their work in comics. Comics back then were treated like they were disposable, like collecting newspapers. That’s why getting hold of a copy of something like Action Comics #1 or Detective Comics #27 (the first appearances of Superman and Batman respectively) is so rare. It would just not occur to anyone to keep a copy.  

But the more we look at Superman, the more Jewish parallels we see. Let’s look at Moses, one of the most central figures in Judaism, who is also a key figure in Christianity.  

Many of you will be familiar with Moses’s ‘origin story’. At the time of the story, the Hebrews are enslaved in Egypt, and the Pharaoh was controlling the population by killing every Hebrew baby boy at birth. So, the mother of one boy places her baby in a basket and hides him in the reeds along the banks of the Nile. The boy’s older sister watches over him from a distance. The basket is spotted by the daughter of the Pharaoh as she is going down to bathe. She speaks to the baby’s older sister, who cunningly offers the baby’s own mother as a wet nurse without revealing her parental connection. The Pharaoh’s daughter agrees and decides to raise him as her own son.  

So what we have here is a baby being sent away by their parents from what would almost certainly be total destruction, and death. The baby is found by a prospective parent who then adopts them as their own. That baby then grows up to be the child of two worlds, at some points torn between a dual heritage, but nonetheless able to go on to achieve miraculous things. We are literally one spaceship away from Superman’s origin story.  

Next, let’s consider Superman’s real name. No, not ‘Clark Kent’, I mean his real name; Kal-El. This made-up name sounds similar to some words in Hebrew. For example, the suffix El, means ‘of God’. This has led to some scholars interpreting the name Kal-El as ‘Voice of God’. ‘Clark Kent’ was said to be inspired by explorer William Clark, who along with Meriwether Lewis (‘Lois and Clark’, get it?) were the American explorers who discovered an overland route to the Pacific Ocean. Therefore as well as ‘Superman’, he has one name with significance in Hebrew, and another anglicised name that was a nod to American history. The idea that Superman has a real name and a public name is  another Jewish element. At the time many Jewish people knew that they could be identified, and therefore persecuted, for their name. In Hollywood, ‘Bernard Schwartz’ became ‘Tony Curtis’, ‘Issur Danielovitch Demsky’ became ‘Kirk Douglas’. Even over at Marvel, ‘Stanley Martin Lieber’ became ‘Stan Lee’ (nice one Stan). This is a practise that continues to this day. You may not know the name ‘Natalie Herschlag’, but suffice to say she absolutely killed it as the Mighty Thor.  

It is easy to read Superman as an immigrant’s desire to belong to their adopted society and make a positive contribution to it.

Some of the conscious influences for Superman came from characters like Zorro, or the Scarlet Pimpernel, and was said to be visually inspired by Douglas Fairbanks. But what is interesting is if we think about what things could have unconsciously inspired the creation of Superman. The term ‘Superman’ was used fairly commonly in the twenties and thirties to refer to men doing phenomenal feats. However, if we hearken all the way back to Friedrich Nietzsche’s first reference to the Ubermensche, this has sometimes been translated (quite poorly) into ‘Superman.’ Now, both Siegel and Shuster have denied that Nietzsche was an influence in the creation of Superman, but considering that the ubermensche was such a popular idea in 1930s Nazi Germany at the time, it’s fun to see Superman as a reaction against this. If you imagine that the strongest most powerful man alive is also Jewish, then I imagine Jewish readers might get a kick out of that.  

As Christianity sprang from Judaism, there’s not always a clear delineation in terms of who is important to which religion. Since we’ve covered Moses, we need to look at another Jewish man who caused quite a stir; Jesus. It is not difficult to see the parallels between ‘the last son of Krypton’ and ‘the Son of Man’. Kal-El is sent to earth from another world by his father, to save the human race.  

This parallel is particularly explicit in Russell Crowe’s incarnation of Jor-El in 2013’s Man of Steel when he says:

‘You will give the people of Earth an ideal to strive towards. They will race behind you, they will stumble, they will fall. But in time, they will join you in the sun, Kal. In time, you will help them accomplish wonders’. 

Superman and Jesus are both raised in a humble setting (Clark is raised on a farm and Jesus is raised to be a tektōn, which is often interpreted as a ‘carpenter’ but could just as easily be ‘builder’). Neither Nazareth, nor Kansas were thought to be particularly glamorous places (sorry Kansas!) and yet, both grow up to become the saviour of the world. Superman spends time in his ‘Fortress of Solitude’ to learn from his father, Jesus spends time praying and fasting in the wilderness. Same principle, but very different aesthetic.  

Jesus may have been the messiah, but he was not the kind of messiah high on first century Jewish people’s wish-list. Having been oppressed by the Romans for over 90 years at the time of Jesus’ ministry, the Jewish people were desperate for a messiah and to put it delicately, Jesus was not what most Jewish people were expecting. They expected a warrior, a champion who would throw off the oppressors of the Jewish people.  

So it’s possible to consider that Siegel and Shuster are, in fact, creating the Jewish messiah. Superman uses force, his unrivalled physical strength and power, to protect people. When you consider the first Superman comic came out just before the start of the second world war, it adds real weight to this desire for a mighty protector. In fact, Superman is also compared to Samson, an Old Testament figure who is granted supernatural strength; and this is what the Jewish people were expecting from a messiah. Jesus is not this. He didn’t fight, he didn’t raise rebellions, he didn’t incite violence against the oppressors. His fight was in the form of the ultimate sacrifice. Any hero who dies to save his friends is an automatic Christ parallel right there, and Superman has died more than his fair share.  

When all is said and done, it’s Superman’s unwavering morality, not his physical strength and power, that makes him most like Jesus. Superman is incredibly gentle and peaceful. He doesn’t want to dominate and he tries to avoid violence on the whole. It would take far too long to determine exactly what came from Siegel and Schuster and what has been added in the subsequent decades by other writers. But it is easy to read Superman as an immigrant’s desire to belong to their adopted society and make a positive contribution to it. Along with Batman, Spiderman and Wonder Woman, Superman transcends the comic book universe that he belongs to. He exists in the hearts and minds of every person who once loved him in any iteration, and it’s possible that his influence from the meta-narratives in Judaism and Christianity helped him to be embraced by society at large. Or it could just be the cape and the tights, who knows? 

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