Review
Books
Climate
Culture
4 min read

The rude guests

The Earth Transformed chronicles what happens when civilisation comes up against environmental change. Hannah Eves reviews Peter Frankopan’s analysis.

Hannah Eves is a policy officer at A Rocha UK, a Christian nature charity working to protect and restore nature in the UK and equip individuals and churches to care for creation. 

The head and torso of a mannequin lie abandoned in undergrowth
Dragon Pan on Unsplash.

In his meditation on nature, The Peace of Wild Things, the agrarian poet Wendell Berry writes: ‘When despair for the world grows in me… I come into the peace of wild things who do not tax their lives with forethought.’ The despair Berry describes sounds a lot like climate anxiety, the fear or worry about the environmental doom that more and more people are feeling, because anyone who has understood recent climate and biodiversity trends has been burdened with forethought on behalf of wild things. It’s a forethought that can lead very easily to despair. Only last month, the IPCC (Intergovernmental Panel on Climate Change) issued its most serious warning yet about irreversible levels of global heating and the catastrophic impacts the world is facing without drastic action to address climate breakdown. Secretary-General of the UN António Guterres issued this warning: ‘Humanity is on thin ice – and that ice is melting fast… In short, our world needs climate action on all fronts -- everything, everywhere, all at once.’  

While climate change is often seen as a modern political issue, the question of how to understand or adapt to changes in the natural world, and failures to do so, is not unique to the last century. In fact, it’s foundational to all of history, so argues historian Peter Frankopan in his new book The Earth Transformed. Frankopan charts a path from the dawn of time through development of human civilisation and empire up to the making of the modern world asserting that underpinning everything that has ever happened (ever) is a central relationship of transformation. The natural environment shaped the development of human civilisation and humanity has ‘expanded, colonised, reproduced, created and dominated’, but also ‘destroyed, devastated and exterminated’, the natural landscape.  

Frankopan shows how environmental fluctuations and changes have shaped the course of history. For example, he tells the story of how a ‘mighty civilisation’ folded in on itself in the face of environmental catastrophe. Around 2253 BC Naram-Sin ruled over the Akkadian empire (in Mesopotamia in modern Iraq) during which ‘The Curse of Akkad’ grips the empire. Said to be a divine judgement of Naram-Sin’s rule and ‘insulting behaviour’, the curse was a period of drought and crop failure, leading to price inflation, mass death and political chaos. Climate data shows that what actually happened was an ‘evaporation event’ leading to drought impacting most severely areas that were ecologically sensitive and having such a ripple effect as to prompt what one scholar called a ‘Dark Age’ of ecological collapse and political instability. Frankopan notes, ‘changes in climate had brought about nothing less than the collapse of the Akkadian empire.’ 
The Earth Transformed places human beings within a wider context of all creation, not only transforming the natural world but being shaped and transformed by it. In fact, human beings are like ‘rude guests’ who arrive late, cause havoc and destroy the house to which they have been invited. We are a new and late arrival in the grand scheme of history and yet our impact on the natural world has been substantial and has pushed scientists to the point of questioning the long-term viability of human life.  

However, we are not alone in transforming the world around us; nature is not a passive force but actively ‘involved in the process of change, adaptation and evolution, sometimes with devastating consequences’. And so, Frankopan insightfully illustrates how nature underpins everything that makes our lives possible. It’s not simply that environmental factors are actors in the story of our species, they ‘provide the very stage on which our existence plays out, shaping everything we do, who we are, where and how we live.’ And yet, we are living on the edge of our means and are dependent on ‘everything to go right and with little margin of error for things to go wrong.’  

The book closes with this harrowing warning that ‘it would be nature, rather than human action, that ultimately brings net emissions towards zero’ through ‘catastrophic depopulation, whether through hunger, disease or conflict’. With fewer people on the planet to use up the earth’s resources by burning fuel, cutting forests down or tearing minerals from the ground, the carbon footprint of humanity would plummet, and we would get closer to a ‘lush paradise of our fantasised past’. Frankopan concludes: ‘Perhaps we will find our way back there through peaceful means: a historian would not bet on it.’  

It’s somewhat of a cliche to say that those who forget history are doomed to repeat it and yet Frankopan’s book shows how if we don’t take the capacity of nature and the climate to transform us we are not just doomed to repeat ourselves, but, well, doomed. Published in the same month that the IPCC has issued its final warning on 1.5 degrees, The Earth Transformed presents both a fascinating and essential lens to view history through in such a time as this. 

The Earth Transformed: An Untold History by Peter Frankopan is published by Bloomsbury.  

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.